All your personal finance FAQs answered

As the name suggests, with a secured loan you offer some form of security to the lender, in this case, your home. A loan secured against a mortgaged property is known as the ‘second charge or subsequent charge’ on the property, where the mortgage is the first charge.

Our secured loans start from £5,000 and go up to £100,000. Since Evolution Money is a responsible finance provider, every customer must meet our  borrowing criteria.

Every application is different, your mortgage advisor will explain exactly what you need. However, we always require proof of identification, proof of income, bank statements and proof that you are a homeowner.

That depends on which product you qualify for. It could be anything from 3 years to 20 years. Please be aware some secured loan amounts will have a loan term limit.

As the name suggests, with a secured loan you offer some form of security, in this case, your home. A loan secured against a mortgaged property is known as the ‘second charge’ on the property, where the mortgage is the first charge.

Evolution Money’s secured loans are multi-purpose. A lot of consumers choose to clear existing debts and reduce their monthly outgoings or they choose to invest in their property and carry out some home improvements.

Secured loans allow people to borrow an amount against their property over a longer period of time, making the monthly payments more manageable. Furthermore, secured loans can be used for a variety of purposes such as home improvements or debt consolidation.

Please click here for our entire secured loan process, which we’ve tried to keep as simple as possible.

To qualify for an Evolution Money secured loan, you need to be aged between 21 – 70 years old.

The typical method of paying your monthly secured loan instalments is by direct debit. If you happen to have missed a payment or are in arrears and wish to make an instant payment, simply follow this link here and fill in your personal details to make a quick payment.

Yes, if you jointly own your property, you will need to make a joint secured loan application. You’ll both need to complete and sign the application and legal documents.

Once the secured loan process is finalised, the money will be transferred directly to your bank account. In the event of the loan being primarily for full debt consolidation, then this would be paid directly to your creditors.

We will take payment on your first pay date following completion of the secured loan. So it will depend on how close your first pay date is to the completion of the loan. In some cases a customer payment may be in a few days after loan completion, in others, it could be a couple of weeks following completion.

Evolution’s secured loan have a variable interest rate. That means the payments may go up or down during the term of the loan. If the interest rate on your loan increases then your payments will increase. You should consider this when budgeting for the repayments of your loan.

We do not charge for a secure loan quote. If you are successful in obtaining a loan, then there is a Product Fee and Lending Fee. These fees can be paid upfront, or added into the total loan amount figure. For more information about our fees click here: https://www.evolutionmoney.co.uk/our-loans/secured-homeowner-loans/important-application-information-advice

Certainly, although there will be a charge for early repayment. Your loan agreement will tell you exactly how we work this out. You should also be aware that if you repay your secured loan early, the amount you will repay may be greater than the amount you originally borrowed.

It’s important to make all your payments on time as agreed, so that additional interest or charges are not added to your account. If you are having trouble making your payments, or just think that you might, please contact us immediately on 0161 814 9975 and we will do everything we can to help. If you continue to miss payments and we are unable to resolve the situation satisfactorily, as a last resort we will instruct our solicitors to commence proceedings against you. It’s vital to keep up your repayments as, ultimately, you risk losing your home if you don’t. Please refer to www.moneyhelper.org.uk.