In 2015, Loans 2 Go merged with competitor Logbook Loans, increasing the size of the business. The lender has headquarters in London and Manchester and 78 branches across the UK.
Loans 2 Go specialises in offering short-term loans of up to £1,000 to people who are traditionally overlooked by mainstream financial institutions. You can apply online and have the money in your bank account within just 60 minutes after approval, provided you apply in office hours. Repaying your loan on time could help you rebuild your credit rating, giving you more options for credit in the future.
Loans 2 Go is authorised and regulated by the Financial Conduct Authority.
Is high-cost, short-term borrowing a good idea?
Short-term or “payday” loans offer a fast solution when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing. So consider this option as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and aren’t suitable for borrowing over longer periods, or if you have serious debt problems.
Before you apply for a short-term loan, make sure you have considered all other options. Is the expenditure that you’re planning unavoidable? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Key features of a Loans 2 Go loan:
Borrow £250 to £1,000.The amount for first-time customers is capped at £500.
Choose how you repay your loan. You can arrange your repayment dates around when you get paid, whether it is weekly, fortnightly or monthly.
Fast payment. If you apply in working hours, the money can be in your bank account within 60 minutes.
Fixed, high interest rates. With high interest rates charged daily, this is realistically an expensive way to borrow money.
Poor credit ratings considered. If you repay your loan on time, it can improve your credit rating and help you get back on your feet financially.
Early repayment. You can repay your loan in full or in part at any time without being penalised. This is recommended if you can afford to do so as it will save you money in interest.
Please note: high-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
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How long do you need to borrow over?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How does a Loans 2 Go loan work?
Use the slider on the website to select how much you wish to borrow and how long you need to repay the loan.
Fill out the simple application form with your personal, employment and financial details.
A member of the Loans 2 Go team will call you to discuss your borrowing options.
Once accepted, you can expect the money in your bank account within 60 minutes. This is subject to you applying within the working hours of Monday to Friday, 8am to 8pm, and Saturday 8am to 5pm.
How do I pay back my loan?
Like most short-term loan providers, Loans 2 Go uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
What are the eligibility requirements?
You should only apply for a Loans 2 Go loan if you are certain you can meet the repayment terms. You must also:
Be aged 21 or over.
Be permanently employed. Loans 2 Go does not accept applications from people who work for an agency, or are part-time or self-employed.
Be a UK resident
Have a UK bank account with a debit card
Loans 2 Go offers loans to both tenants and homeowners.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently asked questions
Loans 2 Go does not charge any set up fees when you take out a loan. You may, however, incur charges if you fail to make your payments on time. These can include court fees.
Yes, like most short-term loan providers, Loans 2 Go will undertake credit checks to establish if the loan is affordable for you. It does lend to people with poor credit histories, but will want to make you sure you can afford the repayments.
It is worth noting that Loans 2 Go does not charge customers a setup fee or initial administration fee. It also does not deal with brokers that charge an initial broker or administration fee. If you receive a suspicious call or notice a transaction that doesn’t appear to be correct, you must contact Loans 2 Go as soon as possible.
Its office opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 5pm.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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