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See exactly what your repayments go towards Home > Help > Loan breakdown

Loan breakdown

We believe in being open and honest about our loans

We’ve broken down the Total Amount you repay for your loan so you can see what your repayments go towards – see below for a full breakdown of our Representative Loan Example:

Part Description Amount
Loan Amount The amount you borrow £5,000.00
Loan Term The period of the loan repayments 60 months
Monthly Repayments The amount you repay each month £212.82
Interest Rate Interest Rate charged on your loan 42.57% PA (Fixed)
Interest APR Interest charged on your loan 56.50% APR
Total Amount Repayable Total amount you repay £12,769
This example includes an Acceptance fee of £500.00 (10% of the loan amount) and an Administration Fee of £390.00.

LOAN EXAMPLE IS INCLUSIVE OF AN ACCEPTANCE FEE WHICH IS 10% OF LOAN APPLIED FOR. ON A SUCCESSFUL LOAN APPLICATION, FEES ARE PAYABLE TO PROGRESSIVE MONEY LIMITED, BROKERS OR OTHER GROUP COMPANIES. AN ADMINISTRATION FEE (INCLUDED IN LOAN EXAMPLE) OF £390 IS CHARGED AND PAYABLE TO PROGRESSIVE MONEY.

Loan example is inclusive of an Acceptance Fee which is 10% of loan applied for. Fee payable to Progressive Money Limited. The Acceptance Fee will be charged to you when you have been referred to us by an introducer, including associated group companies, we will pay to them a fee for the introduction.

Administration Fee

An Administration Fee of £390 will be charged and is payable to Progressive Money for the relationship management services we will provide in managing your account. This will include:

  • Affordability and sustainability assessment to ensure that you will be able to meet your obligations under the loan Agreement.
  • Processing costs and legal fees incurred in accepting the loan Agreement
  • Payment processing
  • Account monitoring and periodic review of credit bureau performance
  • Setup and maintenance of the agreement on our IT system.

Loans for existing customers

If you are an existing customer, then in order to qualify for extra funds with a different loan rate with Progressive Money Limited;

  • You must have had a loan provided by Progressive Money for over 12 months.
  • You must not have missed any loan payments during your Progressive Money loan term.
  • Your credit rating must not have been affected adversely at time of new application.
  • You must have kept up with repayments with any other creditors.

Not secured on your property

Progressive Money personal loans are unsecured loans and are not secured on your property, however, to qualify you will need to be a homeowner living at that address. But please remember, 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 which could include applying to place a charge on your property, so any outstanding loan payments would need to be paid once your property was sold, affecting the amount of money you receive from the sale.

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