33.87% APRC Representative Variable

Typical Example: Loan Amount: £7,540.00, Loan Term: 120 Months, Interest Rate: 26.82% PA (variable), Monthly Repayments: £196.17, Total Amount Repayable: £23,540.40. This example includes an Arrangement fee of £754.00 (10% of the loan amount) and a Servicing fee of £603.20 (8% of the loan amount). Read about our Rates and Fees.

Maximum APRC:  98.67%. Max rate figure is based on loan amount applied for, loan term and personal circumstances of applicant. Repayment periods: Secured loans: minimum 1 year – maximum 15 years.  We do not offer loans which require full repayment within 60 days or less.

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.
General Enquiries 0161 814 9158   New Applications 0161 814 9291
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Terms and Conditions

Home > Legal > Terms and Conditions

Loans processed by Evolution Money Limited are obtained and provided through Evolution Lending Limited.

Evolution Lending Limited is a company registered in England & Wales, registration number 06113307 and registered at 8 St. John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 709488.

Should you wish to obtain a secured loan with Evolution Lending Limited you will receive Loan Agreement documents to read, sign and send back to us, along with a copy for your own records to keep. Below is an example of the information you would expect to receive.

Loans are subject to checks and criteria being met by the applicant.

Warning
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on a mortgage or any other debt secured it.
Late payment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

Consolidating existing borrowing
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.

Renewal Loans for existing customers
If you are an existing customer then in order to qualify for a different loan rate with Evolution Lending Limited;
a) You must have had a loan provided by Evolution Lending for over 12 months.
b) You must not have missed any loan payments during your Evolution Lending loan term.
c) Your credit rating must not have been affected adversely at time of new application
e) You must have kept up with repayments with any other creditors.

Default interest and charges:
We may charge you default interest in accordance with Clause 10 of the Terms and Conditions of the Agreement. Interest will be applied for each day you owe the payment, unless that interest rate has been varied in which case the varied interest rate will apply. We can charge this interest even after we have obtained a court judgment against you. We may also require payment of our reasonable charges arising from late payment for (a) each payment reminder letter or document to which you are not otherwise entitled; ( b) each cheque, card payment, standing order or direct debit which is rejected, dishonored, stopped or otherwise not paid by you; (c) each visit that we have to make to you. Where known at the date of the Agreement, our costs for the above are, for (a) £10.00, for (b) £12.00 and for (c) £60.00 and otherwise as we will notify you. See also Clause 10(b) for our costs for enforcing the Agreement, which includes recovery of our costs or charges payable by us to third parties acting on our behalf.

Missing Payments:
Missing payments could have severe consequences and make obtaining credit more difficult. Where payments are missed we may take action to recover monies owed including but not limited to: Recording default information about the Borrower(s) with credit reference agencies; Taking court action against the Borrower(s); Seeking an Attachment of Earnings, Earnings Arrestment, Property Repossession or Warrant of Execution

Statement of Account:
You have a right (unless you entered into this Agreement for your business purposes) to receive, on request and free of charge, at any time during the period of this Agreement, a statement in the form of a table showing: a) the details of each installment owing under the Agreement; b) the date on which each instalment is due, the amount and any conditions relating to the payment of the instalment ; & c) a breakdown of each instalment showing how much comprise i) capital repayment, ii) interest payment, and iii) if applicable other charges. The information contained in the statement is valid only until the rate of interest is varied.

Your Right to Withdraw
Should you wish Evolution Lending to provide your loan, you will be sent a copy of the Agreement so that you may have at least a week to consider its terms before the actual Agreement is sent to you for signature. You should read it carefully. If you do not understand it, you may need to seek professional advice. If you do not wish to go ahead with it, you need not do so. If you decide NOT to go ahead with the Agreement you should inform us or, if you prefer, any supplier or broker involved in the negotiations. You can do this in writing or orally for example by telephone. If the Agreement arrives for signature and you have decided NOT to go ahead DO NOT SIGN IT. Then you will not be legally bound by the Agreement.

The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this Agreement was made. If they were not, the creditor cannot enforce this Agreement without getting a court order. The Act also gives you a number of rights:

You can settle this Agreement at any time by giving notice in writing and paying off the amount you owe under the Agreement which may be reduced by a rebate.
If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens’ Advice Bureau.
You have no right to cancel this agreement under the Consumer Credit Act 1974, the Timeshare Act 1992 or the Financial Services (Distance Marketing) Regulations 2004.

Supervisory Authority: The supervisory authority under the Consumer Credit Act 1974 is the Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS. Website: www.fca.org.uk. Telephone: 020 7066 1000. Email: consumer.queries@fca.org.uk.

