This length of loan is great for people that need to cover the cost of something now, but also want to spread their repayments over a longer period of time.

Many of our customers who take out 5 year loans have decided to invest in home improvements to increase the value of their property, or make important renovations. It might be a new kitchen, garden or boiler; either way, with Evolution Money you could get the money you need and pay it back at a rate that suits you.

While the total amount repayable is higher with a 5 year loan compared to a 12 month loan, the cost of each instalment actually works out cheaper. That means there’s less money coming out of your account each month, leaving you with a bigger portion of your pay packet.

A 5 year loan may also be an option if you are looking to consolidate any existing debts. By consolidating debts into a single monthly payment, you can reduce your overall monthly repayment while giving yourself a longer term to pay the total back over. This could make the task of managing your outgoings easier, particularly if you owe money to multiple lenders. Before taking out a loan to consolidate your debts you need to consider that the total repayable may be more and the term could be extended. Also, by converting your unsecured debt in to a consolidated secured loan, you are securing that debt against your property. So, it’s important to note if you don’t keep up with your repayments, your home may be at risk.

Even if you don’t have a perfect credit history, our qualified loan advisors may still be able to help you get the money you need.

We base our lending decisions on your current financial situation rather than solely your credit history. Many people who have been refused credit elsewhere are still able to access the money they need through Evolution Money.