Can my business repay the loan early?

Yes, you can pay back your loan early at any time at no extra cost. You will only need to pay the interest due until the end of the month of repayment, and the principal amount outstanding. 

Can loan parts be included in an ISA?

You cannot presently include your loan parts in an ISA. However, the Chancellor announced in the March 2014 budget that peer-to-peer lending will be allowed within ISAs in the future. We will update investors in our blog when further details are available. 

What fees do Go2 charge?

Our fee structure is simple and transparent. 

There is no obligation to accept your loan offer. The following on-off listing fees are deducted from the loan proceeds before being paid to you.

     12 months    2 or 3 years    4 or 5 years

Loans (£5k - £150k)    2%    3%    5%

There are no additional hidden charges and extras (eg monitoring fees, review fees, security fees, or early repayment fees). 

In addition to the above, an administration fee of 15% of arrears may be applied to any repayments that are more than 7 days late.

What information is available to investors?

A summary of the information that can be seen by investors is given on any loan request page Link.

The following information on your business will be shared with registered investors when a loan request is listed:

  • Your business name
  • The type of business e.g. limited company, limited liability partnership or small partnership
  • Amount you are borrowing
  • Risk band
  • Security required, eg. a personal guarantee, all assets security agreement
  • The business credit score from Experian
  • Recent financial performance of the business including profit and loss information and balance sheet from the last 2 years
  • Any descriptive information you write about your business

The following information on your business will not be shared with investors at any time, unless you yourself choose to disclose this information:

  • The names or details of directors of the business
  • The names or ownership percentages of shareholders of the business
  • The address or contact details of directors of the business
  • The names of existing providers of finance to your business

What information do I need to provide to Go2?

The Go2 application process clearly shows you what information is required to complete the application. The main pieces of information required are:

  • Company details
  • Income statement and Balance Sheet for the last 2 financial years and any recent management accounts
  • Names of shareholders with 20%+ shareholding in the Company
  • Details of current outstanding loans and overdrafts
  • A Director or owner to submit the application

How are the loan repayments calculated?

Your monthly repayments will always be equal, and will typically consist of interest payments and proportional repayments of the outstanding principal of the loan. Each month the interest portion of the payment will typically go down and the principal portion will go up.

The full repayment schedule for your loan can be seen at anytime in the Link section of the website, or in the Loan Contract.

Can I change the monthly repayment?

The monthly repayment schedule, amount and date, is fixed at acceptance of the loan.  Monthly payments will commence 30 days from acceptance of your loan. However, if you are experiencing ongoing problems in repaying your loan on a certain date please contact us.

How long do I have to accept a loan?

You will have five working days from the end of your loan request to accept the loan offer. If you do not accept the loan offer within this period your loan request will be cancelled, and any funds committed will be released back to investors.

Do I have to accept a fully funded loan?

You only need to accept the loan if the rate suits you.

I wish to make a complaint, what should I do?

We value your business and want to ensure you are entirely satisfied with the service you receive. We take any complaint very seriously and any complaint will be escalated internally to find a resolution.

Should you have any cause for complaint, please contact us in the first instance and a member of our team will acknowledge your complaint and investigate. Where it is necessary this will be escalated and you will be sent a full response within 5 working days.

Our contact details:

Email: [email protected]
Telephone: 02380 381979

We will always seek to resolve complaints internally, but there may be instances when we cannot reach an agreeable solution. After following all of the steps in our complaints procedure, you have the right to refer your complaint to the Financial Ombudsman Service if you are an eligible complainant.

The Financial Ombudsman contact details:
Address: The Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR
Email: [email protected]
Website: www.financial-ombudsman.org.uk
Telephone: 0845 080 1800