Manchester Call Centre
We specialise in personal loans for homeowners
Homeowner personal loans explained
A homeowner personal loan is an agreement that requires the applicant to show evidence that they are a homeowner; however, the loan remains unsecured against their property or any other assets.
This makes a personal loan an ideal option for those looking to borrow money at a competitive rate of interest, but who do not wish to put their property in any direct risk if they fail to make repayments.
Many banks and high street lenders uphold a strict lending criteria and may automatically discount personal loan applications based on a low credit score. In these cases, a decision is often made before taking a person’s current financial situation into account.
Before you apply for a homeowner personal loan through Progressive Money, have a read through some of our most frequently asked questions.
What can a homeowner personal loan be used for?
A homeowner personal loan can be used for almost any purpose. If you’re looking to obtain credit, our range of personal homeowner loans may be able to help you with:
- Home improvement
- Consolidating existing debts
- Purchasing a new car or motorcycle
- Wedding day funding
Do I qualify for a homeowner personal loan?
In order to apply for a homeowner personal loan through Progressive Money, you must meet the following criteria:
- Aged 18-70
- A homeowner
- Live in the UK
- Able to afford monthly repayments comfortably from your regular income
How much can I borrow?
Progressive Money offer personal loans for homeowners from £1,000 up to the value of £15,000.
How long do I have to repay my loan?
We offer flexible repayment periods up to 10 years, and our team of expert loan advisers can talk you through all repayment options available to you.
Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.
How much interest will I have to pay on my loan?
We believe in being completely transparent about all fees involved in your personal homeowner loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit score.
Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390.00 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.
Does negative equity matter?
We will not turn you away if you have negative equity in your property. Please be aware that we cannot guarantee your personal homeowner loan until we have reviewed your current circumstances and what repayments you can afford.
At Progressive Money, we listen to you. Your application will be individually assessed by your personal account manager, not by a computer. They will also be there for you from your first discussion, right through until the money is in your account. If you have any questions during your loan term, your personal account manager is always just a quick call away.
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Progressive Money Limited is a direct lender and licensed credit broker. If your application for a loan doesn’t meet the underwriting requirements of Progressive Money Limited or you wish to consider other lending options, we may with your permission, pass your information onto other selected third party lenders or brokers, including other group companies. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 690699. Registered with the Information Commissioners Office No. Z3414982.
