1st Stop Personal Loans
Good:
Can help you to rebuild your credit history
Bad:
Charge a 17% arrangement fee and have a high APR
Verdict:
If you can look past their really, really high interest rate and arrangement fee, they offer a one-to-one service to help you rebuild your credit
1st Stop Loans can lend between £100 and £3,000. They are aimed at customers who have been refused credit elsewhere and are looking for a relatively short term loan to help with their cash flow problems. They can also offer top-ups, once you’ve shown you can afford the monthly repayments and can make them on time.
You do need to have a guarantor for this lender, so please make sure you guarantor knows that if you are not paying back the loan, they are expected to pay it.
You can apply on their website or you can give them a call. Once you complete the online application form, they will contact you shortly afterward to speak with you. Once approved, forms will be sent to you and once these are returned to the company, they can usually pay out within one working day. Be aware that they may ask you to send further documentation through if needed.
Beware of the hidden charges from this company, if you cast a glance to the bottom of their website you will see that they can charge you a broker fee (15%) and an arrangement fee (17%). The APR is very high and a high number of customers have complained about these hidden charges. If you have a good credit rating, the APR from 1st Stop may be too high for you. This lender is more suited to people with a fair or bad credit history. If you do decide to go with them, make sure you are fully informed of what this agreement entails and that every thing that is taken from your bank is expected and correct.
Loan Calculator (Representative 278%APR)
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THEY R RASCALS AND FULL OF FRAUDS
payed 15 pounds for faster payment of my loan money not in the account by 5pm rubbish phoned first stop who replied with money has been transferred can take till monday horrible company dont trust
I would not recommend applying to this company, they charge you £50 fee just to take your application, then pass to a company and say your 'approved', which isn't truly correct as you need a guarantor. If they have mislead you or taken money from your bank account without permission, you are entitled to a refund based on the fact that they have not actually found you a loan in your own right. If they are obstructive to pay you the fee back, you should report them to ConsumerDirect (part of the OFT), and also to the FSA (Financial Services Authority), and issue a County Court Summons, (small claims court) for the amount of the money they refused to return to you. This sort of fee charging practice is soon to be outlawed, the government are looking in to this to change the law and close down these rouge companies. County Court / Small claims court sounds quite scary, but its really easy - see MoneyClaimsOnline website.
The small reviews complementing this company are fake and are put here by the company themselves. DO NOT APPLY FOR A LOAN FROM THIS COMPANY. THEY ARE CHEATS, LIARS, FAKES AND WILL TAKE EVERY PENNY THEY CAN FROM YOU AND THEN WILL NOT APPROVE YOUR APPLICATION. GO ELSEWHERE.
I applied for a loan with First Stop Loans and paid the £47.95 fee which they asked for up front. They subsequently sent me one loan company in the post (which incidentally had already written to me themselves asking me for a loan before I even applied to First Stop Loans!). The loan company they sent me was no good as you needed a guarantor for the loan which I did not have. However, when I wrote and asked them for a refund of my fee, as I did not meet the criteria of their loan company, they did not even bother to write back to me and when I phoned them up, I got a barrage of abuse of the most unprofessional, incompetent, rude contact centre staff, unlike anything I have ever come across in my life - they were absolutely horrendous!!! They said they did not do refunds and after a lot of arguing with them on the phone, they said that I should go back on my medication as I was a psychopath!! I told them they were committing fraud and they banged the phone down on me, but I would not at all be surprised if they were not even a legitimate company - ABSOLUTELY APPALLING RIP-OFF MERCHANTS!!!
I thought they were lenders, but I was passed over to FLm Loans. I cannot get a Guarantor. I need a loan fast to pay for my flight to bring my wife from the Philippines home for in time for Christmas. I am devastated! I dont know what to do? I feel deceived. They were nice over the phone. I was inpressed by the reviews, but it did not work for me
In the past, I have not had the best credit history. But, 1st Stop offered me a loan, regardless of my credit history. This gave me the second chance to make payments on time and start to rebuild my credit history. Thanks 1st Stop!
I was very impressed with my 1st Stop experience. They spoke with me personally on a one-to-one basis and assured me that everything was confidential and dealt with discretely. I really appreciated this professional service.
After completing 1st Stop's online application form, I received a phone call within two days from one of their advisers. Once the loan was agreed, the money was in my bank account the next working day! I couldn't believe it.
From the minute I initially spoke to someone about applying for a loan, to actually receiving the money in my account, the whole process was really straightforward. They are by far the most helpful and friendliest loan company I have dealt with in regards to helping me find the right loan.
- You need: proof of ID, proof of address, wage slips and bank statements
- You must have been a UK resident for at least one year
- You must have a bank account with Direct Debit facilities and a Debit/Credit card
- You must be in permanent employment working 16 or more hours per week
- Don't worry if you have CCJs, defaults or poor credit history
- You must have a guarantor aged between 21 and 65, who own their own home and are employed
- You must be between 21 and 60 years of age
