Face Finance: A Worcester Lending Partner

Face Finance is a trading name of Loans 2 Go Limited, a direct lender providing personal loans and logbook loans to residents of Worcester and the surrounding areas. They position themselves as a provider for individuals who may have difficulty securing financing from traditional banks or credit unions, often due to factors like a less-than-perfect credit history.

Loan Products Offered

Face Finance focuses primarily on two key loan products:

• Personal Loans: These are unsecured loans, meaning they are not backed by collateral. The amount that can be borrowed and the repayment terms vary depending on individual circumstances and creditworthiness. Application is typically done online, with a potential for quicker access to funds compared to more conventional loan avenues.
• Logbook Loans: Unlike personal loans, logbook loans are secured loans. In this scenario, the borrower retains possession of their vehicle, but the logbook is transferred to Face Finance as security. This allows borrowers to access larger loan amounts and may be a viable option even with a lower credit score. However, it’s crucial to understand that failure to repay the loan can result in the repossession of the vehicle.

Considerations Before Applying

Before considering a loan from Face Finance, or any similar lender, it’s imperative to thoroughly assess your financial situation and ability to repay the loan according to the agreed-upon terms. Here are some key considerations:

• Interest Rates and Fees: Loans from direct lenders like Face Finance often come with higher interest rates compared to traditional banks. Carefully review the Annual Percentage Rate (APR) and all associated fees to fully understand the total cost of borrowing.
• Repayment Terms: Ensure that the repayment schedule is manageable and fits within your budget. Missed payments can lead to late fees and negatively impact your credit score. For logbook loans, it can even result in the loss of your vehicle.
• Alternative Options: Explore alternative options for securing financing, such as credit unions, community development financial institutions (CDFIs), or borrowing from friends or family. These alternatives may offer more favorable terms and lower interest rates.
• Credit Score Impact: While Face Finance may lend to individuals with less-than-perfect credit, it’s essential to remember that responsible borrowing and repayment habits are crucial for improving your credit score in the long run.
• Financial Advice: Consider seeking advice from a financial advisor or debt counselor to gain a comprehensive understanding of your financial situation and explore appropriate debt management strategies.

Responsible Lending Practices

Reputable lenders like Loans 2 Go (trading as Face Finance) should adhere to responsible lending practices, including conducting thorough affordability checks to ensure borrowers can comfortably repay the loan without undue financial hardship. However, it is ultimately the borrower’s responsibility to carefully evaluate their financial situation and make informed decisions about borrowing.

In conclusion, Face Finance provides a lending service in Worcester, offering both personal and logbook loans. While they can be a viable option for individuals with limited access to traditional financing, it’s crucial to approach borrowing with caution, carefully consider the terms and conditions, and explore all available alternatives before making a decision.