We like to make things clear.
COMPANY ADDRESS
EVOLUTION MONEY LIMITED
9 PORTLAND STREET
MANCHESTER
M1 3BE
LOAN APPLICATION INFORMATION
ABOUT EVOLUTION MONEY AND ITS LENDING PARTNER EVOLUTION LENDING LIMITED
Evolution Money Limited is authorised and regulated by the Financial Conduct Authority under registration number 708324, which can also be verified by visiting www.register.fca.org.uk
Evolution Money Limited acts as a service provider to Evolution Lending Limited, and are authorised to advise you in connection our second charge secured loans. Evolution Money will process all loan applications and manage the ongoing relationship to loan customers, meaning it is a member of the team at Evolution Money that you will speak to whenever you need to contact us. Evolution Money Limited is also a licensed credit broker which means it has been approved to pass information (with permission) on to other trusted lenders and brokers, should a loan application not meet underwriting requirements.
Loan applications meeting the criteria are funded and administered by Evolution Lending Limited. Evolution Lending is authorised and regulated by the Financial Conduct Authority under registration number 607321 which can be verified by visiting www.register.fca.org.uk. Evolution Lending are authorised to directly lend secured loans from £5,000 to £100,000. Head Office: 9 Portland Street, Manchester, M1 3BE
OWNERSHIP
Evolution Money Limited and Evolution Lending Limited are both privately owned by the same parent company.
FEES AND REMUNERATION
If your application is successful, you will be required to pay the following fees:
A Product Fee of 10% of the loan applied for is charged if you have been referred to us by an introducer (including associated companies). Evolution will pay them a fee for the introduction.
The Product Fee is payable by either:
i.The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, as detailed in your documents.
ii. The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.
If you repay in full the outstanding balance under your loan Agreement earlier than the agreed period, you will not be entitled to any rebate for this fee.
Also a Lending Fee of £807.00 is charged for the assessing and processing of your application.
The Lending Fee is payable by either:
i.The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, as detailed in your documents.
ii.The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.
If you repay in full the outstanding balance under your mortgage contract earlier than the period agreed, you may be entitled to a rebate for this fee. An explanation of how the rebate will be calculated can be requested by writing to us at the address detail above
Where you opt to add fees to the amount you borrow you will pay interest on it under the terms of the loan agreement and it will be reflected in the calculation of the APRC.
Commission charged will not be offset against any fees. Evolution Money will receive commission from Evolution Lending Limited when you take out a loan with them to the sum of 10% of the loan applied for. You have the right to request from us information on the variation of levels of commission payable to us by other lenders who offer the type of product we are offering to you.
We believe in being open and honest about our loans. You can find a breakdown of our typical loan example on our website www.evolutionmoney.co.uk/our-loans/secured-homeowner-loans/breaking-down-our-loans-advice
CONSEQUENCES OF A DEFAULT IN PAYMENT
Defaulting on your monthly payments could have severe consequences including potential repossession of your home. It can make obtaining credit more difficult and/or expensive in the future where the default is reported to credit reference agencies. Missing payments could also incur default charges.
PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON 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 PAY
HOW TO COMPLAIN
Evolution Money are committed to providing you with a first-class service and effectively delivering the products and services you need. Your views are important to us and your feedback is key to improving the products and services we offer. If for any reason you are not entirely satisfied with any aspect of our service, please let us know as soon as possible.
Please send details of your complaint to: [email protected] or write to us at:
Compliance Manager, Evolution Money Limited, 9 Portland Street, Manchester, M1 3BE
Alternatively you can call us on 0800 840 0243, or if you are calling from a mobile 0161 814 9158.
If you cannot settle your complaint with us, you are entitled to refer it to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR or telephone 0800 023 4567 or 0300 123 9123.
We are also a member of the Finance and Leasing Association (the “FLA”) which is the main representative organisation covering consumer credit in the UK. As a member, we comply with the FLA Lending Code (“the Code”), details of which can be found at www.lendingcode.org.uk. If you are not satisfied that we have complied with the Code, you may refer the matter to the FLA’s Conciliation and Arbitration Scheme.
Finance & Leasing Association, 2nd Floor, Imperial House, 15-19 Kingsway, London, WC2B 6UN. Telephone: 0207 836 6511. Website: www.fla.org.uk. Email: [email protected]
Further information and our complaints policy can be found at: www.evolutionmoney.co.uk/legal/complaints-policy
For 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.
