Frequently Asked Questions | Personal Loans UK

Here you can find the answers to some of the most frequently asked questions we receive.

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. You may however incur charges if you fail to make your payments on time such as court fees or repossession expense for the vehicle.

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.

Once your application has been approved, you will normally receive the money within 15 minutes 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).

As of 9th January 2021 we no longer offer Logbook Loans. Please click here for more information.

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 circumstances. If you have concerns regarding your agreement, then please get in touch with our Customer Services department via email us on cs@loans2go.co.uk  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 cs@loans2go.co.uk  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 6th 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 cs@loans2go.co.uk 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 cs@loans2go.co.uk 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 circumstances.

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 cs@loans2go.co.uk 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

A few more FAQs are available on our online customer portal for our existing customers.