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All your personal finance FAQs answered

Home > Help & Advice > FAQs

We want everything to be as simple and straightforward as possible, so we hope this page answers any questions you might have.

If it doesn’t, please feel free to contact us and we’ll answer any questions you have.

How much can I borrow with a secured loan?

Our secured loans start from £1,000 and go up to £25,000. Since Evolution Money is a responsible finance provider, every customer must meet our necessary borrowing criteria.

What information do I need to take out a secured loan?

Every application is different, your Personal Account Manager will explain exactly what you need. However, we always require proof of identification, proof of income, bank statements and proof that you are a homeowner.

How long can I borrow a secured loan for?

That depends on which product you qualify for. It could be anything from 12 months to 15 years. Please be aware some secured loan amounts will have a loan term limit.

What is a secured loan?

As the name suggests, with a secured loan you offer some form of security, in this case, your home. A loan secured against a mortgaged property is known as the ‘second charge’ on the property, where the mortgage is the first charge.

What can I use the secured loan for?

Evolution Money’s secured loans are multi-purpose. A lot of consumers choose to clear existing debts and reduce their monthly outgoings or they choose to invest in their property and carry out some home improvements.

Why do people go for secured loans?

Secured loans allow people to borrow an amount against their property over a longer period of time, making the monthly payments more manageable. Furthermore, secured loans can be used for a variety of purposes such as home improvements or debt consolidation.

What is Evolution Money's secured loan process?

Please click here for our entire secured loan process, which we’ve tried to keep as simple as possible.

Are there any age restrictions for a secured loan with Evolution Money?

To qualify for an Evolution Money secured loan, you need to be aged between 18 – 70 years old.

How do I make my secured loan payments?

The typical method of paying your monthly secured loan instalments is by direct debit. If you happen to have missed a payment or are in arrears and wish to make an instant payment, simply follow this link here and fill in your personal details to make a quick payment.

My property is owned jointly, do we both need to apply for the secured loan?

Yes, if you jointly own your property, you will need to make a joint secured loan application. You’ll both need to complete and sign the application and legal documents.

How will I receive the money?

Once the secured loan process is finalised, the money will be transferred directly to your bank account. In the event of the loan being primarily for full debt consolidation, then this would be paid directly to your creditors.

When will my first secured loan payment be due?

We will take payment on your first pay date following completion of the secured loan. So it will depend on how close your first pay date is to the completion of the loan. In some cases a customer payment may be in a few days after loan completion, in others, it could be a couple of weeks following completion.

Is my secured loan interest rate fixed throughout it's duration?

Evolution’s secured loan have a variable interest rate. That means the payments may go up or down during the term of the loan. If the interest rate on your loan increases then your payments will increase. You should consider this when budgeting for the repayments of your loan.

Do Evolution Money charge for their services?

We do not charge for a secure loan quote. If you are successful in obtaining a loan, then there is a Product Fee and Lending Fee. These fees can be paid upfront, or added into the total loan amount figure. For more information about our fees click here: https://www.evolutionmoney.co.uk/important-application-information

Can secured loans be settled early?

Certainly, although there will be a charge for early repayment. Your loan agreement will tell you exactly how we work this out. You should also be aware that if you repay your secured loan early, the amount you will repay may be greater than the amount you originally borrowed.

What happens if I am unable to keep up my secured loan repayments?

It’s important to make all your payments on time as agreed, so that additional interest or charges are not added to your account. If you are having trouble making your payments, or just think that you might, please contact us immediately on 0161 814 9975 and we will do everything we can to help. If you continue to miss payments and we are unable to resolve the situation satisfactorily, as a last resort we will instruct our solicitors to commence proceedings against you. It’s vital to keep up your repayments as, ultimately, you risk losing your home if you don’t. Please refer to www.moneyadviceservice.org.uk.

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice
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Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

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We would love to tell you from time to time about offers and special deals on loans, insurance products and utility services which may save you money.

If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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We would love to tell you from time to time about special offers and deals from our carefully selected partners.

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You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

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Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

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Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

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