If you signed this Agreement in Scotland: Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
Website: www.fca.org.uk. Telephone: 020 7066 1000. Email: consumer.queries@fca.org.uk.

Complaints procedure and Ombudsman Scheme: If you have a complaint you should write to us and we will endeavour to resolve it as soon as possible. If you entered into this Agreement for non-business purposes you have the right to refer any unresolved complaint to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR.
Web: www.financial-ombudsman.org.uk. Telephone: 020 7964 1000. Fax: 020 7964 1001.

IMPORTANT: USE OF YOUR PERSONAL INFORMATION

Credit decisions and the prevention of fraud and money laundering.
We may use credit reference and fraud prevention agencies to help us make credit decisions.
For full details, please telephone or write to us at Compliance Manager, Evolution Lending Limited,
9 Portland Street, Manchester, M1 3BE. General Enquiries: 0800 781 4095
Alternatively for more information please go to www.evolutionmoney.co.uk/legal/privacy-policy.

Definitions within the Loan Agreement Documents

In the Agreement

1.1 ‘We’, ‘us’ and ‘our’ mean Evolution Lending Limited.
1.2 ‘Loan’ means any money paid to you as a result of this the Agreement or any extension or amendment to it.
1.3 The ‘Debtor’, the ‘Borrower’, ‘you’ and ‘your’ means the customer with the loan agreement number
1.4 The ‘Agreement’ shall mean the Consumer Credit Agreement regulated by the Consumer Credit Act 1974 with the agreement number which a customer proposes to enter into with Evolution Lending Limited in respect of a secured loan.
1.5 The ‘Arrangement Fee’ means the Arrangement Fee specified in the Financial Particulars in the Agreement.
1.6 The ‘Servicing Fee’ means the Servicing Fee specified in the Financial Particulars in the Agreement.
1.7 The ‘Amount of Credit’ is the money paid to you as a result of the Agreement
1.8 The ‘Total Charge for Credit’ is the total of the Interest, ‘Servicing Fee’ and ‘Arrangement Fee’ shown in the Agreement.
1.9 The ‘Total Amount Payable’ is the Amount of Credit and the Total Charge for Credit as shown on in the Agreement.
1.10 ‘Default Notice’ means a default notice which may be served by us pursuant to Clause 11
1.11 ‘Account’ means the account that we open in your name and debit with the Loan, the Agreement Fee and the Servicing Fee
1.12 ‘Total Advance’ means the sums debited to the Account, being the Loan, the Arrangement Fee and the Servicing Fee

2. Proposed Credit Agreement Information
You should have read and understood the proposed credit agreement provided to you eight days prior to you receiving the Agreement. If you are in any doubt as to your liability and responsibilities under the Agreement or need to ask any questions relating to the Agreement you should contact us immediately.

3. Loan Agreement
We agree to lend to you, and you agree to borrow, the Amount of Credit shown on your Agreement, on the terms set out in the preceding pages of the Agreement and below. We will provide you with the Amount of Credit by the means stated on the Agreement
(a) We will open a loan account in your name and debit it with the Total Advance. We will debit the account once a month with the interest owed by you. Interest at the Rate of Interest will accrue on a daily basis on the debit balance standing on the Account, or as varied and notified by us to you in accordance with Clause 3(b).For as long as you owe any money to us under this Agreement, you shall make the Payments on the Payment Dates.
(b) We may from time to time increase or reduce the Rate of Interest after giving you 14 days’ written notice. We may give affect to any such increase or reduction by increasing or reducing the length of the Duration of Agreement or the size of the Monthly Payments or both.
(c) We will not, without your consent, change the Payment Dates without giving you two months’ prior written notice. Any change, at your request, in the Payment Dates shall be at our absolute discretion.
(d) You may close the loan account at any time by paying to us:-
(i) The balance of the outstanding balance under the agreement which would have been payable under the Agreement if early settlement did not take place (taking into account any variation in the APR prior to the settlement date)
(ii) plus interest accrued but not yet applied to the outstanding balance under this agreement.
(iii) plus any other amounts due but unpaid under this Agreement, including any payable under Clause3(e)
(iv) less a rebate calculated under the terms of the Consumer Credit (Early Settlement) Regulations 2004.
(e) You hereby authorise us to debit the Account with all reasonable costs we incur in respect of breaches by you of the Agreement, including legal costs, court fees, and bank charges on returned cheques or direct debits, costs incurred in tracing you if you have changed address without notifying us, writing letters, making telephone calls or additional personal calls to your home.

