Loans2go, an online lender, claims to offer accessible and affordable loans to those who may have been turned down by traditional banks. According to their website, they provide “a quick, simple, and hassle-free way to borrow money” with “no hidden fees or charges.” However, recent reports suggest otherwise. In this article, we’ll investigate Loans2go claims and the truth behind them.
One of the main claims of Loans2go is that they provide loans to people with bad credit. On their website, they state that “we don’t think it’s fair that people with bad credit should be excluded from borrowing money.” This seems like a great feature, especially for those who may not have the best credit scores. However, some customers have reported that Loans2go’s interest rates are incredibly high, sometimes over 500% APR. This means that even if someone has a bad credit score, they may be better off seeking alternative options.
Another claim made by Loans2go is that they have “no hidden fees or charges.” While this sounds promising, there have been reports of customers being hit with unexpected charges. For example, some customers have reported being charged for making early repayments, which is not something that is typically charged by other lenders. Others have reported being charged for administrative fees that were not made clear before they took out the loan.
Loans2go also claims to offer “flexible repayment options.” According to their website, customers can choose to repay their loan over a period of 18 to 36 months. While this may sound reasonable, it’s important to note that the longer the repayment period, the more interest is accrued. This means that customers who choose a longer repayment period may end up paying much more in interest than those who choose to repay their loan in a shorter period of time.
One of the more concerning claims made by Loans2go is that they offer loans to people who are unemployed. On their website, they state that they consider each application on a case-by-case basis and may be able to offer loans to those who are not employed. While it’s important to provide options for those who may be struggling financially, it’s also important to note that lending money to those without a stable income can be risky. Those who are unemployed may struggle to make repayments on time, which can lead to late fees and additional charges.
Despite these claims, there are some positive reviews of Loans2go online. Some customers report that they were able to receive the money they needed quickly and without issue. However, it’s important to note that these positive reviews may not be representative of all customers’ experiences.
In conclusion, while Loans2go claims to offer accessible and affordable loans to those who may not be able to find loans elsewhere, there are several concerns surrounding their business practices. High interest rates, unexpected charges, and lending to the unemployed are all issues that potential customers should consider before choosing to take out a loan with this lender. While some customers may have had positive experiences with Loans2go, it’s important to do thorough research and consider all options before making a decision.
If you are considering taking out a loan with Loans2go, make sure to read all of the terms and conditions carefully. If you have any questions or concerns about the terms of the loan, don’t hesitate to reach out to the lender directly. It’s important to feel comfortable and confident in your decision to borrow money, and taking the time to research and understand all of the details can make a big difference.