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Frequently Asked Questions

As straightforward as possible

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.

What is an unsecured personal loan for homeowners?

A personal loan is an unsecured loan, meaning the borrower does not put up any collateral or security to guarantee the repayment of the loan. However in order to qualify for one of our loans you will need to be a homeowner and live in that property.

What information do I need to provide to apply for a loan through you?

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.

How do unsecured loans differ from secured loans?

A secured loan is called such because it is a loan that is ‘secured’ against your property. This means that your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. An unsecured loan does not have this condition.

My credit rating is poor - can I still get an unsecured loan?

Progressive Money are a specialist direct lender which means decisions to lend are not solely based on credit ratings and scores, we are able to look at a range of criteria to find a lending solution which is right for you and your personal circumstances, giving you more choice to make the right borrowing decision which suits your needs. Please remember – we will only ever lend money to someone who can afford the repayments.

How do I make payments?

By direct debit from your bank account.

How will I receive the money?

The loan advance will be paid into your bank account.

Does the loan have a fixed or variable rate?

Progressive Money Limited only offers fixed rate loans.

What happens if I don’t keep up repayments to the loan?

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. Please refer to Money Advice Service for more information.

Things to Consider When You Borrow Money

Borrowing money is a serious decision which deserves your time and consideration. Responsible borrowing can help you achieve certain goals and can improve your lifestyle, whereas reckless borrowing can cause serious financial problems. However an advantage of a loan could be to improve your credit score. If you have a less than perfect score, you can build the rating back up by keeping up with repayments on the loan which has been taken out.

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Representative 56.26% APR Fixed (Max APR 90.86%)

Representative Loan Example: Loan Amount: £4,000.00, Loan Term: 22 months, Monthly Interest Rate: 26.82% PA (Fixed), Monthly Repayments: £271.26, Total Amount Repayable: £5,967.70, This example includes an Acceptance Fee of £400 (10% of loan applied for) plus an Administration Fee of £390.

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.

Don't leave just yet!

Progressive Money is an Award Winning UK finance company with thousands of happy customers!

Award Winning

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!

0161 814 9283

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