4. Arrangement Fee
In order to ensure as far as possible that you will be able to meet your obligations under the Agreement, we will review your income and expenses, including any current indebtedness and other outgoings. The ‘Arrangement Fee’ will be charged to you by being debited to the Account.
We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, which will be stated on the Agreement.

5. Servicing Fee
To set up and maintain your account on our I.T System and provide credit counselling should your account go into arrears. The ‘Servicing Fee’ will be charged to you by being debited to the Account. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, which will be stated on the Agreement.

6. Security and Disbursement
You shall execute the Security to secure the money owed by you to us under the Agreement. The charge constituting the Security is a legal charge on your entire estates and interests in the Secured Property subject to the rights of any prior mortgagee, and has been given to you for execution together with the Agreement and the terms of the Security are accordingly embodied in and form part of the Agreement.

7. Payment by you
a.) You agree to pay us the Total Amount Payable by the instalments and at the times shown in the Agreement.
b) It is essential that you make all payments in full and on time (see clauses 10 and 11).
c) We will not, without your consent, change the payment dates without giving you two months prior notice. Any change, at your request, in the payment dates shall be at our absolute discretion.

8. Change of address
We will send you all notices, information and statements to your address shown in the Agreement. You must let us know, in writing, within seven days of any change of your address or name.

9. Interest
Interest will be calculated on the daily outstanding balance on your Account and applied to your Account on each payment date.

10. Default interest and charges
a) If you fail to pay us any amount you owe us under the Agreement by the due date we may, in addition to our other rights, charge you default interest on that amount both before and after any judgment. The interest rate stated on the Agreement will be applied for each day you still owe the payment, unless that interest rate has been varied in which case the varied interest rate will apply
b) You agree to pay to us any costs and charges shown in this agreement, which may become payable by you, and our reasonable legal and other costs for enforcing this agreement, including any payable to third parties acting on our behalf.

11. Our right to demand earlier payment
We will be entitled to assume that you refuse to comply with the terms of the Agreement and to demand payment of the outstanding balance under the Agreement, after giving you a Default Notice, if:
a) you break any of the provisions of clauses 7 or 8 of this Agreement;
b) you provided false information when entering into this Agreement;
c) any of the following happens:
(i) a statutory demand (that is, a written demand for payment of a debt of at least £750, which, if not paid in full, may result in bankruptcy
proceedings being brought against you) is not paid in 21 days, or any steps are taken by you or anyone else to declare you bankrupt;
(ii) you take steps to enter into an arrangement or debt management plan with your creditors;
(iii) a bailiff or other officer controls or seizes any of your assets following a court order; or (iv) the landlord (if applicable) of your premises threatens, or takes steps, to seize or in any other way control any of your assets.
(v) The Security is or becomes unenforceable against you, or you fail to observe or perform any of the terms of the Security or any prior charge over the secured property;

12. General Information
a) In the Agreement “Act” means the Consumer Credit Act 1974; “outstanding balance” means the outstanding balance of the Total Amount Payable, plus all other sums which have become due by you to us under the agreement
b) If at any time we allow you to do something which is against any of the terms of the Agreement, this will not prevent us from insisting that you follow the terms at any later time.
c) If two or more of you have signed the Agreement as the Borrower, you are liable jointly and severally, that is together as well as separately under the Agreement. This means that either of you can be held fully liable for the obligations of the Borrower under the Agreement.
d) If you discharge part of your indebtedness under the Agreement early we may, by written notice to you, vary the amount of the remaining instalments or the remaining duration of the Agreement, which may also automatically result in increasing the APR.
e) You may, at any time, request us to communicate with you by email. You must then provide us with an email address and provided we are practically able to do so, we will send you statements, documents, notices and letters (other than default notices) by email. It shall be deemed effective service if we write to you or email you at your address or email address last known to us.
f) We may transfer our rights and responsibilities under the Agreement to another person. This will not take away any of your rights or responsibilities under the Agreement. You may not transfer any of your rights or responsibilities under the Agreement to another person.
g) English law will apply to this agreement. If you entered into the Agreement in Scotland, words that are not in current use in Scotland will have their nearest equivalent meanings.
h) The Agreement will only come into force if and when you and we, or our authorised representative, have signed it.

13. Rights of other people
Nothing in the Agreement gives any person, other than you or us (or anyone who takes over from us or any person to whom we have transferred our rights under the Agreement), any rights under the Agreement.

14. Continuing credit searches
In order to obtain up to date information about your financial circumstances we may carry out periodic credit searches on you both before and after you enter into the Agreement.

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

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We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
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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.

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