Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
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 terms of either 18 months or 24 months and a representative APR of 679%.
Loans 2 Go specialises in offering loans of £250 to £2,000 to people 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 during 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.
| Loan amounts | £250 to £2,000 |
|---|---|
| Loan terms | 18 months or 24 months |
| Same-day funding available | |
| Instant decisions in most cases | |
| Overpay without penalty |
Loans 2 Go customers can then manage their loan via the Loans 2 Go portal.
Loans 2 Go loans have a representative APR of 679%. The precise cost depends on the loan’s size and terms, as well as how long you take to pay it back. You won’t be charged any fees when you take out a loan.
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:
Loans 2 Go offers loans to both tenants and homeowners, and may consider applicants with poor credit or a county court judgment (CCJ).
Loans 2 Go is a registered lender authorised and regulated by the FCA.
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 use a CPA to collect your repayments. However, you can cancel this at any point by consulting with either your bank or provider.
Representative example: Borrow £550 for 18 months at a flat rate of 168% p.a. (fixed). Representative APR 679% and total payable £1,936.08 in 18 monthly payments of £107.56.
You can contact Loans 2 Go via email hello@loans2go.co.uk or through its online form on the website.
Loans 2 Go has a “Great” rating on review platform Trustpilot with 4.0 out of 5, based on over 2,900 reviews (updated March 2024). Customers commended the excellent customer service, simple application process and quick transfer of funds.
Loans 2 Go offers speedy access to funds for individuals with poor credit, with money deposited within 15 minutes of approval. However, its high APR and limited loan terms may deter some borrowers, especially those seeking more favorable repayment conditions.
It’s wise to consider all other options before you take out a high cost loan. Is the expenditure you’re planning unavoidable? If you can defer a purchase, 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.
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