Who is 1Plus1 Loans?
1Plus1 Loans is a UK-based direct lender that specialises in providing personal and guarantor loans. Established in 2013, the company focuses on offering accessible financial solutions for individuals who may face difficulties securing loans through traditional banking institutions.
By evaluating affordability rather than relying solely on credit scores, 1Plus1 Loans ensures that its customers can manage repayments comfortably without financial strain.
The company provides flexible loan options with responsible lending practices, making it an ideal choice for those who may have struggled with credit in the past but still need financial support.
Who Founded 1Plus1 Loans?
1Plus1 Loans was founded by Gary Paul McKenna in 2013. With extensive experience in finance, Mr. McKenna identified a significant gap in the lending market, particularly for borrowers with low credit scores.
He recognised the need for a fair and transparent loan provider that assessed customers based on their ability to repay rather than just their past credit history.
This customer-first approach led to the creation of 1Plus1 Loans, a lender that prioritises financial responsibility while offering competitive loan options. Since its inception, the company has grown significantly, helping thousands of individuals access affordable credit.
What Loan Options Does 1Plus1 Loans Offer?
1Plus1 Loans offers two main types of loan products:
1. Unsecured Personal Loans
For those with a good credit history and stable financial standing, 1Plus1 Loans provides personal loans without requiring a guarantor. The loan amounts range from £1,000 to £5,000, with a representative APR of 39.9% (variable).
This option is suitable for borrowers who can independently manage their repayments and do not require additional financial backing from a guarantor.
2. Guarantor Loans
For applicants who may have limited or poor credit history, 1Plus1 Loans offers guarantor loans ranging from £1,000 to £10,000. This option allows individuals to secure a loan with the help of a guarantor typically a close friend or family member—who agrees to cover the repayments if the borrower is unable to do so.
Guarantor loans increase the chances of loan approval and offer a financial lifeline to those who may not qualify for conventional loans due to their credit rating.
Both loan types have flexible repayment terms ranging from 12 to 60 months, making them a convenient choice for borrowers looking for structured financial assistance.
How Does the Application Process Work?
The loan application process at 1Plus1 Loans is designed to be quick, transparent, and straightforward. The company prioritises responsible lending to ensure that borrowers can manage their repayments comfortably.
Step 1: Initial Consultation
Applicants start by discussing their loan requirements with a representative from 1Plus1 Loans. This step helps clarify the responsibilities involved, especially for those applying for guarantor loans.
Step 2: Open Banking Verification
Instead of focusing solely on credit scores, 1Plus1 Loans partners with banks and financial institutions using Open Banking. This method allows the lender to securely assess the applicant’s income and spending patterns through bank statements.
The company prioritises current financial health over past credit challenges, ensuring that applicants can comfortably afford repayments.
Step 3: Affordability Assessment
Before approving any loan, 1Plus1 Loans ensures that all essential bills and living costs are covered. The company also considers unexpected emergencies and inflation rates, using data from the Office for National Statistics to ensure borrowers can manage their spending effectively.
Step 4: Quick Disbursement
Once the loan is approved, funds are typically released on the same day. This makes 1Plus1 Loans a fast and reliable solution for those in urgent need of financial assistance.
Company Information & Legal Details
- Company Name: 1Plus1 Loans Ltd
- Company Number: 08387053
- Registered Office: Yates Barn, Netherley Road, Tarbock Green, Prescot, Merseyside, United Kingdom, L35 1RG
- Company Status: Active
- Company Type: Private Limited Company
- Incorporated On: 4 February 2013
What are the Repayment Examples for 1Plus1 Loans?
To provide transparency, 1Plus1 Loans offers clear repayment examples to help customers understand the cost of borrowing:
Example 1: Borrowing £1,000 (12-month term)
- Monthly Payment: £99.49
- Total Interest & Fees: £193.88
- Total Repayment: £1,193.88
- Representative APR: 39.9% (Variable)
Example 2: Borrowing £3,000 (36-month term)
- Monthly Payment: £134.21
- Total Cost of Credit: £1,831.56
- Total Amount Payable: £4,831.56
- Representative APR: 39.9% (Variable)
These examples help potential borrowers understand their financial commitment before taking out a loan.
How to Contact 1Plus1 Loans?
If you’re interested in applying for a loan or have any inquiries, 1Plus1 Loans provides multiple contact options:
Telephone:
- UK Customers: 0330 1200 313
- International Customers: +44 1904 500 069
Email:
- General Inquiries: info@1plus1loans.co.uk
- Payments Team: payments@1plus1loans.co.uk
Office Address: 1Plus1 Loans Ltd, Yates Barn, Netherley Road, Tarbock, Merseyside, L35 1RG, United Kingdom
Business Hours:
- Monday to Friday: 9:00 AM – 6:00 PM
- Closed on Bank Holidays
Why Choose 1Plus1 Loans?
- Loan Rate Reduction: Borrowers who make their repayments on time can qualify for a rate reduction, making the loan more affordable over time.
- Fast Payout: Once approved, most loans are paid out on the same day, ensuring quick access to funds.
- Flexible Borrowing: Borrow up to £5,000 without a guarantor and up to £10,000 with a guarantor, catering to different financial needs.
- Fair Lending Approach: Instead of focusing purely on credit scores, the company evaluates an applicant’s ability to repay, making loans accessible to more people.
- Direct Lender, Not a Broker: 1Plus1 Loans is a direct lender, meaning applicants deal directly with the company rather than going through a third-party broker. This reduces additional fees and ensures a smoother process.
