Evolution Money secured loans

Evolution Money offers secured loans, also known as “homeowner loans” or “second-charge mortgages”, to UK homeowners. Just like your first-charge mortgage, its loans use your home as security.

Unlocking the equity in your home can help you to access better rates or simply provide lenders with the extra reassurance they need to say “yes” to your application. But because the loans available will be secured against your home, it’s crucial to think carefully before proceeding.

While many secured loan lenders automate their decisions on your credit score and the amount of equity in your home, Evolution Money says it will consider more than just your credit history and will take into account your unique circumstances. In fact, it specialises in offering secured loans to customers who have experienced financial difficulties in the past.

Evolution Money loans at a glance

• Borrow £35,000 to £100,000 over 3 to 20 years.
• Poor credit scores and negative equity considered.
• A “lending fee” and a “product fee” will apply.
• Your home will be used as security on your loan. Missing repayments will put your property at risk.
• You’ll have the option to overpay and make a lump sum payment (which will reduce the interest you’ll pay).

Am I eligible for an Evolution Money secured loan?

You should only apply for an Evolution Money secured loan if you’re certain you can meet the repayment terms. You must also meet the following criteria:

• Be aged 18–70.
• Be a homeowner or mortgage holder.
• Live in the UK.
• Be able to afford the repayments comfortably from your normal income.

How do I apply?

1. Use the loan calculator on the homepage to give you an idea of your monthly repayments, depending on the amount and duration of the loan you want.
2. You can either call the Evolution Money phone line to talk to an adviser or request a callback using the form on the website.
3. A dedicated personal account manager will talk through your financial situation and needs. They’ll then give you a quote that’s based on your personal circumstances, not just your credit score.
4. If you’re happy with your quote, Evolution Money will send you an application pack with the documents you need to complete your application.
5. You’ll then have a seven-day “consideration period” to review the terms of the loan, without being contacted by Evolution (you can obviously contact Evolution, if you wish to).
6. You’ll then be sent a credit agreement to sign and return.
7. Evolution Money will call to confirm all the details, then your loan will be processed and the money paid into your bank account.
8. You’ll then make monthly repayments by direct debit.

Frequently asked questions

• What information do I need to take out a secured loan?

  Every application is different. Your personal account manager will explain exactly what you need. However, Evolution Money will always require proof of identification, proof of income, bank statements and proof that you are a homeowner.

• How long can I borrow a secured loan for?

  Evolution Money provides secured loans over terms of 3 to 20 years. Longer terms help keep monthly repayments down, but also push up the overall cost.

• How do I make the repayments?

  The typical method of paying your monthly instalments is by direct debit. If you happen to have missed a payment or are in arrears and wish to make an instant payment, you can do this through the Evolution Money website. You’ll need to fill in your personal details to make a quick payment.

• How will I receive the money?

  Once the application process is finalised, the money will be transferred to your bank account. In the event of the loan being primarily for full debt consolidation, the funds will be paid directly to your creditors.

• Can I repay the loan early?

  Yes, although there may be an early repayment fee. You should check to make sure this fee doesn’t increase the total amount repaid.