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New Log Book Loans

Loans2Go Review

Loans 2 Go is an instalment loan company that was established in 2002. They offer three different types of loans to their customers which are:

• Personal Loans
• Logbook loans
• Classic car loans

For their personal loans, customers are able to apply from £250 up to £1000 to be paid over a term of 18 months. The logbook loan is a line of credit, which is secured against your car. During the application, you will supply your V5 logbook to Loans 2 go and secure the loan against your car. The car will be transferred into their name while you make your repayments and transferred back to your name after the loan has been fully paid off.

How the company works:

If you decide you would like to apply for a loan with Loans 2 Go then you can do so via their website.  This is the fastest way to apply for a loan with them. All you need to do is fill out all of the relevant information including the expenditure form and submit it.

You should receive a decision about your loan within minutes. Loans 2 Go use advanced technology to check all of your details online so they don’t usually require too much additional information, however, if you do need to send any documentation over to them, you can do this via their secure online portal.

Once your application is fully completed and you have been accepted for your loan, you can expect to receive the money into your bank account the very same day. If you have applied at the weekend, it may be the next working day.

Repayment method:

Loans 2 Go are very flexible when it comes to repayment options. You have the choice of weekly, fortnightly and monthly repayment options so you can select something that works around the dates you will get paid.

The way you repay your loan is set as continuous payment authority (CPA) as default. This is taken automatically from your bank card as a payment transaction every month.

You are able to cancel this if it isn’t suitable for yourself, but you will need to arrange to make your payments another way. If you wish to cancel you will need to contact loans2go directly.

Do I need a bank account?

Loans 2 Go is an online loan company, so yes, you will need a bank account for the money to be paid into and for the credit checks to be completed.

You will also need to have a bank card which is attached to the same bank account.

To be eligible to apply for a loan you must fit the following criteria:

Age

All applicants for personal loans will need to be at least 21 years of age. The minimum age for a logbook loan is 18 years of age.

Address information

When filling out your application form, you will need to provide your address history for the previous 3 years. All of the address’ will need to be within the United Kingdom.

ID and Income

To be eligible for a loan with Loans 2 Go you will need to be in either full-time or part-time employment and not in receipt of benefits.

There will be an expenditure form you are required to complete during your application. This is so that Loans  Go can asses your financial situation and ensure that they will not be putting you into any financial difficulty by offering you a loan.

You will need to include information on your monthly outgoings, so things like rent/mortgage payments, utility bills, childcare fees, grocery shopping and car payments are all items that should be included.

If you are applying for a logbook loan, you will also need to provide details about your car and supply your V5 logbook.

Penalties

If you fail to make the repayments against your loan then you may incur extra fees on top of the amount you have already borrowed. If you have a personal loan, you will incur late payment fees and court fees if it goes further. For logbook loans, you may also have to pay the fees it will take them to recover the vehicle from yourself.

If you know that you may not be able to make your repayments, Loanski strongly recommends you speak directly to Loans 2 Go as soon as possible.

Informing them of the change in your financial circumstances before you miss a payment means that they may be able to help you and offer a solution until you are able to get your finances back on track.