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Virgin Money personal loans review
You can borrow from £1,000 and £35,000 starting from 6.9%.
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How do Virgin Money loans compare against the competition?
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
Does Virgin Money offer loans?
Yes, Virgin Money branched out and launched its first unsecured personal loans in July 2020. Loans are offered for up to £35,000, with instant decisions and quick funding, as well as offering customer perks like access to Virgin Money lounges and Virgin Group discounts.
Virgin Money loan rates at a glance
The Virgin Money Existing Customer Personal Loan charges 6.9% APR representative on loans between £7,500 and £15,000. Virgin Money offers the loan with repayment terms between 1 and 7 years, and applicants can apply to borrow from £1,000 to £35,000.
Quick overview of Virgin Money personal loans
| Representative APR | 6.9% |
|---|---|
| Loan terms | From 1 year to 7 years |
| Loan amounts | From £1,000 to £35,000 |
| Age eligibility | 18 years and over |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
Key features of Virgin Money personal loans
Virgin Money personal loans are offered digitally, meaning you can apply, get approved and get funded entirely online within a couple of hours.
| Loan type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £3,000.00 to £25,000.00 |
| Loan terms | 1 Year to 7 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same-day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
Am I eligible for a Virgin Money personal loan?
You’ll need to meet the following criteria to be eligible for a Virgin Money loan:
- Be at least 18 years old
- Have a good credit rating
- Be a UK resident
- Have a UK bank account
- Have a credit or debit card
What credit score do I need to get a Virgin Money loan?
Virgin Money typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Virgin Money considers. However, if you don't have a high credit score, you're very unlikely to get approved for a Virgin Money loan.
A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.
Do Virgin Money loans give an instant decision?
Yes, Virgin Money offers instant decisions online in most cases. (Occasionally, more information may be required.) Virgin Money can also offer same-day funding of your loan.
Can I get a second Virgin Money loan?
Yes, Virgin Money allows you to have more than one loan running at the same time. Each application for credit will be considered on its own merit. Alternatively, Virgin Money also allows you to effectively "top up" your loan by closing your current loan and starting a new, larger loan.
How do I apply?
If you've decided that a personal loan from Virgin Money is right for you, you can head over to Virgin Money's website to apply. Completing the secure online application form usually takes about 15 minutes. In most cases Virgin Money will give an instant decision. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
You’ll need to provide the following information as part of your application:
- Your addresses for the last 3 years
- The name of your employer, your income, and how long you’ve been working there
- Your mobile number (for online and phone banking)
- Information about your monthly spending, existing debts and liabilities
Pros and cons
Pros
- Low rates
- Flexible loan sizes
- Quick approval and funding
Cons
- Not available to those with bad credit
Virgin Money customer reviews
Virgin Money has received mostly negative reviews from customers, according to review platform Trustpilot. It currently has a rating of 1.3 out of 5, based on more than 5,000 reviews (updated June 2023). Some customers cited poor responsiveness and issues with the online application process.
Customer support
- To speak to the financial care team, call 0800 141 2261. Lines are open Monday to Friday 8am to 7pm
- To discuss a bereavement, call 0800 011 3238. Lines are open Monday to Friday 8am to 6pm
- For personal loan enquiries, call 0800 707 6471. Lines are open Monday to Friday 8am to 6pm and Saturday 9am to 1pm
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.
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