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Progressive Money personal loans review May 2019

Looking to progress from a poor credit score and move on with your financial life? Progressive Money offers a range of personal loans for homeowners who might be turned down on the high street.

With a direct lender like Progressive Money, you will always know where you’re borrowing from and never be stung by hidden brokerage fees. What’s more, Progressive Money offers a no-commitment quote on loans as high as £15,000.

Part of the Darwin Group of lenders, Progressive Money evolved to offer unsecured personal loans to homeowners who have had a rocky credit history. With a track record of social responsibility, Progressive Money puts trust front and centre, and answers any customer concerns from its Manchester headquarters.

Bad credit unsecured loans for homeowners

If you've been refused a loan elsewhere, have poor credit or are self-employed, provided you own your home Progressive Money will consider your application.

  • Borrow £1,000 to £15,000 over 18 months to 10 years.
  • Instant decision and payout in as little as 24 hours.
  • You're free to use your loan for a variety of reasons, including debt consolidation and home improvements.

Representative example: Borrow £10,000 over 5 years at a rate of 42.58% p.a. (fixed) with an acceptance fee of £1,000 (10% of the loan amount) and an administration fee of £390. Representative APR 56.86% (fixed) and total payable £24,693.00 in monthly payments of £411.55.

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Key features of Progressive Money personal loans at a glance

  • Borrow from 12 to 120 months. That’s up to 10 years, if you need it.
  • From £1,000 to £15,000. With such a big amount range, Progressive Money loans are very customisable.
  • Get a personalised quick quote with no impact on your credit rating. Progressive Money will always tell you before it does a credit search.
  • Fixed monthly repayments. With only fixed interest loans available, your repayments won’t change for the duration of your loan.
  • Quick access to funds. Once you’re approved it only takes 72 hours to get the money into your account.
  • Set-up fee. Progressive Money charges a fee only when your loan has been accepted, so you won’t be charged if you cancel an application.
  • Repay your loan early at any time. Progressive Money allows you to settle early; there’s no fee but you’ll be charged a month’s extra interest.
  • Unsecured. Many bad-credit homeowner loans are secured, meaning your home could be in danger if you fall behind, but this isn’t the case with Progressive Money.

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers, it can be a handy tool for comparison.

Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.

How do Progressive Money’s personal loans compare against the competition’s?

Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for your loan each month and overall.

Am I eligible for a Progressive Money personal loan?

You should only apply for a Progressive Money personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:

  • You’re aged between 18 and 70
  • You’re a homeowner
  • You’re employed or self-employed with an income of at least £800 pcm
  • You live in England, Scotland or Wales

Progressive Money also doesn’t do partial consolidation loans, so if you’re looking to pay off past loans, you will have to be able to pay them off in full and share the past loan details with the Progressive Money team.

How can I apply?

Firstly you’ll need some proof of identification, proof of income, bank statements and your proof of homeowner status. Then you complete these simple steps:

  1. Get a personalised quick quote from Progressive Money’s website.
  2. If you like what you’re offered, you’ll need to upload or send it all the relevant information.
  3. Progressive Money may call you to verify your documentation and go through the specifics of your loan.
  4. You’ll find out if your loan has been accepted and then you sign the contract.
  5. The money will be in your account in the next few days.

Frequently asked questions

*Disclaimer: The offers compared on this page are chosen from a range of products finder has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms "Best", "Top", "Cheap" including variations, are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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