Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured on it.
Evolution Money secured loans
Evolution Money offers secured loans of £1,000 to £500,000 to UK homeowners with flexible repayment terms of up to 25 years. Evolution Money will even consider you for a loan if you have negative equity issues or a poor credit score.
Evolution Money and its sister company Progressive Money are part of the Manchester-based Darwin Group. Launched in 2011, Evolution Money is actually a broker (rather than a direct lender) which specialises in providing secured loans to customers who may be unable to borrow from mainstream providers because of a bad credit history. In 2017 the lender came 28th in the Sunday Times’ “Top 100 Fastest Growing UK Companies”.
Overall representative example
If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.
If you borrowed £35,000 over a 14-year term at 8.95% p.a. (variable), you would make 168 monthly payments of £418.88 and pay £70,371.84 overall, which includes interest of £30,326.84, a broker fee of £3,550.00 and a lender fee of £995.00. The overall cost for comparison is 11.8% APRC representative.
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 £1,000 to £500,000 over 1 to 25 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?
- 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.
- You can either call the Evolution Money phone line to talk to an adviser or request a callback using the form on the website.
- 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.
- If you’re happy with your quote, Evolution Money will send you an application pack with the documents you need to complete your application.
- 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).
- You’ll then be sent a credit agreement to sign and return.
- Evolution Money will call to confirm all the details, then your loan will be processed and the money paid into your bank account.
- You’ll then make monthly repayments by direct debit.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
More guides on Finder
-
Loan protection insurance
If you find yourself unable to work, a loan protection insurance policy will pay out monthly benefits straight to your bank account.
-
Payment protection insurance
Despite its questionable past, PPI can help protect you financially if you lose your income and are unable to make repayments on loans.
-
Toyota Corolla insurance group
Find out which insurance group the Toyota Corolla falls under and how much it costs to insure.
-
Mercedes E-Class insurance group
Find out the average cost of insurance for the Mercedes E-Class based on the specific model version, the driver’s age and their location.
-
How does life insurance work?
Find out how life insurance works and what policy is right for you.
-
Which banks give you money for switching?
We look at switching bonuses, what they are, how they work, and which banks offer the best ones. If you’re fed up with your current bank, there is no good reason not to switch and get a nice little cash bonus as an extra perk.
-
Best second charge mortgages of January 2021
Second charge mortgages can allow borrowers to finance big projects, like home improvements. However they come with risk, so it’s crucial to read-up, do your sums and work out what’s right for your circumstances.
-
How to get a £200,000 loan
If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
-
How to get a £150,000 loan
If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
-
How to get a £100,000 loan
If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.