We review each loan case individually
Applying for a loan online?
We know that applying for a loan online tends to be easier said than done.
More often than not, loan providers will only take into account your credit score, which may not give an entirely accurate representation of your current financial situation. We believe it’s important to take a more holistic approach in order to form a rounded view of loan applications and personal credit history.
That’s why Evolution Money judge each application by its individual merit, on a case-by-case basis.
But before you apply, it’s crucial to have a tight grasp on your current financial situation, know how much you need to borrow, how long you’d like to repay and confirm whether or not a loan is your best option.
We’ve devised a handy checklist to walk you through this process every step of the way.
Step 1: Do you really need a loan?
There are a number of ways to access funding, and a loan is just one of them. Those looking for a short term cash injection may be better off applying for a low-interest credit card or extending the overdraft on their bank account.
It is well worth researching these other avenues first of all before deciding that a loan best option.
Step 2: Establish your financial situation
If a loan is the right option for you, then you first need to bear in mind how much money you are looking to borrow and a realistic repayment period for your chosen amount.
It is crucial to get a good idea of your current credit rating. This will be used to determine the level of funding available to you, and the level of interest you are required to repay.
A poor credit score will likely prove an obstacle to being granted an unsecured personal loan – and a rejected application can lower your credit score even further. That’s why it is worth checking your eligibility as whether you are likely to qualify for a loan before applying.
For homeowners, a poor credit score is less of a barrier to obtaining a secured loan as the loan is backed against the value of your property.
For more information on credit scores and how to find out your own rating, visit our Credit Score information section. Or, if you’d like more information on the differences between secured and unsecured personal loans, it’s worth reading our ‘Personal vs. Secured’ guide.
Remember that if you are opting for a personal loan, falling behind on repayments will incur penalty charges and lower your credit score.
If you are opting for a secured loan, falling behind on repayments could put your property (or other assets) at risk of repossession.
Make sure the repayment plan you agree is compatible with your financial situation, especially if you are planning a long-term repayment period.
Step 3: Shop around
Let’s say you’ve weighed up your financial situation, decided on the type of loan you require and you’re ready to take the next step to securing the best deal out there.
Your next move should be to browse the market to compare the best interest rates and deals offered by lenders that are available to you. Get as many quotes as you can before making your final decision.
We offer a personal, dedicated service that takes into account all aspects of your situation, not just your credit score. Don’t just take our word for it, see for yourself what our customers say about us.
Step 4: Applying for your loan online
Evolution Money can help find the right loan for you using our online application form – all we need is a few quick details on the type of loan you’re looking for, and we can provide you with a quote.
Once you have submitted these details, one of our expert loan advisors will give you a call within 30 seconds to talk through your application in more detail before confirming the precise amount and repayment terms.
We know the value of bespoke personal service, which is why we believe it’s important to discuss all aspects of the loan in detail before deciding whether or not it’s your best option.
Apply for a Secured LoanFor a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.
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.
