1 Month Loan

What you need to know:

1 Month Loan is a relatively standard payday loans service. The application process is relatively simple and intuitive. 1 Month Loan charge a 30% interest fee on every £100 borrowed. On top of this is an instant transfer fee of £25 – if you can wait for a couple of days then 1 Month Loan will transfer the money to your bank account free of charge.

Criteria:

1 Month Loan sets very basic criteria. You must be over the age of eighteen years old, a permanent resident in the UK and receive a regular stream of income into your designated bank account. You cannot apply for a payday loan from 1 month loan if you are in receipt of various social security benefits – you must have a full-time job.

Customer Service and Complaints:

There have been quite a number of negative reviews posted about the standard of service being offered from 1 Month Loan. In this day and age people expect instant transfer and full transparency from payday loan companies – Quick Quid, Txt Loan and in particular Wonga have set the standard in this respect.

Customers of 1 Month Loan have consistently reported the need to send or fax documents to 1 Month Loan to verify their application details. The most regular request is for a copy of both the back and front of the debit card linked to their bank account. In many instances, customers have reported that 1 Month Loan has failed to get back in touch with them after sending these documents.

Overall:

Some customers appear to have had a few negative experiences with 1 Month Loan and these experiences all seem to centre on faxing more information to validate an application. When compared to other payday lenders that offer a reduced transfer fees and interest payments, it’s clear to see that 1 Month Loan don’t stand up against the competition.

For an alternative please visit Wonga, Quick Quid or Txt Loan (smaller value loans).

Quick Payday Loans relies on commissions to survive however we still aim to provide impartial and relevant information on payday lenders. In terms of the amount we can conceivably earn from a transaction, the three aforementioned lenders are not our highest commission paying partners – we recommend them because we believe in the services they have to offer.