`Loans 2 Go’ is a cash logbook loans provider across England, Wales and Scotland. It also provides personal loans. This loans provider has sixty branches operating in local communities that are spread across the United Kingdom. Loans 2 Go is authorised and regulated by the Financial Conduct Authority. It also follows the code of practice of the Consumer Credit Trade Association.
A Representative Example of Loans 2 Go Case Study
If a customer wants to borrow £850 over a period of one and a half years at a fixed flat interest rate of 132% per annum with a representative 450.5% APR, he or she will make seventeen monthly payments of £140.72 and one payment of £140.76. The customer will be repaying £2,533.00, overall.
The minimum loan tenure is one year and the maximum loan tenure is three years. Loans 2 Go charge interest on a monthly basis and as with us it does not penalise its customers when they want to go for an early settlement of the loan amount. If a customer wants to repay the entire loan amount in one month, it would cost him or her £93.50.
Loan Acceptance Criteria
Logbook loans are provided by Loans to Go against the security of your vehicle. The loan application will be accepted based on affordability by the borrower. Late payment of an instalment or non-payment may result in additional fees in the form of court fees and repossession expense for the vehicle.
Cash logbook loans could be availed against cars, motorcycles, vans and possibly other vehicles. In recurrent cases, customers can borrow from a minimum amount of £250 - £50,000 against their vehicles and they can continue to drive these vehicles during the tenure of the loan. The vehicle is used as security to access the funds for the logbook loan.
The Logbook Loan Process
Customers of Loans to Go could either make an enquiry online or give them a direct call to get the decision about their request. They will need to submit the registration documents of their vehicle (V5) (Logbook), a photograph identification proof, residing address proof and evidence of a regular source of income through the copies of bank statements. Loans 2 Go will not distinguish between whether its customer is a self employed person, an employed person or a small business owner who is seeking a fast loan.
An amount ranging from £250 to £50,000 could be borrowed from Loans 2 Go against your vehicle over varied terms that have been specially designed to suit your budget. The owners of the vehicle may continue to drive their cars during the tenure of the loan.
The borrowers could select to pay Loans 2 Go on a weekly, fortnightly or a monthly basis. No upfront fees are charged.
What happens if the financial circumstances of a particular borrower change after he or she enters into a logbook loan?
If there is a problem with a borrower who has been turned down in the past for credit or someone has a weak credit history, Loans 2 Go may help if the borrower is in a position to prove that he or she will be able to afford the repayment schedules of the loan. Its payment team will be able to work with the borrowers throughout the tenure of the logbook loan. If there are any queries about the loan agreement or the financial circumstances change, Loans 2 Go will be able to work with such borrowers and provide them the actual support that they need.
Trustpilot Rating for Loans 2 Go – 8.8/10.0