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Secured Loans > Help & Advice > FAQs

All your personal finance FAQs answered

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 help with any further questions. Alternatively for independent advice on secured loans, contact your local Trading Standards office or Citizens Advice Bureau. You can also contact the Financial Conduct Authority (FCA) on matters about Consumer Credit. www.fca.org.uk/site-info/contact. For any info about money matters you can go to www.moneyhelper.org.uk/

About Evolution Money and its lending partner, Evolution Lending Limited

Evolution Money Limited acts as a service provider to Evolution Lending Limited, and are authorised to advise you in connection with our second charge 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 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.

What is a secured loan?

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


Our secured loans start from £5,000 and go up to £100,000. Since Evolution Money is a responsible finance provider, every customer must meet our  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 3 years to 20 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 21 – 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/our-loans/secured-homeowner-loans/important-application-information-advice

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.moneyhelper.org.uk.

Warning: Late payment can cause you serious money problems. For help, go to moneyhelper.org.uk
Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (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 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.
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