Explore your borrowing options
What loan amounts can I borrow?
Choosing the right loan amount is crucial if you want to borrow money. You need enough to match your financial goals or obligations, but not too much that you leave yourself with higher monthly repayments unnecessarily. This is the same for both secured and unsecured loans.
Various factors should play into your decision. How much can I comfortably afford to borrow? What loan amount am I likely to get approval for? How much do I realistically need? We dive into some of these essential questions below.
What determines the loan amount I can borrow?
First, let’s get back to basics. You aren’t always able to get a high loan amount just because you want it. The sum you’re able to borrow from a lender usually depends on a combination of factors, including:
- Your credit score and history: Lenders assess the risk to them by looking at how you’ve handled credit in the past. A healthier credit score makes you a more trustworthy borrower, and lenders may be willing to loan you more or offer better terms because of it.
- Your income and affordability: Taking out a loan needs to be affordable for you, now and over the full loan term. Lenders will assess your income to ensure you can make the monthly repayments alongside your other outgoings. Low income doesn’t always mean you won’t be able to borrow – you might just be limited to a small loan amount.
- Whether you have other outstanding loans: If you’re still repaying other loans, this can impact how much lenders allow you to borrow for another. For example, if you take out a personal loan before applying for a mortgage, this could reduce the amount you can get to buy your home.
- Whether you’re taking out a secured or unsecured loan: Lenders generally allow larger secured loan amounts compared to unsecured. This is because they have the security of an asset to fall back on if you fail to repay the loan.
We only offer secured, homeowner loans here at Evolution Money. So, we could offer you a high loan amount if you meet our other eligibility criteria.
What can different loan amounts be used for?
Whether you’ve got big plans or small expenses to cover, your chosen loan amount should help you do just that. Here’s what you could do with a secured loan from us.
Small amount loans for short-term needs
- £1,000: If you’ve got no other options, a £1,000 loan could help you cover an unexpected bill or expense that’s come out of nowhere. Maybe your car has broken down and needs to be fixed or perhaps you need some emergency home repairs.
- £5,000: This could help you consolidate a few smaller debts from different lenders. It can be a hassle to manage these at the same time. £5,000 could also be the right amount if you’re thinking of upgrading your boiler or replacing some home appliances.
Mid-sized loans for larger investments
- £10,000: With this amount secured against your property, you could have the funds to think about some serious home improvements. Replacing old windows with double-glazing can reduce heat loss from your home significantly. A garden makeover could transform your outdoor spaces. You may just need a new car to replace an old one.
- £20,000 to £25,000: For those bigger home improvement projects, you’ll need a bit more. Building an extension, converting a loft or garage, or creating your dream kitchen can help you make more of your home. Or perhaps you want some help paying for your wedding or upgrading your car to take on family life. If you’ve set your sights on becoming debt-free, a loan for debt consolidation can help make the process easier to manage.
Higher-value loans for major financial moves
- £30,000: Big plans need bigger investment. From extensive home renovations that add real value to your property to your dream car or bike purchase, a £30,000 loan secured against your home could make that happen. If you’re making investments together, a joint loan could be a good option.
- £100,000: The average person won’t need a high loan amount like this – but you might. It could help you get your business off the ground or make significant investments in various other areas of your life. If you’ve been turned down elsewhere, you could still get a £100,000 loan from Evolution Money.
Can I increase my loan amount after taking out a loan
If you’ve got an existing mortgage, personal or secured loan, you may be able to borrow more money from the same lender. This all depends on their policies. A little extra could help you finish that home improvement project you started. Or it could allow you to consolidate the rest of your debts into one manageable repayment.
We offer top-up loans to existing Evolution Money customers. You don’t have to apply for a new loan and you’ll still have one payment to make every month.
What's the maximum secured loan amount I can borrow?
The biggest secured loan we can offer at Evolution Money is £100,000. You’ll need to meet all our eligibility criteria to be considered for any loan from us.
Other lenders may be able to loan you higher amounts secured to your home. It’s always worth checking the terms and conditions of any loan agreements such as your binding mortgage offer before agreeing to this. Remember, a secured loan is tied to your property, so you risk losing it if you don’t continue to make repayments.
Apply for a secured loan with Evolution Money
Whatever loan amount you need, check your eligibility with us today. Even if you’ve been turned down by other lenders, we look at what you can offer – not what you can’t. Better still, our initial eligibility check doesn’t have any impact on your credit score.
For more helpful information on money, loans and everything in between, check out our help and advice hub.
Representative 22.93% APRC variable.
For a typical loan of £26,600 over 180 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £484.00. This includes a Product Fee of £2,660.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £87,030.00. Annual Interest Rates range between 11.7% to 46.5% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
