Loans 2 Go Review 2021 – Is it Recommended?
Kane Pepi

If you’re currently in possession of bad credit and you need access to emergency funding – your options are going to be very limited. In fact, unless you are able to secure funds from family or friends, you might be forced to use a bad credit lender like Loans 2 Go.

The online lender offers loans of between £250 and £1,500, with loan terms fixed at 18 months. Although Loans 2 Go might solve a short-term financial emergency, the interest is going to be crippling. The lender advertises a representative rate of 989.9% APR, which is huge.

Nevertheless, if you are thinking about using the lender, we would recommend reading our in-depth Loans 2 Go Review first. We’ll break down the ins and outs of what you need to know – such as interest rates, eligibility, funding times, and more.

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Not only is a representative rate of 989.9% huge, but the loan must be taken out over 18 months. This means that you are going to be paying an astronomical amount of interest over the course of the term.

What is Loans 2 Go?

Launched in 2015, Loans 2 Go is an online lender that specializes in instalment loans. The lender offers loans to those with poor or bad credit, and effectively – nowhere else to turn. As such, the lender is known to change some of the highest interest rates in the online lending space.

In fact, the platform publishes a representative rate of 989.9% APR. Although at first glance this might sound lower than other bad credit loan providers in the market – such as Loan Skipper or OnStride Loans, Loans 2 Go only allows you to take out financing over 18 months. 

Loans 2 Go company logo

As such, the interest that you end up paying over the course of the 18 months is going to be sky-high. However, UK consumers still use the lender because ultimately, they have no other options available. Nevertheless, the platform is able to facilitate loans from just £250, up to a maximum of £1,000.

As is the case with most emergency funding lenders, approved applicants will often see the loan funds paid on a same-day basis. This will be directly into your UK bank account. However, if Loans 2 Go requires more information from you, it might ask for supporting documents before the loan is approved. This might include a payslip to verify your identity or a utility bill to confirm your address.

What are the Pros and Cons of Loans 2 Go?

Loans 2 Go Pros:

✅Offers instalment loans of between £250 and £1,000

✅Choose to repay the funds weekly, bi-monthly, or monthly

✅Same-day funding is often available

✅Offers 18 months to repay the loan

✅The entire application can be completed online

Loans 2 Go Cons:

❌ Huge representative rate of 989.9%

How Does Loans 2 Go Work? 

Loans 2 Go operates much the same as any other online lender. The entire application process can be completed online in a matter of minutes. To get started, you’ll need to visit the Loans 2 Go website and click on ‘APPLY NOW’. You’ll then be taken to the main application page – which is split across 3 steps. Firstly, you’ll need to choose how much you wish to borrow and the reason for the loan, and you’ll need to agree to a credit check. On the next page, you’ll need to enter your personal and financial details.

This will include your full name, home address, date of birth, marital status, and contact details. Regarding your financial details, you’ll need to enter your employment status (full-time, part-time, etc.), your take-home salary, and the name and address of your current employer. Loans 2 Go will also need to understand your current financial commitments – such as how much rent/mortgage you pay each month and the size of your outstanding debt obligations.

Loan 2 Go loan applicatin page

Once you submit the application, Loans 2 Go will then run a credit check on you. As soon as they have cross-referenced your information – which rarely takes more than 30 seconds, you should receive an instant decision on-screen. If the loan is approved, you’ll be able to view your financing terms. Crucially, this includes the interest rate and the size of your repayments.

It might be best to go with a bad credit lender that executes an initial soft credit check. This will allow you to check whether or not you are eligible without having the application posted to your credit report.

If you’re happy to proceed, you’ll need to enter your bank account and debit card details – which need to be from the same financial institution. Finally, you’ll need to read through and sign the digital loan agreement to complete the application. As soon as Loans 2 Go processes the application, you should receive the funds later that day.

Repayments at Loans 2 Go?

When you go through the application process at Loans 2 Go, you will need to agree to a continuous payment authority (CPA). This means that you authorize Loans 2 Go to take your repayments from your debit card automatically. The amounts will always remain the same – as long as you do not miss a payment. By this, we mean that the CPA allows Loans 2 Go to take different amounts from your card if it falls within the terms of the agreement.

