1st Stop Personal Loans Review | www.1ststop.co.uk
Address: 10 Whitehills Business Park, Blackpool, FY4 5LW.
Branding: 1st Stop Personal Loans. Also known as: First Stop Loans.
FCA Licence: 658742.
From: The 1st Stop Group Ltd.
Related: 1st Stop Car Finance.
Available: Monday to Thursday (8.30am/7pm), Friday (8.30am/5.30pm).
Bad credit considered: Fair-to-good score required.
Manage: No 1st Stop login at www.1ststop.co.uk.
Offers: Personal loans.
Pricing: See notes.
Sums: £1000 to £15,000 (new) | £15,000 max (returning).
Terms: 24 to 72 months.
Notes: We have been unable to provide a cost breakdown for this lender. There is no calculator slider, with just 2 representative examples presented. What muddies the water further is that they factor in an introducer fee that is only due on referrals. The rates attached are 24.9% and 56.6% APR. To receive a 12 month term you would have to settle early. Settlement requests (that attract a monthly charge) must be made by email, letter or phone. To qualify you must aged at least 21 and be earning more than £15,000 each year.
– Amounts: An attractive cash sum of £15,000 is possible. Whilst not stated, restrictions should be expected for first time users.
– Experience: The larger Group has been actively trading since 2004 and so they have notched up plenty of experience. The particular launch of this featured product is unclear. It had replaced their earlier Instalment Loans release. They have closed and launched many specific products over the years. They currently offer Car Finance and Home Loans as well as the featured option.
– Flexibility: A wide range of terms can be selected and they impressively stretch as far as 6 years that is ideal for those accessing their higher figures. Many similar companies generally stop at 5 years. The only drawback is through their early settlement process.
– Pricing: This is clearly a highly competitive unsecured lending product based on their headlined figures. It is just a shame that they aren’t more transparent since most lenders do provide loan calculators these days. Other than the noted age and salary requirements, they only state that most circumstances are catered and one notice asks their visitors if they have been declined elsewhere.
– Costs have always been difficult to determine from this company and so we can’t compare historic pricing.
– Products now arrive in 3 forms that are each presented on initial entry to their site. The additional 2 includes their Car Finance and Home loan options. They have unfortunately removed their Guarantor service that was often pushed as a back-up to those that failed the credit check. There did at one time have a small Payday release and so their shift in focus has clearly been moving away from subprime.
– Terms previously started at 12 months that they have now moved up to 24.
– The website has received a major overhaul that is improved, but on the tech side you’d expect to see a calculator as well as user logins.