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. 

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.

What will my monthly repayments be?

Based on a loan of £50,000 the table below shows indicative initial fees and monthly repayments at different interest rates.

Monthly Repayment
 

Initial listing

fee (including

VAT)

    6%       8%       10%       12%
1 year £1,200 £4,303 £4,349 £4,395 £4,442
2 years £1,800 £2,216 £2,261 £2,307 £2,353
3 years £1,800 £1,525 £1,566 £1,613 £1,660
4 years £2,400 £1,174 £1,220 £1,268 £1,316
5 years £3,000 £966 £1,013 £1,062 £1,112