Simple Fast Loans Review - Get Up To £4,500 (2020) lender
Last updated: 16th Mar 2020

Simple Fast Loans Review

1. Intro

Simple Fast Loans is part of Loans 2 Go Ltd, a company that began operations in the UK back in 2002. According to the Simple Fast Loans website, it is the largest lender of logbook loans in the country, with more than 50 outlets spread across England and Wales regions. The company is a direct lender and offers two types of loans, including personal loans and logbook loans. Loan amounts start at £250 and go all the way up to £1,000 for personal loans, and £550 to £50,000 for logbook loans. Borrowers with a bad credit history may also be able to apply for a loan with Simple Fast Loans, provided they fulfill the eligibility and affordability requirements, as all loan applications are evaluated individually.

Also Check: Swift Money Loans Review

2. Types of loans

Simple Fast Loans offers two loan types, as detailed below.

1) Personal Loans

Personal Loans are available for all eligible loan applicants who require quick access to cash in order to meet necessary expenditure.

  • Borrower’s are able to secure amounts between £250-£1,000 from Simple Fast Loans, provided they are able to prove affordability and meet the eligibility criteria.
  • Loan term can be extended over an 18-month period.

Borrowers can be either homeowners or tenants to avail the loan facility. The loan amount may be approved within the same day that the initial application is filed. Once approved, it is disbursed by the company within an hour into the borrower’s stipulated bank account.

2) Logbook Loans

Logbook loans have been provided by Loans 2 Go ever since the year 2002. These loans are extended to the borrower by keeping the borrower’s vehicle (logbook) as collateral, although an income stream adequate enough to make timely repayments is also required. The value of the loan amount that is approved depends on both the vehicle’s value as well as the borrower’s ability to make repayments.

  • Loan amounts are extended between the £550-£50,000 range.
  • The interest rate is fixed at 132% per year.

Even though the vehicle’s logbook is kept as collateral, the borrower continues to enjoy it. Once the entirety of the loan has been repaid, the vehicle’s logbook is released to the borrower.

  • All logbook loans can be repaid over a 12-36 month period, and repayments can be scheduled in weekly, fortnightly, or monthly instalments.
  • Borrowers can make repayments by using their debit card, transferring the amount from their bank account, or writing a cheque.

The loan amount is disbursed on the same day that the loan is approved by Simple Fast Loans, after fulfilling the required affordability as well as eligibility criteria.

3. Eligibility Criteria

To acquire personal loans, borrowers must fulfil the following criteria. The borrower must:

  1. Be over the age of 21
  2. Be a resident of the UK
  3. Have permanent employment
  4. Have a bank account in the UK
  5. Own a working mobile phone

The eligibility criteria for a logbook loan is as follows. Borrowers:

  1. Must own a vehicle. The vehicle must comply with the following conditions:
    1. Not have any financial obligations associated with it, or be near the end of its financial obligation term
    2. Be in a roadworthy condition
    3. Have paid necessary taxes
    4. Be MOT’d
    5. Have insurance
  2. Need to be 18 and above
  3. Be a resident of the UK
  4. Have a valid photo ID
  5. Prove ability to repay loan instalments

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4. Pros & Cons

Smart Fast Loans has the following pros and cons associated with its services:



  1. Logbook loans allow borrowers to procure large sums of up to £50,000

Usually, payday lenders are not able to offer amounts greater than £2,500 as a loan to borrowers. However, since logbook loans, as offered by Smart Fast Loans, are secured against the borrower’s vehicle, the maximum a borrower may get is up to £50,000, depending upon both the vehicle’s value and the borrower’s affordability.

  1. Logbook loans can be taken out for cars older than 30 years

The company is offering logbook loans for classic cars as well. This means individuals with cars older than 30 years are also eligible to apply.

  1. No setup charges

Smart Fast Loans does not charge anything above and beyond the stated interest expense, such as a setup fee. However, charges may be levied in case a borrower fails to make a payment on time, or at all.

  1. Paid on the same day

The service prides itself in its fast approval and loan disbursement capabilities. According to the Smart Fast Loans website, if all requirements are promptly and adequately met, a borrower may be able to get funds in the designated bank account in as fast as 15 minutes.

  1. A long history of providing credit services

Borrowers can take a breather knowing that Smart Fast Loans is a stable service, having remained in operations for over 20 years in the UK. According to its website, the service has been authorised and is also regulated through the Financial Conduct Authority.

  1. Allows early repayments

In a stark contrast to many other short term lenders, Smart Fast Loans allows its borrowers to make early repayments on the outstanding loan amount before the stipulated loan term. Doing so may result in savings for the borrower.

  1. Loans are offered even to those with a poor credit history

Since applications are evaluated on a case-by-case basis, even those borrowers that have a troubling credit history may be offered a loan by Smart Fast Loans, provided they fulfill all stated criterias.

  1. It is a direct lender

Direct lenders may be able to offer good rates and may also have less strict loan eligibility requirements compared to brokers



  1. Loans are only available with a loan term of 18 months.

Since interest rate charges are fixed per year, the longer a loan amount remains outstanding, the more interest the borrower has to pay on that loan. Since Simple Fast Loans does not offer any flexibility with respect to the loan term of its personal loans, this option may not suit the needs of borrowers who wish to borrow for a shorter period of time.

  1. Logbook loans require cars to be owned and kept in roadworthy conditions for the duration of the loan agreement
  1. Logbook loan amounts greater than £5,000 require more time to be processed

The company Simple Fast Loans requires borrowers to request a special quote for loan applications with amounts above £5,000. This can take some time, and hence this option may not be suitable for borrowers who are looking for quick processing of their loan application.

