I guess it would depend on your point in studying psychology. If you want a job in the future, I don't think you will be able to get one without other, very-related, subjects like sociology, history, English composition courses for how to write well, literature courses to study psychology through literature, etc.

If you are studying psychology just because you want to study psychology, then you can do whatever you would like and, presumably, you will do well because it is what you want to study.

If you have some other reason for studying psychology (to help yourself with your own issues, for example), then I would take the less expensive course and as many other courses as I could, whether I wanted to or not, to broaden my understanding of the rest of the world too, as one cannot live in the vacuum of just themselves and to help one's self one has to not only understand one's self but those around one.

The two year course is more worldly/of wider range of help in multiple situations; the crammed one-year one is probably for those with a career/background in something else trying to quickly move sideways into another profession. Since you are just starting out and don't have a background, I'd work on getting one and that takes a variety of knowledge and experience.