Virgin Money loans | Review and loan calculator

Virgin Money personal loans review

You can borrow from £1,000 to £35,000 with a Virgin Money personal loan, and pay it off over up to 7 years.

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Name Product Total Payable Monthly Repayment Representative APR Link
Virgin Money Virgin Money Personal Loan
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Representative example: Borrow £10,000.00 over 3 years at a rate of 3.0% p.a. (fixed). Representative APR 3.0% and total payable £10,462.68 in monthly repayments of £290.63.
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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.

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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 typeUnsecured Personal Loan
Loan amounts£1,000.00 to £35,000.00
Loan terms1 Year to 7 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Same day funding noteFor existing current account customers only.
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 methodsDirect 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

Pros

  • Low rates
  • Flexible loan sizes
  • Quick approval and funding

Cons

  • Not available to those with bad credit

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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