When it comes to financial borrowing, it is vital to find a lender who is reliable and trustworthy. Unfortunately, not all lenders are equal, and some have a more negative reputation than others. Loans2go is an example of a lender who has received a significant amount of criticism and negative reviews from borrowers. In this article, we’ll delve into the reasons why Loans2go bad reviews exist.
Loans2go is a UK-based lender that provides personal loans to borrowers. They offer short-term loans of up to £5,000 that can be repaid over 18 months. The loans can be used to cover unexpected bills, home repairs, or other expenses. In theory, Loans2go appears to be a hassle-free and straightforward lending option. However, a quick glance at online review sites such as Trustpilot or Google will show a different story. There is a plethora of Loans2go bad reviews that paint the lender in a negative light.
One of the most common Loans2go bad reviews relates to the high interest rates that the lender charges. Borrowers have found that the interest rates they are given are much higher than advertised and can quickly spiral out of control if the repayments are missed. Many borrowers have found themselves in a cycle of debt due to Loans2go’s high-interest rates.
Another reason that borrowers leave Loans2go bad reviews is the lack of transparency in their advertising and the loan agreements. Some borrowers have reported that Loans2go does not disclose all the details of the loan agreement, and their reps provide different information over the phone than what is on the website. Many borrowers have only realized the full terms of their loans after signing the agreement and receiving the money. This lack of transparency can lead to significant issues with repayments, as borrowers may be unsure of the interest rates and amounts due.
There are also several cases of Loans2go bad reviews that relate to their customer service. Many borrowers have experienced delays in receiving their loans, with some waiting for several weeks without any updates. When they contact customer service, they are often met with frustration and dismissive reps. There are also reports of Loans2go calling borrowers at inappropriate times of the day and harassing them for repayments. Borrowers who miss payments have complained of relentless calls, texts, and emails from Loans2go.
One of the most worrying Loans2go bad reviews relate to the repossession of borrowers’ vehicles. Loans2go is known for providing logbook loans, where the borrower puts up their car as collateral. If they are unable to make repayments, Loans2go can repossess the vehicle and sell it to recover their losses. However, there have been several reports of Loans2go repossessing cars even when the borrower is making repayments. This aggressive behavior has led to significant distress for the borrowers and further negative reviews for Loans2go.
Despite the numerous Loans2go bad reviews, the lender is still in business and continues to offer loans to borrowers. It’s essential to remember that not all reviews are entirely accurate, and some may be exaggerated or biased. However, the sheer number of negative reviews should alert borrowers to be cautious when considering Loans2go as a lending option.
If you do decide to take out a loan with Loans2go, it’s essential to read the terms and conditions carefully and not rush into any agreements. Make sure that you understand the interest rates, repayment amounts, and any additional fees before signing on the dotted line. It’s also worth investigating other lenders and comparing their rates and terms with Loans2go before making a final decision.
Additionally, if you experience any issues with Loans2go or have any concerns, it’s vital to contact their customer service team immediately. While there are several Loans2go bad reviews about their customer service, it’s always best to try and resolve any issues with the lender before resorting to legal action or damaging your credit score.
In conclusion, Loans2go bad reviews exist for several reasons, including high-interest rates, lack of transparency, poor customer service, and aggressive repossession practices. While it’s up to the individual borrower to decide whether Loans2go is the right solution for them, it’s crucial to be cautious and informed before agreeing to any loans. By reading the terms and conditions carefully, investigating other lenders, and contacting customer service with any concerns, borrowers can minimize the chances of experiencing negative experiences with Loans2go.