1Plus1 offer loans of between £500 and £5000 for between one and five years depending on the loan amount. A £500 loan, for example, is only available for 12 months.
Their call centre is available from Monday to Friday between 9am and 6pm while their online team is available 24 hours a day. They can be contacted by email at any time.
Loans are available to anyone and even those with a poor credit rating or no credit history at all will be considered as long as they reach the required criteria. People with an IVA, for example, will not be eligible.
As long as the loan repayments are made regularly and on time it is also possible to increase your credit score for the duration of the loan period. You can pay the loan back at any time without incurring any additional fees so if you come into some money through a pay rise or unexpected windfall it would be in your interests to clear the loan.
In order to qualify for a loan you will need a friend, colleague or family member who is prepared to act as your ‘backer’. They will be expected to make the repayments on the loan in the event that you are unable. They must be between 18 and 75 years old, a UK homeowner and have a good credit history. They cannot be financially linked to you so a spouse would not be considered a suitable backer.
You can apply for a loan online and once the application has been made a decision will be made quickly. Some customers can even access the money the same day. Interest charged depends on your individual circumstances and those of your backer.
If you or your chosen backer change your mind about the loan you have 14 days to cancel the loan and the money received will need to be paid back immediately.