Virgin Money loan calculator
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 Virgin Money Personal Loan charges 3.0% 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.
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||£1,000.00 to £35,000.00|
|Loan terms||1 Year to 7 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Same day funding note||For existing current account customers only.|
|Instant decisions in most cases|
|Soft-search facility available|
|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 will consider, 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, 420 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 info may be required). Virgin Money can also offer same-day funding of your loan (For existing current account customers only.).
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 takes usually 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
- Low rates
- Flexible loan sizes
- Quick approval and funding
- Not available to those with bad credit
Frequently asked questions
Read more on this topic
Virgin Money 24 Month Balance Transfer Credit Card review 2021
The Virgin Money 25 Month balance transfer credit card has one of the longer 0% interest periods on the market. See how it compares here.
Virgin Money Month Purchases Credit Card review
Spread the cost of an upcoming expenditure without paying a penny in interest with this 0% deal from Virgin Money.
Virgin Money 28 Month Balance Transfer Credit Card review 2021
Clear debt faster with one of the longest 0% balance transfer deals around and a reduced transfer fee.
Virgin Atlantic Points
How to earn and redeem Virgin Atlantic Points using a credit card plus the pros and cons of this reward scheme.
Compare Virgin Money balance transfer offers for March 2021
Check out all the 0% balance transfer deals currently available from Virgin Money.
Virgin Money 16 Month Balance Transfer Credit Card review 2021
Enjoy a lengthy 0% period and a competitive transfer fee with Virgin Money.
Virgin Money 20 Month All Round Credit Card review 2021
Everything you need to know about Virgin Money’s longest 0% deal for purchases and balance transfers.
Virgin Money Month Balance Transfer Credit Card review
Enjoy 0% for 31 months with Virgin Money’s longest balance transfer deal.
Virgin Money 12 Month All Round Credit Card review 2021
Benefit from 0% interest on both purchases and balance transfers.
Virgin Money Virgin Atlantic Reward Plus Credit Card review 2021
Earn Flying Club miles while you spend with this premium Virgin Money card. Compare rates, fees and perks against alternative options for frequent flyers.