Screen grab on the 'why us' page of Loans 2 Go

For example, if your card payment of £50 is declined because of insufficient funds, Loans 2 Go might attempt to take £45.  You also have the option of making a manual payment from within your Loans 2 Go account, albeit, this still needs to be with a debit card.

How Much Does Loans 2 Go Cost?

You won’t know how much you’ll be charged on your loan until you actually apply. This is because the lender basis its decision on the information you provided in your application, as well as that of your credit report.

Don’t forget, you are under no obligation to proceed with Loans 2 Go when you receive your loan terms. If the interest is too expensive, simply walk away.

We’ve listed the main variables that Loans 2 Go will look at when deciding how much interest to charge you.

❓The amount you need to borrow

❓How long you need to borrow the funds for

❓Your current credit score

❓Your historical relationship with debt

❓When you next receive your salary

❓How much you earn

❓Whether you have any CCJs on your credit file

By using the Loans 2 Go representative rate of 989.9%, we can give you an example of how much you could be paying on your loan.

💸Let’s say that you took out a £400 loan over the course of 18 months. At 989.9% APR, you would need to make 18 monthly payments £90.62.

💸This would amount to a total loan size of £1,631.16, meaning you would be paying back almost four times the amount borrowed.

💸In total, you would pay £1,231.16 in interest on a loan of just £400

💸All of the lender’s fees are built into the interest rate, so you won’t pay an origination fee of any sort.

Am I Eligible With Loans 2 Go?

Wondering whether or not you are eligible with Loans 2 Go? Although the lender targets those with bad credit profiles, not all applicants are approved. As such, check out the lender’s eligibility requirements below.

✔️ Credit Check

You must agree to a credit check when you apply with Loans 2 Go. The lender isn’t looking to base its decision purely on your credit score, so if it’s somewhat damaged, you might still be eligible. Moreover, Loans 2 Go notes that it will also consider your application even if you have CCJs.

✔️ Employment With Regular Income

Loans 2 Go requires all borrowers to be in employment with a regular income. With that said, the lender doesn’t stipulate a minimum income amount, nor whether or not you need to be employed full-time.

✔️ UK Resident and 21 Years +

You’ll need to be aged at least 21 years old and be a UK resident.

✔️ Valid UK Bank Account and Debit Card

You’ll need access to a valid UK bank or building society account, as well as a debit card.

You might be asked to upload supporting documentation if Loans 2 Go is unable to verify your information electronically. The faster you get the documents uploaded, the faster you’ll receive the loan funds.

Customer Service at Loans 2 Go

If you need to speak with a member of the Loans 2 Go customer service team, you can contact them on the following:

📱Phone: 0330 400 6000

📧 Email: [email protected]

✉️ In Writing: Bridge Studios, 34a Deodar Road, London SW15 2NN

The customer support team works 6 days per week, with the offices closing on Sundays. You’ll catch a support member between 8 am and 7 pm during the week, and 8 am and 2 pm on Saturdays.

Loans 2 Go: The Verdict?

In summary, Loans 2 Go should be a last resort option. Not only does the lender charge a representative rate of 989.9%, but you will need to repay the loan over 18 months. As such, a £400 loan would end up costing you more than four times what you borrowed – with the interest amounting to £1,231.16. This is financial suicide – especially if you made the unfortunate mistake of missing a repayment.

However, if you do proceed to use the lender, you will be able to borrow between £200 and £1,000. Moreover, if your application is approved electronically, you could receive the funds on the very same day. Ultimately, if you do obtain financing from Loans 2 Go, just make sure you always have enough money on your debit card to cover the repayments

Try Our Recommended UK Payday Loan Provider 2020:

  • Get an Instant Quote
  • Apply within 2 Minutes
  • Friendly Support Service
  • FCA Regulated
*Subject to lender requirements and approval.


What interest rates does Loans 2 Go charge?

How much can I borrow from Loans 2 Go?

How do I repay Loans 2 Go?

Does Loans 2 Go perform credit checks?

UK Payday Loan Reviews- A-Z Directory



Kane Pepi

Kane Pepi

Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.

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