Loans 2 go (trading name of Loans 2 go limited) is a loans provider offering unsecured loans of £250 to £3,000, from 18 months to 24 months
Loans 2 Go advertise that although they do perform credit checks on potential customers, they do lend to those with a low credit score. They also offer unsecured loans, meaning that customers do not need to offer security, for example a house or car, as a fall-back method of payment. The company lends super quickly, claiming customers can expect money in their account just 15 minutes after their application has been reviewed. These factors could seem to many like the perfect quick cash injection; however the loans company lends it’s fast, easy to obtain loans at what many consider to be a sky-high interest rate.
Loans 2 Go provide their service of super-fast, easily approved loans at a representative APR of 770%, up to 937.8%. This means if you £550 over 18 months at a flat rate of 180% per annum (fixed) you will be repaying £2,035.08 in total. This large repayment can come as a surprise to many customers, countless of them claiming they were unaware of how much they would end up owing Loan 2 Go, calling it “an insane amount of repayment”. Several customers say they found themselves tied up in 18 month repayment contracts with Loans 2 Go before realising the sky-high rates they were charging, some even claiming that the money arrived in their account after trying to cancel their application for the loan.
Loans 2 Go celebrate their offer of loans to those with lower credit scores, and sometimes this can mean they could be potentially overlooking indicators that the loans they are committing to won’t be able to be repaid by their customer. The company claim to analyse applicants’ credit history to ascertain if they are eligible for a loan, and most importantly if it would be responsible to loan to their clients. Many would argue, however, that the quick turn-around between loan application and the transfer of funds, in conjunction with offering arguably unreasonably high interest rates to those with a history of failed dept repayments, shows the company do not act in an acceptably considerate manner when approving loans for customers.
The Financial Ombudsman Service states that lenders must undertake full due diligence when assessing whether a customer should be offered a personal loan. In cases where Loans 2 Go has not been fully compliant with these lending standards, Redbridge Finance can work with you to work towards clearing dept and levelling the playing field with this high price tag lender.
Loans 2 Go do have the ability to negatively affect your credit rating. Loans 2 Go are a loans company and have the right to provide information regarding your loan to credit check companies. If you consistently fail to repay your loan on time and in its full amount, this can dramatically, negatively affect your credit score.
Loans 2 Go could appeal to many as a solution to money troubles for those with a lower credit score. This could mean that customers that would greatly benefit from a higher credit score could be further worsening their situation.
Some customers take out loans in order to avoid charges for overdrawn credit accounts or unarranged overdrafts. These charges can be an intimidating prospect, however often the interest on a loan of this nature can cost abundantly more than these charges, so it is important to consider a loan’s repayment value beforeapplying.
Yes, Loans 2 Go can legally chase you in the case that you are behind on loan repayments. However, it is important to be aware that legally they cannot harass, threaten, or intimidate their customers.
If you are in dept to Loans2Go and choose to ignore their correspondence, they can legally take action against you. If you find yourself in a situation where you are unable to repay your loan on time or in full, it is so important to take action straight away. Leaving depts unpaid can mean charges accumulate and raise over time, and can lead to substantial financial troubles, court fees, and possibly repossession of personal belongings.
We can help you discover whether you have a viable claim against Loans2Go. If you have taken out a loan with Loans to Go and feel you were mis-sold you their service, or that they agreed to a loan when it was clear that you were not in a financial position to repay, then we can help.
Our team of claims experts work to take on your mis-sold loan cases and claim for a full refund of interest and charges charged to you by Loans 2 Go. To make a claim against Loans 2 Go is easy. To get started, all you need to do is sign up on the Redbridge finance site and let us know which lender you want to claim against. Provide us with some information about your loan, and we do the rest. We make a claim on your behalf, and deal with all responses from Mobile money. We take the stress and confusion out of your claim, while still keeping you updated on your cases progression every step of the way.
If you think you have been mis-sold your loan, or you are struggling to repay your growing dept, you could be entitled to a refund. Contact us by signing up on www.redbridgefinance.co.uk, and we will assess if you could be entitled to a refund.