39.9% Representative
Will lend between: £1,000 - £5,000
Over: 12 - 60 Months
Check your eligibility and compare UK direct lenders that have accepted your application.
Based in Blackburn, Rate Drop (previously 1plus1) have been active since Feb 2013.They pride themselves on service, reliability and speedy payout times.
In regards to price, Rate Drop are competitive with other lenders in the market. Reviews from both consumers and the press are almost all positive – at the time of writing TrustPilot scored them 8.3 out of 10.
Make sure you're 100% certain you can meet the repayments before making a commitment.
Our verdict: Rate Drop are consumer focused and have a competitive price point.
Rate Drop is a UK-based personal loan provider offering unsecured loans through an online application process. It is a trading name of Credit Labs Limited and is authorised and regulated by the Financial Conduct Authority. Rate Drop focuses on fixed-term borrowing with set monthly repayments, which are agreed at the start of the loan.
Applications are completed online, with affordability and credit checks carried out as part of the process. Rate Drop uses a pricing model that can reward customers for maintaining their repayments, with the potential for interest rates to reduce automatically over time when payments are made on time and in line with the loan agreement.
Applicants will need to meet certain eligibility criteria, including being a UK resident with a valid bank account and a regular source of income. While credit history is taken into account, Rate Drop may consider applications from customers who do not have a perfect credit record, subject to its lending assessments.
Repayments are made by monthly direct debit and customers can manage their loan through online account services or customer support. Rate Drop also allows borrowers to make overpayments or settle their loan early, in line with the terms of their agreement.
Registration number: 8387053
1st Floor Yorkshire House, 18 Chapel Street, Liverpool, L3 9AG
Reference No: 717767
Trading names: Rate Drop
Place of business:1st Floor Yorkshire House, 18 Chapel Street, Liverpool, L3 9AG
Registration No: Z3574423
Data controller: Credit Labs Limited
Address: 1st Floor Yorkshire House, 18 Chapel Street, Liverpool, L3 9AG
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