5. Borrowing costs of Lenders loans

Simple Fast Loans does not charge any setup fees for providing the loans.

The representative APR and fixed annual interest rate are as follows:

  1. 989.9% APR with 205.2% fixed interest rate per year for personal loans
  2. 450.5% APR with 132% fixed interest rate per year for logbook loans

Naturally, the interest rate being charged on logbook loans is much lower compared to personal loans since the former keeps the borrower’s vehicle (documents) as collateral on the loan amount, effectively reducing the loan liability taken by Simple Fast Loans. The following table illustrates loan scenarios under different amounts.

Loan TypeLoan AmountLoan TermTotal RepayableCharge of Credit
Personal Loan£40018 months£1,631.16£1,231.16
Personal Loan£85018 months£2,616.30£1,766.30
Logbook Loan£85018 months£2,533.00£1,683.00
Logbook Loan£4,50018 months£13,410.00£8,910.00

6. Information Required To Apply

The following information is required when applying for the following loan types:

  1. Personal loans
    1. A valid photo ID
    2. Proof of residence in the UK
    3. Proof of a valid bank account in the UK
    4. A working mobile phone
    5. Details pertaining to income and expenditure
  1. Logbook loans
    1. Registration document of the borrower’s vehicle (V5)
    2. A valid photo ID
    3. Proof of current residential address
    4. Evidence of adequate weekly or monthly income


7. How To Apply

The application process for personal loans and logbook loans is different.

For Personal Loans

Borrowers can either make a phone call to the company at 0330 400 4460 or fill out an online form as available on the company’s website. It should be noted that, if applying online, Simple Fast Loans redirects customers to the registration page of Loans 2 Go, its parent company. This happens because Simple Fast Loans is a brand of Loans 2 Go.

On the homepage of the Simple Fast Loans’ website, customers will see the following space.

Step 1

Customers are expected to select the amount they wish to borrow by dragging the slider, and then click Apply now. Clicking Apply now takes customers to the following screen.

Step 1

Customers need to click on the Apply now button again to proceed, and doing so leads the customers to the application form, as shown below.

Step 1

A detailed application form, as shown above, needs to be filled out by the borrower to be considered for a loan.

After the initial application has been submitted, a representative of Simple Fast Loans reaches out to the borrower and confirms all the details. Once a borrower’s information is verified and necessary affordability and eligibility criteria have been met, the loan is disbursed into the borrower’s stipulated bank account.

Once the loan application has been approved, the loan amount is disbursed to the borrower’s bank account within an hour.


For Logbook Loans

Conditional step for amounts greater than £5,000 – getting initial quote

Borrowers are expected to make an enquiry about rates they would be charged for loan amounts exceeding £5,000 by calling 0330 400 0403. Once these quotes are received, and if they fulfil the borrower’s requirements, then they can proceed to the next step of filing the initial application.

Borrowers are required to fill out the enquiry form, as shown below. This is available on the Simple Fast Loans’ website at and

Step 1 - Filling out the enquiry form, or applying over the phone

Alternatively, borrowers may also call the company at 0330 400 4460 and file an initial loan application over the phone. This option may be more suitable for those who find applying online somewhat difficult, or those who wish to expedite their loan application process and don’t want to wait for a Smart Fast Loans representative to reach out after receiving the online enquiry form.

Within minutes, the Smart Fast Loans team reaches out to customers who have filled the online enquiry form and verifies the stated information. It offers further guidance on the documentation that is required to be submitted, and once these documents are verified and the borrower’s affordability and eligibility are proved, the loan is approved.

As a final step, the loan amount is disbursed to the borrower’s stated bank account. Borrowers are expected to make timely repayments until the conclusion of the loan term, after which they are handed back their vehicle’s logbook.

8. FAQs

There are three major requirements: first, the borrower must fulfil the company’s eligibility criteria, second, the borrower must pass the affordability assessment with respect to the loan amount being requested, and third, the borrower must own a car that is eligible to be kept as collateral for a logbook loan.

Amounts between £550 to £50,000 can be borrowed from Simple Fast Loans under a logbook loan. However, the amount approved under a logbook loan is dependent on the borrower’s ability to make regular repayments and the value of the vehicle.

Credit checks are conducted for both personal and logbook loans by Simple Fast Loans, however, what matters most is the borrower’s ability to afford loan repayments and, in the case of logbook loans, the value and roadworthiness of the vehicle owned by the borrower.

Yes, Simple Fast Loans gives out loans to borrowers who have a bad credit history, provided they fulfil its criteria. Each loan application is treated separately and approved solely on merit.

No, the borrower is not able to sell the car pledged under a logbook loan simply because the lender holds the car’s registration document until the end of the loan term.

9. Lenders Like Smart Fast Loans

Looking for alternatives to Smart Fast Loans that offer the same services? Are the rates being offered by Smart Fast Loans not the most attractive? Perhaps a little market research would be good. Here are a few alternative options to Smart Fast Loans, all of which have been reviewed and rated by Credit Raters.

Peachy (payday loans)Peachy is offering payday personal loans in the UK. Loan amounts range between £100 to £1,000. Interest is fixed at 248.37% per year. Loan term can be set anytime between 1 to 12 months.
Piggy Bank (payday loans)Piggy Bank offers payday personal loans in the UK. Borrowers can loan amounts between the range of £100 to £1,000, with an option for returning customers to borrow up to £1,500. Interest rate is fixed at 292% per year. Missing a payment results in a fine of £15.

10. Promo Codes

No promo codes are available for Simple Fast Loans at this time.