Loans2Go Logbook Loans Review (Logbook and Personal loans) lender
Last updated: 3rd Mar 2020

Logbook Loans – Loans 2 Go Review


Loans 2 Go is a credit provider in the UK offering logbook and personal loans between the amounts of £550-£50,000 and £250-£1,000, respectively. It is a direct lender that has an online application process, enabling it to provide loans to customers within hours. Generally, loans are given for a period of 18 months, and the interest charged by the company is correlated with the span of the loan term. Loans 2 Go has been authorised and is regulated under the jurisdiction of the Financial Conduct Authority.

Types of loans

Loans 2 Go offers two types of loans: logbook loans, and personal loans.

1) Logbook Loans

A logbook loan is given out against a security deposit of a vehicle’s logbook, made by the borrower. This means that, in case a borrower defaults on a loan, the vehicle that has been pledged under it would be seized by the lender and sold to recover the loan amount. These types of loans are also called secured loans, as they are secured against an asset.

  • Loans 2 Go is able to provide logbook loans within the same day that an application gets approved.
  • Loan amounts start from £550 and go all the way up to £50,000, depending upon the borrower’s affordability and the value of their vehicle.
  • Borrowers need to request a customized quote from the lender for loan amounts exceeding £5,000.
  • The lender also considers logbooks of vans and bikes to give out loans.

A defining feature of logbook loans is that, while a vehicle’s logbook may be in the possession of the lender, the borrower continues to use the vehicle throughout the loan term and afterwards, unless there is a violation in the loan agreement on the part of the borrower.

Logbook loans may also be one of the very few credit options available to borrowers that have a poor credit history. As the borrower’s vehicle itself is enough to provide security against the loan amount, the borrower only has to prove sufficient monthly income in order to qualify for a logbook loan.

2) Personal Loans

Personal loans are designed to address some very short term and emergency needs of borrowers, such as an unexpected utility bill. The entire application process to apply for a personal loan with Loans 2 Go has been kept online so that loans may be disbursed to borrowers as quickly as possible.

  • Loans 2 Go offer personal loans between loan amounts of £250 to £1,000 over a period of 18 months.
  • Borrowers are expected to make weekly, fortnightly, or monthly repayments on these loans.

Loans 2 Go also allows its borrowers the option to repay their loans at a date earlier than the date when the loan term expires. Early repayment may potentially reduce the total interest charge to be paid on the loan amount.

Eligibility Criteria

Applicants need to fulfil the following eligibility criteria if they want to receive a logbook loan from Loans 2 Go. Applicants must:

  1. Be at least 18 years old
  2. Be a resident of the UK
  3. Prove affordability relative to the loan amount
  4. Possess a valid photo ID
  5. Have a vehicle that does not have any outstanding financial obligations and also one that is taxed, insured, as well as MOT’d.

To be eligible for a personal loan with Loans 2 Go, applicants must:

  1. Be over the age of 21
  2. Have an ongoing employment that provides sufficient and regular income
  3. Be a UK resident
  4. Have their own operational bank account in the UK.

Pros & Cons

The products and services offered by Loans 2 Go have the following pros & cons:

  • Quick processing times

    Whether it’s a logbook loan or a personal loan, Loans 2 Go claims to process the loan amount for disbursement within the same day that a loan application is approved. In the case of personal loans, disbursement after approval may take less than 15 minutes.

  • Automatic repayment mechanism

    Loans 2 Go uses Continuous Payment Authority (CPA) option to charge the borrower’s debit card with the loan payment as it becomes due. This offers convenience to borrowers and ensures they always make due loan payments on time. Making timely repayments may improve a borrower’s credit rating in future, improving their chances of becoming eligible for loans with cheaper APRs.

  • Online payment portal

    Borrowers have the option to make repayments online via the lender’s payment portal. To do this, borrowers need to have the loan agreement number as well as debit card details on hand. Credit cards or American Express cards are not accepted by the online payment portal at this time. Once payment has been received by Loans 2 Go, which may take one working day, an SMS is sent to the borrower confirming the same.

  • Credit checks leave an imprint on an applicant’s credit file

    While many lenders conduct a soft search on an application to prevent adversely impacting an applicant’s credit score, Loans 2 Go reaches out to two credit reference agencies to verify a borrower’s credit status which may have a negative impact on the applicant’s credit rating.

Borrowing costs of Loans 2 Go loans

Logbook loans being given by Loans 2 Go have a representative APR of 450.5%.

For example, if an amount of £850 is borrowed for a loan term of 18 months, the applicable fixed interest rate per year would be 132% per year. The total amount that a borrower would have to repay would be £2,533.00.

Personal loans provided by Loans 2 Go have a representative APR of 989.9%.

For example, if £400 is borrowed for a loan term of 18 months, the applicable interest rate would be 205.2% per year. The total that a borrower would have to repay is £1,631.16.

There is no setup fee while applying for a personal loan with Loans 2 Go.

