Virgin Mony personal loans could be a great choice for yoy, offering fixed monthly repayments and low, competitive rates. However, keep in mind that you have to be an existing Virgin Money customer and have a good credit score to be eligibile for this loan.
Pros
Low rates
Flexible loan sizes
Quick approval and funding
Joint applications allowed
Cons
No repayment holiday available
Not available to those with bad credit
Must be an existing Virgin Money customer
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.9% p.a. (fixed). Representative APR 6.9% and total payable £11,064.60 in monthly repayments of £307.35.
★★★★★
Finder score
Maximum loan
£35,000
Product fee
N/A
Early redemption fee
Yes
Virgin Money loan calculator
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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 7years, and applicants can apply to borrow from £1,000 to £35,000.
Quick overview of Virgin Money personal loans
Loan amounts
From £1,000 to £35,000
Loan terms
From 1 year to 7 years
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
£1,000.00 to £35,000.00
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
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 6,000 reviews (updated January 2024). 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
Yes, you are free to pay off your Virgin Money loan early or make additional repayments. Depending on when you decide to repay your loan early, you may be charged up to 58 days interest from the date you decide to repay your loan.
No, Virgin Money currently only offers unsecured personal loans, which means you can’t use an asset as security against your loan.
Yes, you can apply for another loan even if you currently have an existing Virgin Money loan. However, Virgin Money will generally incorporate how much you owe on your current loan, along with how much extra you want to borrow, and then process a new loan for the entire amount.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
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