Loans2Go Review 2021 – Read This Before Buying

When mainstream financial institutions don’t consider you for a loan that you need urgently, turn your focus to payday loans like Loans2go. If you listen to podcasts and YouTube interviews of successful business people and entrepreneurs, one thing they always mention is that loans helped them realize their dreams. However, they do insist that you have a plan before taking a loan with any institution.

Loans are ideal for making investments and taking your business to the next level and even saving you from an emergency – we all know how such situations can creep up on you, right? And though payday loan companies hold your hand through the process, not all have systems favoring the borrower. For some, it’s all about turning a profit regardless of who gets hurt in the process.

So, is Loan2go one of those selfish payday companies that reel you in with great copywriting and promises of financial heaven only to rain hell on you when paying the loan? Is it a scam? Should you even consider getting in bed with them? What types of loans do they offer?

We know such periods come with feelings of desperation. But take a deep breath and read through this comprehensive guide with a sober mind. We aim to answer all questions regarding the company’s legitimacy, safety, and helpfulness.

Let’s get started.

What is Loans2go?

It is a payday loan company with headquarters in London. Unlike normal financial institutions like banks, they are in the business of offering unsecured short term loans to individuals who would otherwise miss out on loans. It gives individuals with bad credit scores an opportunity to get back on the horse. But beware since the lender can either help to build or further ruin your credit score depending on how well you plan for the loan.

Loans2go started small, but in 2015 It merged with Logbooks Loan (its competitor) to survive and increase its customer base. Currently, the company offers a maximum of £1000 in loans to its users. They have an online platform where transactions take place. Once account registration is complete, money hits your account in less than 15 minutes after loan approval (provided you fill the application within working hours).

To build popularity and gain trust, Loans2go is regulated and authorized by the Financial Conduct Authority (FCA).

Pros and cons of Loans2go

Some individuals are pleased with the service, and others aren’t. Here is what works for and against the service.

How does Loans2go work?

Loans2go service structure is simple and is all online. Generally, it offers UK residents short term loans regardless of their credit history. Loans2go is all about getting borrowers unstuck from tight financial situations.

When you sign up on the platform and want to take a loan, you’ll choose the size of the loan you need and the purpose of the loan. The whole application process is clear and straightforward (more on this in a later section).

As you prepare to make an application, note that Loans2go will do a quick background check to ensure you are not bankrupt and to determine your credit score. Depending on your credit records, the company will approve or reject your loan.

Assuming you apply for a loan between Monday and Friday before 7 pm and before 2 pm on Saturday, you will receive your loan the same day. However, if it’s past working hours, the loan will be credited into your account the next workday.

How long you repay the loan depends on when you receive the loan and the terms and conditions you agree to during application. After five months, there’s an option of taking a top-up loan.

What loan products does Loans2go offer?

Loans2go offers different loans, including:

Personal loan

As the name implies, you can use this loan for personal use. You can borrow any amount between £250 and £1000. Generally, there’s no limitation on the use of the loan. Once the loan is approved, you can use it for anything you please. You can spend it on extending your home, settling hospital bills, for luxury – anything.

Personal loans are unsecured loans. As such, you need not provide an asset like a car or house to get the loan. But given the risk involved, the interest rate is high, especially if it doubles as a bad credit loan.

Student loan

Education is the key to success. Unfortunately, getting a quality education is not a walk in the park especially for college and university. Also, most students in the UK are not financially stable and have to work to support their lifestyles. But even then, many find themselves short of tuition fees. Loans2go offers an emergency loan for this purpose. Like personal loans, student loans are also unsecured.

Business

Running a successful business is fulfilling, but on the flip side, it requires a lot of determination and finances to grow into an empire. And though banking institutions in the recent past have improved their lending services to businesses, most only offer secured loans. This is a hurdle for most startups that are yet to acquire assets. Loans2go can provide you with quick money to fulfil an urgent order and payback within 18 months.

A classic car logbook loan

Classic cars are a gem – some are even worth more than modern cars. If you have one, you can use it to secure a loan as you continue to drive it through town. Here’s how it works. First, this is a secured loan meaning the loan you take is against the value of your classic car. During the application process, you will hand over the logbook to the Loans2go until you repay the loan.

