We are “1 Plus 1 Loans” and we provide guarantor loans for people just like you.
We set up our business in 2013, when we saw that borrowing money at an affordable rate was becoming a seriously difficult job for those with bad credit ratings and those who needed it most.
That didn’t seem fair to us, so decided it was time that someone offered a loan that didn't rely purely on credit scores – just on whether customers could afford the repayments without any hardship or problems for the duration of the loan. That’s how 1 Plus 1 Loans was born and that's why we're a better kind of guarantor loan.
"The last thing we want is a customer with a loan who simply cannot afford the repayments"
Direct lender, not a broker
Fast payout
All applicants considered
We offer guarantor loans, at affordable rates for people like you.
To make absolutely sure that you can afford the repayments without a struggle, we follow a simple process before we grant any loan.
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First of all, we’ll talk. We go through a verbal confirmation with all of our customers and guarantors to make sure that they understand their obligations during the life of the loan.
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As a lender, we have links with banks and other financial institutions who can verify our customers income and expenditure for us. We mainly do this by using Open Banking. This can tell us if a loan repayment is affordable over the lifetime of the loan, just by checking your bank statements and without a bad credit score affecting our judgement.
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We confirm that all essential bills are covered, and that there is enough surplus income left over to make the monthly repayments for the loan. We also like to make sure you’ll still be able to pay for any of those unexpected emergencies that can crop up in day to day life. Our team also use ONS (Office of National Statistics) data to make sure that everyone involved can meet the future expenditure set by current levels of inflation.
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Most importantly, our team of experts work hard to make sure everything works for you, so we can pass your loan details to our pay out team. Most of our customers have the money in their account the same day they apply!
Guarantor loans that fit you.
We go through our checks because it’s hugely important to us to be responsible lenders and to be absolutely sure that all of our customers can afford to meet their repayments without any problems. It’s an approach that’s put us right at the forefront of providing great guarantor loans that work for the customer, the guarantor, and us your lender.
That’s why we always go the extra mile to ensure that our customers get the loan that’s exactly right for them. In fact, we go way beyond the requirements of our industry’s regulators to make sure that everyone is treated equally and fairly whether they have bad credit history or a good one.
More information about us
Our frequently asked
questions
You may think guarantor loans are a new concept, but they’re actually how banks loaned out money before credit scoring was introduced. In those days all you needed was someone who trusted you and was happy to guarantee your loan. That was often a family member or friend who owned their own property and was more financially stable, allowing them to help you get the loan you needed.
A guarantor loan isn’t secured against that guarantor’s property though. They are there purely as someone who has the financial resources to guarantee repayments, should you fail to do make them. Guarantors very rarely need step in, but it’s good for all of us to have that extra security.
A Guarantor is anyone who will guarantee to honour your loan if you should fail to make repayments. Family and friends are often the best people to ask, but if they know you - and they know you will pay back your loan, they may well be happy to stand as Guarantor for you.
A guarantor can be anyone who knows and trusts you and is aware of your financial situation. For example, you could try members of your family and friends who might normally help you out financially on occasions. This could be:-
You could also approach work colleagues or your employer. Don’t forget though that it’s always best to explain why you need the money and confirm that you can afford the repayments. Make sure you explain to your guarantor their financial obligations should you fail to make a repayment.
The main risk is that, if the borrower stops the loan re-payments, we will then require the Guarantor to bring the account up to date.
Becoming a Guarantor is a serious commitment, and he or she should feel completely confident that the borrower will make repayments on time, every time. They should not become a Guarantor unless they are committed to repaying the loan if the Borrower doesn't. Borrowers rarely let their Guarantors down, but if that did happen, there is always the possibility that it could affect the relationship between the borrower and the guarantor.
First of all you want to help a friend or family member who needs financial assistance.
While you may be in a position to lend the money to the borrower yourself, you might prefer to help them take responsibility and manage a loan themselves, making timely repayments to us, rather than to you.
You would want to help the Borrower to gain control of their finances. If their loan from us goes well and they make repayments on time, this could help rebuild their credit score. Of course, you should bear in mind that providing this helping hand does involve a certain amount of risk to yourself.
If you have a question and it is not answered on this page then please don't hesistate to ask. Simply email your question to ask@1plus1loans.co.uk and we will answer directly to you. You could be helping others too, as we’ll add it to this page for everyone else to see.
What does being a guarantor mean?
A guarantor is someone who will make payments on a loan if the borrower fails to pay.
If the borrower has not had credit before, they will have no credit history. This means that credit reference agencies will give them a low score, as they have no way of knowing if they will repay the loan or not. If people have failed to repay loans in the past, then credit reference agencies will naturally give them a very low score, with the resulting bad credit rating making it near impossible for them to get a loan.
This is where the guarantor comes in. The guarantor will know the borrower and know if they are likely to make the loan payments or not. No one is going to be a guarantor if they think the borrower is not going to make payments, which is why most of our borrowers’ guarantors are close family and friends.
Can I be a guarantor?
To meet our guarantor criteria, you need to...
If you do not feel completely sure that the borrower is going to make repayments, or you don't know the borrower well enough, DO NOT be a guarantor on their loan. Check out our handy decision tree tree to help you decide if being a guarantor is right for you.
Why should I be a guarantor?
There are many reasons why you might choose be a guarantor, here are some of them:-
Tel: 0330 1200 313 **
Outside UK: +44 1904 500 069
General Enquiries: info@1plus1loans.co.uk
Payments Team: payments@1plus1loans.co.uk
Write to us
1plus1 Loans Ltd,
Yates Barn,
Netherley Road,
Tarbock,
Merseyside,
L35 1RG
Opening Times
Monday to Friday 9am to 6pm
Contact usWarning
Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk