1plus1 Loans scores 4.9 out of 5 based on 500 reviews on Feefo. This score puts 1plus1 at the upper end of the rating spectrum compared to the typical guarantor loan lender.
We've chosen to show the key differences against the "typical" or "average" guarantor lender:
1plus1 Loans' representative APR is 47.8%, but we have lenders who offer guarantor loans starting at 29.9%. As a broker with access to multiple lenders we may be able to find you loans like 1plus1's at a lower rate. This calculator uses our representative APR is 39.9% to help you estimate monthly repayments.
Your actual APR will depend on: your loan amount, the lender you choose, if your guarantor owns their home, etc.
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Borrow £3,000 for 36 months. Representative 39.9% APR fixed. Monthly payment £144.16. Annual interest rate 34.05% fixed. Interest payable £2189.76. Total repayable £5,189.76.
1plus1 Loans started in 2013 as one of the new wave of guarantor loan lenders entering the UK market. They saw high street banks tightening their credit rules and how people with poor credit ratings were being locked out of the lending market. They are now well established and earning good reviews from borrowers.
Borrow £3,000 for 36 months. Representative 47.8 APR fixed. Monthly payment £143.84. Annual interest rate 39.7% fixed. Interest payable £2178.24. Total repayable £5,178.24.
1plus1 will accept both homeowners and non homeowners as your guarantor. One thing to note though is that if you want a non homeowner to be your guarantor they will need to have a credit rating that is good enough for them to get a mortgage if they wanted to). We have more information about non homeowner guarantors.
No, 1plus1's interest rate is fixed for the duration of the loan, which can be up to five years. This is good to know because it means you can budget with confidence. Even if general interest rates rise you won't suffer from any increase in you monthly repayments.
The APR is fixed at 47.8% regardless of the amount you borrow or the length of time you borrow it for. This puts 1plus1's rate slightly lower than most other lenders. However, we work with some lenders who vary the APR so that it is higher for smaller amounts and lower for large amount. So, it could be that for smaller loan amounts (say £1,000 or £2,000) 1plus1 is a reasonable option. Conversely on larger loans (over £7,500) we could have lenders that offer a lower APR. The lowest APR from any of our lenders in 29.9% for loans over £10,000. If this is of interest then apply here.
Repayments are set up using a direct debit and paid on a monthly basis. The amount you repay will be specified by 1plus1 before you sign any agreement. While you can estimate your repayments using our calculator the 1plus1 Loans APR is 47.8% rather than our representative 39.9% so be careful when looking at affordability. If your monthly payment fails then 1plus1 will contact you and will use your debit card instead to try to take payment.
You must contact 1plus1 as soon as you realise you'll miss the payment. They will tell the guarantor as a matter of courtesy - they are part of the agreement - and of course they may get in touch with you too. Interestingly the tone of the 1plus1 website on this issue is less conciliatory than many. There is no mention of "working with the borrower", etc. It is all rather blunt and factual.
You will be credit checked before any documents are signed as 1plus1 need to know you are creditworthy. But once the agreement is signed and the borrower starts to make their monthly repayments you should hear nothing from 1plus1 Loans. However, if the borrower struggles to make a payment you will be contacted and if the borrower defaults then you will be expected to step in. If you fail to help bring the loan up to date then this will be recorded on your credit file too.
Yes, 1plus1 has no prepayment clauses in its contracts. This means you can repay your loan early without incurring any penalty payments. So, if you should suddenly be able to pay off a chunk of your loan then that will save you further interest costs and reduce the overall cost of your loan. We'd always recommend doing this if you can afford it.
On their website 1plus1 say "most of our customers have the money in their account the same day they apply". In reality this will depend on what if any documentation is required and if your guarantor is accepted. Once your loan is approved the money is transferred to your guarantor's account who then passes it to you. Money is paid via your guarantor as part of anti-fraud processes.
You could go direct to 1plus1, but then you could be missing out on better deals. For the same amount of work as going direct to 1plus1 you could apply through us. Our free enquiry service can tell you instantly which of the many lenders we work with could lend to you in principle - and many of these other lenders can offer lower APRs and larger amounts than 1plus1 Loans. If you want to apply specifically to 1plus1 please apply direct, but if you'd rather maximise your chances of a guarantor loan then use our enquiry service - no fees, and exactly the same deals as going direct!
Typically you need to find someone who knows you well enough for them to trust you - this is form of "trust-based" lending. So with this in mind your ideal guarantor is likely to be: Parents, Brothers & Sisters - Aunts & Uncles - Sons & Daughters - Grandparents - Boyfriend or Girlfriend - Work Colleagues & Friends. If you are a homeowner 1plus1 won't accept a guarantor who lives at your address. But if you live with your parents that is OK. Be aware that many lenders are not prepared to accept guarantors who are already financially linked to the borrower. For example if you have a spouse and own assets together (e.g. a house) or indeed have joint debts. Lenders may also reject guarantors if they have joint costs with you (e.g. you live together and share the payment of joint bills).
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1plus1 Loans has its registered office at The Old Tannery, Eastgate, Accrington, Lancashire, BB5 6PW. Company registration number 8387053.
1 plus 1 Loans is authorised and regulated by the Financial Conduct Authority with firm reference number 717767.
1plus1 Loans is registered with Information Commissioner, registration number Z3574423.
Written/Reviewed by: Marcel Le Gouais