1 Plus 1 Loans with Aro

Loan type	Guarantor loan
Rates displayed	Real
Loan amounts available	£1,000 – £10,000
Loan terms available	12 – 60 months
Age eligibility requirements	18 for both borrower and guarantor. Guarantor must be no older than 80 by loan term end date
Access for lower credit scores	Yes, provided no IVA or bankruptcy status
Chance of acceptance available	No
Loan pay out time after approval	24 – 48 hours
Early repayment options	Yes
Online application	Yes

What is a guarantor loan?

A guarantor loan a way to support you if your credit history stops lenders making offers to you alone, or may also provide a lower rate than other lenders who won’t provide a guarantor option. They are a way to bridge the gap by having someone else listed on the loan to support as a safety net – reassuring the lenders. This guarantor can be a friend or family member, and so long as they can meet certain requirements they can support your loan application.

You should remember that they will be required to take up the debt if you struggle with repayments – so it is important you know and trust each other and understand the risks.

Can I apply with 1 Plus 1 Loans if I’m self-employed?

1 Plus 1 Loans may accept applications where one or both applicants are self-employed. When you apply, the main eligibility check is whether you can afford the repayments of the loan. If this is possible, they may make offers to you. Keep in mind that if you are self-employed, lenders may need you to supply additional documents – 1 Plus 1 Loans will let you know if this is the case.

How much can I borrow with a loan from 1 Plus 1 Loans?

1 Plus 1 Loans offer loans from £1,000 to £12,000. The specific amount that you are eligible to borrow will depend on your personal circumstances and credit history, as well as that of your guarantor. Having a guarantor on your loan application helps 1 Plus 1 Loans have more confidence in your ability to keep up with repayments.

Am I eligible for a guarantor loan?

Your eligibility for these will be dependent on your own circumstances. You will need to be:

• Over 18 years of age
• Reside in the UK
• Have a UK bank or building society account

In addition, your guarantor will also need to meet the criteria required of them as well.

• Be over 18 years of age (and no older than 80 when the loan would be due to complete)
• Know and trust you well, and be able to give permission to be your guarantor
• Have a good credit record, and be able to take over your repayments if needed
• Be a resident of the UK, and a homeowner
• Have a UK Bank or building society account

How do payments work in a guarantor loan?

Both you and your guarantor will be aware of payment dates and amounts. It will be your responsibility to make those payment dates, with the guarantor there as a safety net if you are struggling. If you cannot make a repayment, it is their responsibility to step in and make the repayments to the lender instead. This is why it is important you have someone you know and trust to be your guarantor, and make sure they are fully aware of the terms, as not keeping up with repayments can negatively impact both of your credit scores.

What interest rate will be on my loan?

Your credit score and personal circumstances will change the interest rates offered to you – and that is why having a guarantor can help. With 1 Plus 1 Loans the rate and offer can be supported via a second person. If you’ve hit a few bumps in the road with your credit history or you haven’t had the opportunity to build up your credit history at all, you may find that the rates you’re offered are a bit higher – so a second person as a guarantor is likely to help bring those back down a little.

Check out our guide for handy tips on improving your credit score. If you’re in need of making some changes to your score.

Can the loan amount be paid off early?

Yes, some offers allow you to make early repayments – or full repayments – depending on your circumstance. If you do, it may result in you paying a lower overall total. While repaying your guarantor loan, you also may find that your credit score improves to make you eligible for a personal debt consolidation loan – meaning you may be able to pay off the initial loan early that way. This would then allow you to keep repaying your loan without the need for guarantor.

How do I check my eligibility for a 1 Plus 1 Loans guarantor loan?

At Aro you can check your eligibility for loans without harming your credit score – and that includes potential guarantor loans from 1 Plus 1 Loans as well. Simply fill in your details and we’ll check your loan options with 1 Plus 1 Loans and over 50 other UK lenders in minutes.

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