- Loans up to £25,000
- Tenants & Homeowners
- Use for any purpose
- Less than perfect credit
- Free enquiry service
Provide loans from £1000 to £15,000 for homeowners with moderate to impaired credit histories. The rate offered depends on your credit history, but applying won't harm your credit score. Rates start at 15.4% and rise to 89.9% for those with poorer credit histories.
|Representative APR||Loan Term (months)||Loan Amount (£)||Instant decision||E-signature available|
|40.4%||18 - 180||1,000 - 15,000|
|Representative Example: Borrow £6000 for 36 months. Repay £269.45 each month. Total interest of £3100.80 and a 10% fee of £600. Total repayable £9700.08. Representative APR 40.4% variable. This excludes a servicing fee of £295 that covers the setting up and management of your account.|
Progressive Money is an unsecured lender set up by Evolution Money who have a long history operating in the homeowner (secured) loan market. Progressive Money lend to those people in the adverse to near prime loan market. They differ from many unsecured loan lenders in that they will only consider loans if the applicant is a homeowner.
Basic Lending Criteria
As with all credit provision you will be required to show that loan repayments are affordable, so please be prepared to provide evidence of income and expenditure.
When you take out a loan Progressive will charge you a 10% fee (that is factored into the APR% quoted) and a £295 service fee that is not. Although the loan is unsecured they do point out that if you fail to keep up your loan repayments a charge could be put on your property and so any outstanding debt would have to be repaid when the house was sold.
It is too early for us to give any clear indication about the merits of this lender. It was a shock when we saw the 10% fee and the £295 servicing charge (the latter not included in the APR%). However, it is the total amount you repay that is ultimately the determining factor. It is disappointing that they will only consider homeowners and we hope that they are not too keen to apply legal charges in cases of missed payments. But if you have credit issues and do happen to be a homeowner then it may be worth requesting a loan quote.
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