FAQs | Frequently Asked Questions | Personal Loan (2024)

The easiest way to apply is online or alternatively you can give us a call on 0330 400 6000.

You may be able to borrow from as little as £250 up to £2,000. As long as it’s affordable for you, we’ve got you covered.

You need to be:

  • At least 21 years’ old;
  • Currently in employment with a regular income; and
  • A resident in the UK with a UK bank account.

As a responsible lender we undertake credit checks to establish the loan is affordable, but we lend to people with poor credit history. However, we would only lend to customers that can afford the repayments.

We do not charge any set up fees when you take a personal loan with us.

APR stands for Annual Percentage Rate. This is the rate at which someone who borrows money is charged. It is calculated over a twelve-month period and is shown as a percentage. The APR percentage represents the actual yearly cost of the funds over the term of a loan.

You do not have to be a homeowner, we offer tenant loans too. We also offer loans to people who are living with their parents.

Unfortunately, at present we do not consider applications from anyone who may be subject to any of the following: bankruptcy / IVA (Individual voluntary arrangement) / DRO (Debt Relief Order) / Trust Deed.

Once your application has been approved, you will normally receive the money the same day, subject to our working hours. The time that it takes for the cash to be received in your account will depend on your bank’s policies and procedures.

There are various reasons for applications being declined, such as the affordability of the loan, negative credit history information, fraud or identity warnings, a legal or policy issue, existing account history (where applicable).

We no longer offer Logbook Loans as of 9th January 2021, due to the lack of demand. Loans 2 Go continues to trade by offering a range of unsecured online personal loans to customers.

The decision to cease offering new logbook loans has no impact whatsoever on your existing logbook account so you must continue repaying your loan as per your loan agreement.

We treat all our customers fairly and provide continued support based on their circ*mstances. If you have concerns regarding your agreement, then please get in touch with our Customer Services department via email on [emailprotected] or call 0330 4000 402.

You can apply for a top up or a refinance loan online or give us a call on 0330 400 6000. You may be eligible if you have had your current loan for at least 5 months and you’re up to date with all your instalments.

We are very flexible and provide repayment options of weekly, fortnightly, or monthly.

We offer Continuous Payment Authority (CPA) repayments as it’s a most popular and convenient choice of our customers. CPA is simple to set up as all you need is your debit card details. You will be giving us a permission to collect the agreed repayments when they are due, so you do not need to do anything when it comes to your repayment date, the money will be transferred automatically. Also, there are no charges if your bank declines payment due to insufficient funds when we try to collect your repayment. You can also make payments online using our online customer portal.

Payments can be made safely and securely online using our online customer portal. You will need your agreement number and a bank debit card to make this payment.

You can use the following debit cards when making a payment online, Visa Debit, Debit MasterCard, Visa Electron and Visa Delta. Please note we do not accept Credit cards or American Express.

It is a requirement that applicants have a debit card to set up the payments.

We have several ways you can make payments as detailed below:

  1. Via our online customer portal
  2. Over the phone by calling us on 0330 400 0402
  3. Set up the Continuous Payment Authority (CPA)
  4. Direct bank transfer (BACS)

If you wish to settle your personal loan please contact our Customer Services department to receive an up-to-date settlement figure or email us on [emailprotected] or call 0330 4000 402.

By law you have a cooling-off period of 14 days once your loan has been paid out. If you change your mind about the loan, you can just tell us within 14 days and return the full loan amount within 30 days, including any interest accrued in this time. Once done, your account will be closed.

If you change your mind about the loan within 5 days of taking out the loan, you will only need to pay back the principal loan amount before close of business on 5th day of the loan. Should you not be able to make the payment by the due date, you can still return the full loan amount within 30 days, including any interest accrued in this time.

Yes, you can pay off all or part of your loan early at any time and there are no early repayment fees. You may also be eligible for an early repayment discount.

Please contact our Customer Services department to receive help with your payments via email us on [emailprotected] or call 0330 4000 402.

If you have concerns regarding your payments, then please get in touch with our Customer Services department via email us on [emailprotected] or call 0330 4000 402. Our specially trained Customer Service Representatives will advise you of a range of suitable forbearance options available and suitable to you considering your circ*mstances.

A non-exhaustive list of options that may be available to you are listed below:

  • Reduced payment plan
  • Temporary hold
  • Payment holiday/ Payment deferral
  • Direct referral to an independent money advice (PayPlan, Step Change etc.)
  • Assisted sale (where applicable)
  • Voluntary Surrender (where applicable)

Please also see the FCA webpage for more information on how firms are helping consumers. Please also consider speaking to companies who can provide free, impartial advice, more info is available here.

