1 Month Loan
Good:
You can get money transferred into your account today
Bad:
If you are late making payments or default on the loan, the extra charges are very high
Verdict:
Are known for not being open and honest with their loans, they will do everything to try and get extra charges added onto your loan - only use this company if you're certain you can pay the money back on your payday
1 Month Loans offer small loans up to £250 for first time customers and up to £750 for returning customers. You can borrow this money providing you can pay it back on your next payday. They charge £30 for every £100 you borrow, which is average compared to other payday lenders.
To apply you will need to visit their website and complete their online application form. 1 Month will then check your details with a credit reference agency to check your finance and personal details. They will then contact you via email to ask you to sign the online loan agreement - be aware that this does not mean you have been approved for the loan. You will then get a phone call from them to carry out some final security checks. Once the loan is approved, the money will be transferred into your bank account - £25 extra charge for fast transfer.
1 Month Loans have been known to take sums of money from your account without authorisation. They will extend the loan for you no problems but will try to take the interest or repayments randomly, which could leave your account in it's overdraft. Ensure that you know exactly when your payments are going to be taken and also ensure that you can make these repayments when you said you would. If you don't, you could end up owing them a lot of money.
Please be aware that 1 Month Loan acts as a lender but also acts as an affiliate. This means that when you complete your application form, they will tell you if they are able to offer you a loan. If they aren't, they may recommend another company to you. Do not feel as if you have to apply with the suggested company as this may further impact your credit file.
Loan Calculator
Loan Amount £
Loan Term days
Total To Repay
Total Cost
Loading, please wait...
I received loads of letters stating that my account was overdue, each individual piece of correspondence adding £15 to my account balance. Interest was then thrown on top of that without prior warning, and I apparently still owed £292.50. I contacted 1 Month Loan just before the new year to say I wanted to sort things out and would be happy to pay £50 per month for six months, if they could freeze the balance as it stood. They agreed, and were seemingly co-operative in adopting my suggestion of making each repayment on the 17th of every month.
I took out a £150 loan with 1 Month Loan in October 2008. The funds were deposited into my account in around 4-5 days, rather than the advertised 'up to 48 hours', but aside from that everything looked to have gone smoothly.
New customers up to £250 - 31 days
Existing customers up to £750 - 31 days
3-5 working days otherwise
- You must have a UK bank account
- You must be actively employed
- You must have a debit card linked to your UK bank account
- Your wages/salary must be paid by direct deposit into your current account
- You must be 18 years of age or older to apply
- You cannot be paid by Social Security
- Each call or letter regarding a failed repayment - £12.00
- Each call or letter regarding your outstanding debt - £12.00