The following table illustrates the different borrowing scenarios borrowers may expect to experience with a loan from Loans 2 Go.

Loan TypeLoan AmountLoan TermTotal RepayableCharge of Credit
Personal Loan£50018 months£2,038.59£1,538.59
Personal Loan£80018 months£3,262.32£2,462.32
Logbook Loan£1,50018 months£4,470.00£2,930.00
Logbook Loan£3,00018 months£10,430.00£7,430.00

Information Required To Apply

To apply for a logbook loan, applicants need to submit the following information/documentation in addition to any other information as requested by the lender:

  1. Vehicle registration form (V5)
  2. A photo ID
  3. Evidence that the applicant lives at a valid UK address
  4. Proof of adequate income

To apply for a personal loan, the following information is required:

  1. Full name
  2. Date of Birth
  3. Employment and monthly income information
  4. Monthly expenditure information
  5. Bank account details
  6. Address details

How To Apply With Logbook Loans?

To apply for a loan with Loans 2 Go over the phone, applicants need to fill out the online enquiry form available on the lender’s website homepage, as shown in the picture below.

Logbook Loans

Alternatively, borrowers may apply online by accessing the application form for the loan they wish to take from the lender, available by clicking on either Personal Loans or Logbook Loans buttons as shown in the image above.

The logbook loan application form is very basic, requiring personal information, contact details, and car registration number of the applicant, as shown in the image below.

Step 1a

After filling out these details, applicants need to click on the Apply now button. A Loans 2 Go representative will call to confirm the application form details and also provide guidance on the next steps to complete the application process.

The application form to apply for a personal loan is more elaborate compared to the one available for logbook loans, as shown in the image below.

Step 1b

After selecting the loan amount and the reason for applying, applicants also need to confirm that they are not bankrupt or have an IVA in their name, and that they agree with the terms and conditions as well as the privacy policy, as set by the company. Then, by clicking NEXT, the following window will appear.

Step 1c

It should be noted that the payment term has been set at 18 months by default. On this stage of the application form, applicants need to indicate the frequency of their income, which can be either every week, two weeks, four weeks, or monthly. Applicants also need to indicate their monthly income and the mode of payment of their income. Then, applicants need to specify the date when their next paycheck is due. After this section is filled, applicants need to click on the NEXT button to proceed further.

Step 1d

The next window requires information pertaining to an applicant’s monthly expenditure. Applicants need to specify their mortgage or rent, monthly credit commitments, travel costs, shopping expenses, expenses pertaining to utilities, and any other regular monthly expenditure they need to make. After inputting these details as accurately as possible, applicants need to click on the NEXT button and the following window will appear.

Step 1e

Applicants need to specify their employment details in this space, including employment status, job title, employer’s name and phone number, employer industry, and employment start date and year. After all the details have been specified, click on the NEXT button.

Step 1f

As shown in the window above, applicants need to specify their number of dependants, and their own date of birth. Then, they need to click NEXT.

Step 1g

Personal details are required in this section, as shown in the image above. Applicants need to fill them out and click NEXT. The rest of the section requires additional information, such as the UK address of the applicant’s residence and bank account details. Applicants need to input all required information until the form is complete and submitted.

After the online application form has been submitted, or one has been submitted over the phone (for logbook loans), Loans 2 Go will conduct the necessary credit checks to ensure credibility of the borrower. If an applicant satisfies all of the requirements as laid out by Loans 2 Go for its loans, the loan would be approved and the loan amount would be disbursed by the lender.

Once a loan amount has been approved, Loans 2 Go disburses the loan amount almost immediately, and it typically reaches the borrower’s bank account in an hour, although it may take as little as 15 minutes.


Applicants that have benefits as their sole income stream are not eligible for a personal loan with Loans 2 Go, however they may be eligible for a logbook loan. The amount they may borrow under a logbook loan depends on the value of their vehicle.

After an application has been processed and approved, Loans 2 Go may disburse the loan amount within minutes if the approval comes during the working hours of the lender. In the case of personal loans, this disbursement may happen within 15 minutes, while logbook loan amounts may take up to 60 minutes to be disbursed.

Yes, Loans 2 Go checks an applicant’s credit history with multiple credit reference agencies, and this does leave an imprint on an applicant’s credit rating.

Logbook loans should only be considered once an applicant has exhausted most of the credit options available in the market, as they are expensive and quite risky since the borrower may lose their car if they are unable to repay the loan amount.

No, once the lender comes in possession of a car’s logbook, it owns the car until the loan term finishes and the outstanding loan amount has been fully repaid.

Lenders Like Loans 2 Go

Does Loans 2 Go not look like the most promising credit option available at your disposal? Are you looking for other personal and logbook loan providers to draw a comparison and make an educated decision? The following table contains some viable lender options for you. These have also 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.

Logbook Loans – Loans 2 Go Promo Codes

No promo codes are available for Loans 2 Go at this time.