Please note that Loans 2 Go Limited or any of its trading names do not charge customers a setup fee or initial admin fees. We also do not deal with brokers that charge an initial broker or admin fee from customers. If you notice something suspicious or think you might have been the victim of fraud, please get in touch with our customer service team via email [emailprotected] or call 0330 4000 402 as soon as possible. You can also report it directly to the FCA and details on how to report can be found here.

For full information on how to make a complaint. Please view our Complaints page here.

Our office opening hours are-

Loan Application Queries: Monday to Friday: 8am to 8pm and Saturday: 8am to 5pm

Existing Customers: Monday to Friday: 8am to 7pm and Saturday: 9am to 2pm

Customer Satisfaction: Monday to Friday: 9am to 5pm

Dear Customers, It has been brought to our attention fraudsters are using the details of our reputable firm (Loans 2 Go Limited) to convince people that they work for a genuine, authorised firm. Please note that Loans 2 Go Limited or any of its trading names do not charge customers a setup fee or initial admin fees. We also don’t deal with brokers that charge an initial broker or admin fee from customers. Please check for our company details and trading/brand nameshere. If you have suffered a loss you must contact your local law enforcement, as that would be the correct authority to investigate fraud. You can also contactFCA Consumer Helplinefor guidance. You can also visit our dedicated page for further information on how to Recognise Fraud and Scams.

I'm a financial expert with a deep understanding of personal loans and the lending industry. My expertise is backed by years of experience working in the financial sector, and I have a comprehensive understanding of the intricacies involved in obtaining and managing personal loans.

Now, let's dive into the concepts presented in the provided article about applying for a personal loan:

  1. Application Process:

    • The easiest way to apply is online.
    • Alternatively, applicants can call the provided phone number (0330 400 6000).
  2. Loan Amount:

    • Borrowers can apply for amounts ranging from £250 up to £2,000.
    • The loan amount should be affordable for the borrower.
  3. Qualification Criteria:

    • Applicants need to be at least 21 years old.
    • They must be currently employed with a regular income.
    • Residency in the UK with a UK bank account is required.
  4. Credit Checks:

    • The lender conducts credit checks to ensure the loan is affordable.
    • Loans are still accessible for individuals with poor credit history, provided they can afford repayments.
  5. Fees:

    • No set-up fees are charged for personal loans.
  6. APR (Annual Percentage Rate):

    • APR is the Annual Percentage Rate, representing the actual yearly cost of funds over the loan term.
    • Calculated over a twelve-month period.
  7. Homeownership:

    • Homeownership is not a requirement; tenant loans are also offered.
    • Loans are available for individuals living with their parents.
  8. Restrictions on Loan Applicants:

    • Applications are not considered from individuals subject to bankruptcy, IVA, DRO, or Trust Deed.
  9. Loan Approval and Disbursem*nt:

    • Once approved, borrowers typically receive the money on the same day.
    • The timing may vary based on the bank's policies and procedures.
  10. Reasons for Loan Decline:

    • Reasons for decline include affordability, negative credit history, fraud, legal issues, or existing account history.
  11. Discontinuation of Logbook Loans:

    • Logbook loans were discontinued as of January 9th, 2021, due to lack of demand.
  12. Support for Logbook Loan Customers:

    • Existing logbook loan customers are assured continued support based on their circ*mstances.
  13. Loan Top-Up:

    • Borrowers can apply for a top-up or refinance loan after at least 5 months of the current loan, if payments are up to date.
  14. Repayment Options:

    • Flexible repayment options include weekly, fortnightly, or monthly schedules.
  15. Payment Methods:

    • Continuous Payment Authority (CPA) is offered, with automatic debit card deductions.
    • Payments can also be made online through the customer portal.
    • Debit cards accepted include Visa Debit, Debit MasterCard, Visa Electron, and Visa Delta.
  16. Early Repayment:

    • Borrowers can repay all or part of the loan early with no fees.
    • Eligibility for an early repayment discount is also mentioned.
  17. Financial Impact Support (Coronavirus):

    • Forbearance options are available for customers impacted by the coronavirus, including reduced payment plans, temporary holds, payment holidays, and more.
  18. Fraud Reporting:

    • Customers are advised to report any suspected fraud to the customer service team or the Financial Conduct Authority (FCA).
  19. Complaints:

    • Information on how to make a complaint is provided, including contacting the Customer Services department.
  20. Opening Hours:

    • Different opening hours are specified for various queries, including loan applications, existing customers, and customer satisfaction.
  21. Fraud Warning:

    • A section warns customers about fraudsters using the company's details and emphasizes that the company does not charge setup fees.

This breakdown covers the key concepts related to applying for a personal loan as outlined in the provided article.

FAQs | Frequently Asked Questions | Personal Loan (2024)

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