Terms & Conditions

Last updated November 2023

TERMS OF AGREEMENT

Payment

You agree to repay the Total Amount Payable by the payments set out overleaf, by their specified dates. Payment must be made to us at the address stated overleaf or to any other person or address notified by us in writing. Punctual payment is essential. If you pay by post you do so at your own risk. If you mandate payment by debit card by way of a Continuous Payment Authority and your payment declines you authorise us to take smaller incremental payments, on or after the mandated payment date, until the total mandated payment is made. If Your CPA payment date falls on a weekend or Bank Holiday, you authorise us to take the agreed payment on the weekday prior to the weekend or Bank Holiday. You may cancel your continuous payment authority at any time. If you do this, you must arrange for another way to repay the amount owed.

Earlier payment by you

You have the right to pay off some or all of the debt that you owe us at any time. If you pay the outstanding balance under this Agreement before the date on which the final payment falls due you will usually be entitled to a rebate of part of the interest. You must give us notice that you want to do this. If you want to pay off your debt in full, you must tell us the date on which you plan to do this. You can contact us at Loans 2 Go Limited, Bridge Studios, 34a Deodar Road, London SW15 2NN or by phone on 0330 400 4381. If you want to pay off the loan in full, we will provide you a settlement figure setting out what you owe. When you make a partial payment, we will first use it to pay any arrears or overdue interest and will then apply the payment to reduce the term of the agreement.

Failure to pay on time

We have the right to charge interest at the APR shown on the Pre-Contract Credit Information and the Fixed-Sum Loan Agreement (overleaf), or at a lower rate of APR as we may deem appropriate, (less that part attributable to any charges other than interest) on all overdue amounts as well as the outstanding balance if not paid by the due date. Interest is charged at a simple fixed interest rate of the percentage stated on the Pre-Contract Credit Information and the Fixed-Sum Loan Agreement per annum on the Amount of Credit for the Term and is applied to the account, in full, at the commencement of this agreement.

Right to demand earlier payment

If:

any amount payable by you is overdue for more than 14 days; or
any statement made by you in applying for this Loan is found to be untrue; or
you have an interim or bankruptcy order made against you or you petition for your own bankruptcy, or are served with a creditor’s demand under the Insolvency Act 1986, or make a formal composition or scheme with your creditors, or call a meeting of them;

we have the right to demand immediate payment of the outstanding balance under this Agreement plus the Interest by sending you a Default Notice under the Consumer Credit Act 1974.

Expenses

You must pay to us on demand our expenses and all legal costs for :

(a) finding your address if you change address without informing us in writing within 7 days of such change of address; and/or (b) enforcing our rights under this Agreement.

General provisions

No relaxation or indulgence which we may extend to you shall affect our strict rights under this Agreement.

We may transfer, assign and/or charge this Agreement or our rights under this Agreement provided that this does not affect your obligations under this Agreement or your statutory rights, including your rights under the Consumer Credit Act 1974. You may not transfer or assign your rights or obligations under this Agreement.

Where two or more of you are named as the Borrower, you jointly and severally accept the obligations under this Agreement. This means that each of you could be held fully liable for all obligations of the Borrower under this Agreement.

This Agreement will only take effect if and when it is signed by us or our authorised representative.

We may vary or introduce new terms to this Agreement provided that such variations or new terms are reasonable, and we give you 30 days written notice unless it is a change that is to your advantage. If the change is to your disadvantage, you may, at any time during 60 days starting from the date we give you notice, close your account under this agreement by paying us the debt that you owe at that time. You will not have to pay any extra interest or charges for doing so.

These Loan Terms & Conditions and the Agreement and any dealings with you prior to any agreement being made are governed by and construed in accordance with English law, and we and you submit to the non-exclusive jurisdiction of the English courts. If you live in Scotland or Northern Ireland you will be entitled to commence legal proceedings in your local courts.

If any part of the Loan Terms & Conditions that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of the Loan Terms & Conditions or the Agreement, as the case may be.

All communications with you will be in English.

A person who is not party to the Agreement has no right to benefit under or to enforce any term of the Agreement.

Notices

You agree that any notices given to you in relation to any Agreement can be delivered to the email address supplied by you during your application or when you update your contact details with us.

Any letter, notice or statement given to you in person, sent to the email address supplied, left at or sent to your address, as stated overleaf or your last known address will be deemed validly served. Where sent by first class post any communication shall be deemed received by you within 48 hours of posting. Should you change either your name or your address you must notify us in writing within 7 days.

You may contact us by writing to the address shown overleaf or by telephone on 0330 400 6000 or via email to [email protected] if you have any queries in relation to this loan or the agreement then please contact us. If you are experiencing difficulty in making your repayments, then we would ask you to contact us as soon as possible.

Complaints

If you have a complaint you can telephone us on 0330 400 4379 between the hours of 9am and 5pm, or write to us at Loans 2 Go, Bridge Studios, 34a Deodar Road, London, SW15 2NN, or send us an email to [email protected]. Details of our complaints policy will be provided to you and can also be found on our website. If you are not satisfied with the Final Response or with the complaints process, you may refer your complaint to the Financial Ombudsman Service at Exchange Tower, London, E14 9SR. The ‘Final Response’ will be accompanied by a booklet explaining how to take your complaint further in this way.

You may also complain to our trade body, the Consumer Credit Trade Association at Airedale House, Aire Valley Business Park, Dowley Gap Lane, Bingley, BD16 1WA.

USE OF YOUR INFORMATION

In considering your application, we will search your record at Credit Reference Agencies. They will add, to their record about you, details of our search and your application and this will be seen by other organisations that make searches. This and other information about you and those with whom you are linked financially may be used to make credit decisions about you and other members of your household.

We may use a credit scoring or other automated decision making system when assessing your application.

We will also add to your record with the Credit Reference Agencies details of your Agreement with us, any payments you make under it and any default or failure to keep to its terms. These records will be shared with other organisations and may be used and searched by us and them to :

* consider applications for credit and credit related services, such as insurance, for you and any associated person;

* trace debtors, recover debts, prevent or detect money laundering and fraud, and to manage your account(s).

It is important that you provide us with accurate information. We may check your details with fraud prevention agencies and if you provide false or inaccurate information or we suspect fraud, this information may be recorded.

Fraud prevention agency records will be shared with other organisations to help make decisions on credit, motor, household, life and other insurance proposals or claims, for you and members of your household.

We will use personal information about you which we acquire in connection with any application you make to us, or any agreement you enter into with us, to manage your agreement and for statistical or market research purposes.

Please telephone or write to us at the telephone number/address stated overleaf if you want to have details of the credit reference agencies or any other agencies from whom we obtain, and to whom we pass, information about you. You have a legal right to these details. You have a right to receive a copy of the information we hold about you if you apply to us in writing. A fee may be payable.

USE OF ASSOCIATED RECORDS

We may before entering into this Agreement search records at credit reference agencies which may be linked to your spouse/partner or other person with whom you are linked financially and other members of your household. For the purposes of any application or this agreement you may be treated as financially linked and you will be assessed with reference to “associated” records.

Where any search or application is completed or this agreement entered into involving joint parties, you both consent to us recording details at credit reference agencies. As a result an “association” will be created which will link your financial records and your associate’s information may be taken into account when a future search is made by us or another lender unless you file a “disassociation” at the credit reference agency.

Credit Reference Agency Information Notice (CRAIN) | Experian

This document describes how the three main credit reference agencies TransUnion, Equifax and Experian, (also called “credit reference agencies” or “CRAs” in this document) each use and share personal data (also called ‘bureau data’) they receive about you and/or your business that is part of or derived from or used in credit activity.