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Who are Loans2Go?

Loans2Go is a London-based direct lender who offer unsecured personal loans and logbook loans. They are a trading name of Loans 2 go Ltd. They believe in treating customers fairly and ensuring they are financially stable enough to take out their loans.

Loans2Go

What sort of unsecured loans are available with Loans2Go?

The full range of loans of available varies from £250 to £1,000. However, first time customers can only receive a maximum of £500. If payments are maintained as per the agreed schedule, a higher amount may be offered if a further loan is required.

How much interest do Loans2Go charge?

For their unsecured product, Loans2Go have a 1013.3% APR representative.

To understand how this works, borrowing £550 over an 18 month period at a fixed annual rate of 207.6% with above APR would require you to pay back a total of £2,262.78 across 18 monthly instalments of £90.62.

What sort of payment plans are available?

Loans can only be repaid over an 18 month instalment plan. There is no other variation available for unsecured loans.

Will they allow customers to repay their loans early?

You will have the option to pay off the loan early in part or in full should you wish to do so. Loans2Go will send you a settlement figure in writing that may also include additional fees.

Can you manage your account online?

Yes, successful applicants will be given their own online account where they can also make payments and manage their loan.

Do Loans2Go have an app?

There is no app available for customers to use.

Are there any late payment fees?

There are no late payment fees but if payments are not maintained, Loans2Go may charge you for court fees or repossession expenses.

How soon will Loans2Go transfer the money?

Once everything has been agreed and signed, they state the money will be transferred into your bank account in only 15 minutes. How this is affected by weekday and weekend cut-off times is not explained on the website.

How do you apply for a loan with Loans2Go?

While people with poor credit and CCJs can apply, anyone wanting to take out a loan has to be:

  • At least 21-years-old
  • A current UK resident with an active UK bank account
  • Able to supply photo ID (driving licence/passport/CIS card), bank statements and proof of address
  • In employment receiving a regular income

Applicants need to complete the online form and provide the necessary information. Once this has been received a member of the Loans2Go team will give you a call to discuss the application in more detail.

What’s the best way to contact their customer service team?

You can email the Loans2Go customer service team at info@Loans2Go.co.uk, call them on 0330 400 0403, or connect via WhatsApp on 07741 903 315.

Opening hours for new customers is Monday to Friday: 9am – 5pm, Saturday: 9am – 1pm.

Existing customers can contact customer services on Monday to Friday: 8am – 7pm, Saturday: 8am – 2pm.

How do customers rate Loans2Go?

As of March 2020, Feefo displays a rating of 4.4/5 based on 901 reviews, while Trustpilot has a score of 2.1/5 based on 2,188 reviews.

How are Loans2Go regulated?

Loans2Go are regulated by the Financial Conduct Authority (FCA). Their FCA register number is FRN 679836.

Loans2Go summary

Loans2Go are a direct lender and will consider people with CCJs and a poor credit history. The representative APR is 1013.3%.

Repayment terms are fixed to 18 months and first time applicants can borrow between £250 and £500. Returning customers who maintained their account in good order can apply for a loan up to £1,000.

Customers wishing to repay their loan early will have to agree to the settlement fee provided by Loans2Go. An online account is provided but there is no app available.

Before applying be sure that you:

  • Are aged 21 or over
  • Have an active UK bank account and are a UK resident
  • Can provide photo ID (passport/CIS card/driving licence), proof of address and bank statements
  • Receive regular income (no mention is made of an acceptable minimum amount)

Loans2Go state funds will be transferred into your account in as little as 15 minutes.

Customer reviews are available on Feefo (4.4/5) and also on Trustpilot (2.1/5).

The company is fully regulated and authorised by the FCA.

Representative 49.9% APR

Representative Example

Amount borrowed: £1200 for 18 months
Number of repayments: 18
Interest rate p/a: 49.9% (variable)
Each repayment amount: £90.46
Total amount repayable: £1628.28

Warning: Late repayment can cause you serious money problems.
For help, go to moneyadviceservice.org.uk

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