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 £3,000 to £50,000 to UK homeowners with flexible repayment terms of up to 15 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 £3,000 to £50,000 over 1 to 15 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
-
Mitsubishi ASX insurance group
Find out which insurance group the Mitsubishi ASX falls under and how much it costs to insure.
-
Frequently asked questions about Finder Credit Score
Find answers to any questions about your credit score and report.
-
Limited company loans
See how to get a business loan as a limited company in the UK, and how much you can borrow.
-
Sole trader loans
Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.
-
Commercial bridging loan
Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.
-
Ford C-MAX insurance group
Find out which insurance group the Ford C-MAX falls under and how much it costs to insure.
-
Hard money loans: Short-term finance in the UK
Learn everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.
-
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.
-
Why it pays to be a patient investor
One way to develop healthy investing habits is to make regular contributions to your investment pot over a period of time, instead of investing a large lump sum. This is called “pound-cost averaging”. It’s a way of investing without trying to time the market.
-
What are SPACs?
SPACs are a unique way for companies to float on a stock exchange. Find out how they work and how SPACs differ from IPOs.