Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
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.
Representative example: Borrow £550 for 18 months at a flat rate of 180% p.a. (fixed). Representative APR 770% and total payable £2,035.08 in 18 monthly payments of £113.06.
In 2015, Loans 2 Go merged with competitor Logbook Loans, increasing the size of the business. The lender, based in London, offers unsecured loans with a standard term of 24 months and a representative APR of 770%.
Loans 2 Go specialises in offering loans of up to £2,000 to people who are traditionally overlooked by mainstream financial institutions. You can apply online and have the money in your bank account within just 15 minutes of 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.
| Product Name | Loans 2 Go Short Term Loan |
|---|---|
| Available Amounts | £250 to £2,000 |
| New customer maximum | £2,000 |
| Loan terms | 18 months to 24 months |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | You can expect the money in your bank account within 15 minutes of approval (this is subject to you applying within the working hours of Monday to Friday, 8am to 8pm, and Saturday 8am to 5pm). |
| Repayment period options | Monthly,Weekly,Fortnightly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| FCA registration number | 679836 |
| Link | Check eligibility |
Loans 2 GO customers can then manage their loan via the Loans 2 Go login page.
Loans 2 Go loans have a representative APR of 770%. The precise cost of your loan will depend on the size and terms of your loan, as well as how long you take to pay it back.
You won’t be charged any fees when you take out a loan, but may be charged if you fail to make your repayments on time.
Loan amount: £550
Loan term: 18 months (with monthly repayments)
Interest rate: 180% p.a.
Representative APR: 770%
Total cost: £2,035.08
You should only apply for a Loans 2 Go loan if you are certain you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 21 |
| Applications from self-employed considered | |
| Applicant with CCJs | Applicants with CCJs are considered |
| Additional eligibility notes | You must be currently in employment with a regular income. You must have a UK bank account. |
| Link | Check eligibility |
Loans 2 Go offers loans to both tenants and homeowners.
Loans 2 Go is a registered lender and is authorised and regulated by the FCA.
While it is safe to get a loan from Loans 2 Go, short-term loan products such as those offered by Loans 2 Go can cause serious financial difficulties and should only be considered as a last resort.
Like many high-cost loan providers, Loans 2 Go uses a continuous payment authority (CPA) to collect the repayments from your bank account on your chosen dates.
You can make repayments on a weekly, fortnightly or monthly basis. You can also make early repayments on the loan, but may be charged additional interest if you pay the loan off early in full.
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
A CPA differs from direct debit because it gives the company being paid the ability to withdraw money from your account whenever it wants to, and to take payments of different amounts without consulting you. Many loan companies will use a CPA to collect your repayments. However, you can cancel this at any point by either consulting with your provider or your bank.
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Phone number | 0330 400 6000 |
| Link | Check eligibility |
Borrowing £550 from Loans 2 Go over 18 months would mean repaying £2,035.08 in total, at the representative APR. High-cost 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. High-cost loans are unlikely to solve your money problems in the long term if you have serious debt problems.
It’s wise to consider all other options before you take out a high-cost loan. 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 loan alternatives at moneyadviceservice.org.uk.
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost credit loans at 0.8% per day for loans that last less than a year (or where the loan has been at least substantially repaid within a year).
The FCA additionally capped all default charges at £15 and the total cost (interest, fees) of these loans at 100% of the original sum. This means you wouldn’t have to pay more than double the amount borrowed on a loan that lasts less than a year.
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