1Plus1 use a guarantor system so that people with poor or no credit history can still receive a loan. By paying the loan back regularly and on time customers can hope to improve their credit rating.
Loans displayed have term lengths between 6 months and 5 years, and 44.5% APR.
Warning: Late repayments can cause you serious money problems. For more information see our debt help guides.
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1Plus1 Loans proud slogan is that they provide ‘a better kind of loan’. They use a guarantor system so that people with poor or no credit history can still receive a loan that they might need.
Their loan system is easy to use, and isn’t reliant upon credit scoring, as is the service provided by many traditional lenders such as banks and building societies. By taking a personal loan through 1Plus1 and paying it back regularly and on time, customers may be able to rebuild or improve their credit rating.
1Plus1 are authorised and regulated by the Financial Conduct Authority, providing reassurance to their customers, and their headquarters are based in Accrington, Lancashire.
Traditionally, people who have had financial problems in the past can find it difficult to secure a loan. These problems can include defaulting on payments, making late payments, or being the recipient of a County Court Judgement. This can make life difficult if they need cash to pay for things such as home improvements, to buy a new car, or for debt consolidation purposes.
1Plus1 Loans provide these people with a realistic prospect of obtaining a loan, as long as they can provide a guarantorwho is willing to back the loan. Guarantors are subject to stricter criteria. They must be between the ages of 18 and 75, own their own home in the United Kingdom, know the borrowing applicant personally, and have a good credit history.
Once the borrower and the guarantor have both completed the loan application, decisions are made quickly.
Loans are available for amounts of up to £5000, and if the borrower is unable to pay back the amount, then the guarantor may have to take responsibility for the payments. Loans can be applied for online and taken over variable periods, there is no charge to pay the loan off early.