Unlike other payday loan services offering loans against classic cars, Loans2go doesn’t hold on to the car. You retain and use the car normally without restrictions provided you make regular payments.

But since this is a secured loan, you can borrow between £550 and £50,000. The actual loan amount you can get depends on the value of your classic car and how much you can afford to repay. The thing Loans2go requires is that the classic car you offer as security be taxed, roadworthy, insured and MOT’d. You can repay a classic car logbook loan between 12 and 36 months.

In addition to this, Loans2go also offers regular logbook loans.

Christmas

This is like a personal loan but there is a section where you can specify if the funds needed are for Christmas. The Christmas season is one that exudes love, forgiveness and every good thing. Not having funds to treat your family can dampen the Christmas spirit or your family. The minimum Christmas loan you can take is £250 and the maximum is £1000. This too is payable within 18 months since it is an unsecured loan.

Debt consolidation

If you have multiple high-interest debts like a credit card bill, you can opt to take a loan to pay them off and merge them into one low-cost loan. This trick is used by many people to help reduce the interest paid over time and to make it easier to manage their debt.

Though a debt consolidation loan helps to save money in the form of interests, it’s not always a good idea. Debt consolidation works when:

Under this, the loan range is still between £250 and £1000.

Holiday

All work with no play makes jack a dull boy. For most people, holidays are essential to unwind and prepare for the next working year. If for some reason, you are short on holiday money, Loans2go can provide an unsecured loan for it.

Mortgage

Owning a home is a dream for many UK residents. As such, many take mortgages to afford homes. But from time to time, life gets tough and raising the monthly mortgage premium becomes difficult. Loans2go offers unsecured mortgage loans for borrowers to help them stay up to date with mortgage payments and avoid trouble with the banks.

Wedding

Weddings are a big deal for many couples. They are a public declaration of love between couples and the community gets to witness and celebrate the union of individuals they care for. However, they tend to be expensive and even with prior planning, the budget tends to get out of hand. When this happens, Loans2go offers an unsecured wedding loan to help you plan the wedding of your dreams.

Home improvement

Homes can last for eons. But they do need regular maintenance and improvement to keep in good condition.  Some improvements come unexpectedly. For instance, you should attend to moss and mildew growing in the foundation of your house immediately. A home improvement loan is an unsecured loan.

What other store services does Loans2go offer?

The platform doesn’t have other services aside from offering secured and unsecured short-term loans to its borrowers.

Loans2go account creation and borrowing process

The account creation process on Loans2go is simple and straightforward.

Eligibility criteria for Loans2go

Before Loans2go can approve your loan, they need to ensure that you are:

Information borrowers need to provide to get a Loans2go loan

When applying for a loan (regardless of type, Loans2go will require specific information during the application process. These include:

What countries does Loans2go accept?

This platform is available for UK residents/citizens only.

What are Loans2go loan borrowing costs?

Loans2go charges a flat rate on all its loans. The charge is 205.2% pa with a representative of 989.9% APR. This means that if you borrow £400 an plan on paying it over the maximum period of 18 months, the monthly payments will add up to £90.63, and you will repay a total of £1631.16 in the end. Any late payment or even defaulting will attract extra fees like court fees.

Loans2go customer support

You can reach their customer support through;

Customer support is available from Monday to Friday between 8 am, and 7 pm and on Saturday between 8 am and 2 pm.

Is it safe to borrow from Loans2go?

Dealing with people’s money is tricky. And being an online company, it is susceptible to hacking and theft. For security, Loans2go is registered and regulated by the FCA. Its FCA number is 679536. Moreover, it has an SSL certificate valid until 3^rd march 2020. SSL security uses the RSA-SHA256 algorithm.

Loans2go review verdict

Taking a same-day loan from Loans2go can have a positive or negative effect. If you are prepared and plan for its use, it could raise your bad credit score. Alternatively, it could damage it if you default. The fact that it takes 15 minutes to process the loan makes it ideal for emergencies.

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