Your questions answered

From £1,000 to £20,000, subject to status. Evolution Money is a responsible lender therefore Evolution Money Loans are subject to further checks and criteria being met by the applicant.

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

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

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. The mortgage is the first charge. If you have paid your mortgage off you may still qualify for a secured loan – speak to us, and see what your options are.

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

After the Credit Crunch, many lenders tightened their lending criteria, making it difficult for people with a less-than-perfect credit history to get a loan.However, one option open to them is to secure the loan against their property. Secured loans also allow people to borrow a large amount over a longer period of time, making the monthly payments more manageable.

We’ve tried to make the process as clear and simple as possible. You can find a full, step-by-step guide here.

You have to be between the age of 18 – 70.

By direct debit from your bank account.

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

The loan advance will be paid into your bank account.

We will take payment on your first pay date following completion
 of the 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.

Most secured loans have variable interest rates. 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.

We do not charge for a quote, and there are no upfront fees for our services. If you are successful in obtaining a loan, then there are is an acceptance fee as part of the services we offer which is a percentage of the loan we can provide for you.

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 loan early, the amount you will repay may be greater than the amount you originally borrowed.

It’s important to make all your payments on time as agreed, so that additional fees aren’t added to your account. If you are having trouble making your payments, or just think that you might, please contact us immediately 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.