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Progressive Money: Loan Summary
|Loan Term (months)
|Loan Amount (£)
|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
- Applicant must be a homeowner
- Age: 21 – 70
- can be employed or self-employed
- minimum gross income of c.£12,000 p.a.
- Credit Status:
- mortgage arrears considered
- secured arrears considered
- unsecured defaults – no restrictions, though the fewer the better deals available
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.
User Ratings & Reviews
Progressive Money has not been reviewed on Solution Loans yet – be the first.
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.
- Progressive Money it is a trading style of Progressive Money Ltd – registered in England and Wales company number 08120061. Registered address 8 St. John Street, Manchester, M3 4DU.
- Data Protection – registered with the Information Commissioner’s Office, number Z3414982.
- Authorised and regulated by the Financial Conduct Authority. Reference number 690699.
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