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Frequently Asked Questions Home > No Guarantor Loans > Frequently Asked Questions
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Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

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We would love to tell you from time to time about offers and special deals on loans, insurance products and utility services which may save you money.

If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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Marketing Contact preferences - Our partners:

We would love to tell you from time to time about special offers and deals from our carefully selected partners.

If you're happy to be contacted by them please click the boxes to tell us how our partners can get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

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Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

If you agree to our Fair Processing Notice and want to continue to the next stage - click Agree.

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No Guarantor Loans FAQ

Applying for an unsecured loan without a guarantor can often prove difficult as some lenders are not willing to provide a loan for individuals unless co-signed by someone else. In that case, the lender may ask for your guarantor to make payments if you miss any, or if it becomes unaffordable. A no guarantor loan from Progressive Money means you don’t need to ask someone else to be a guarantor for you and take on that financial responsibility.

As specialist direct lenders we may be able to offer you an unsecured loan regardless of past missed payments resulting in a bad credit rating and without the security of a guarantor. We take time to understand individual situations and strive to offer a range of personal unsecured loans to our customers even if you have not been accepted for a loan elsewhere.

If you are looking for further information on no guarantor loans and haven’t found the answers you need on our main no guarantor loans page, take a look at this extra section covering more of the frequently asked questions regarding no guarantor loans.

If you still need some clarification after browsing the Progressive Money website and further FAQs, you can contact our expert advisors on 0161 814 9383. They will be happy to answer any questions about applying for a no guarantor loan.

What are the advantages of a no guarantor loan?

A no guarantor loan has some advantages over other types of personal loans, due to not everyone having a friend or family member available to co-sign for the loan. With a no guarantor loan, you don’t have to share your financial responsibility.

A no guarantor loan may also allow you to gain some financial independence and begin to improve your credit score by making affordable monthly payments on time.

What is a soft search?

A ‘soft search’, also known as a ‘quotation search’, leaves a soft footprint on an individual’s credit file rather than a hard footprint which can affect an individual’s credit score. At Progressive Money, we carry out a soft or quotation search on every application as part of our loan eligibility checks so that we can make the best credit decisions.

Applying for our no guarantor loan will not affect your credit score so you can have the freedom of shopping around for the best deal. A ‘hard search’ or a ‘full search’ will only be completed once your initial application has been accepted by Progressive Money. This will leave a hard footprint to inform other lenders that you have made a full credit application, which will affect your credit score.

This hard search will only be completed once you have your no guarantor loan approved and your agreed loan amount is ready to be transferred to your bank account.

Are there fees included with a no guarantor loan?

If you apply for a no guarantor loan from Progressive Money, or any of our other loans, you are not required to pay an initial or upfront fee.

However, if your loan application is accepted and you would like to progress the application, with the loan there are two fees applicable. Firstly, you will be charged a £390 administration fee which covers the costs of setting up and providing the loan. The second fee is an acceptance fee of 10% of the loan value.

There are options regarding the payment of the two fees. They can either be included in the loan and paid back as part of your monthly repayments, which will result in borrowing more and therefore an increase in interest and the total repayments owed, or you can pay the fees as a one-off payment.

Am I eligible for a no guarantor loan?

Before applying for a no guarantor loan with Progressive Money you will need to meet the following criteria:

  • Aged between 18 and 70 years.
  • Employed or self-employed.
  • A homeowner not a tenant.
  • Live in England, Scotland, or Wales.

Progressive Money is unable to promise a no guarantor loan until we have reviewed your current circumstances and affordability. However, we do try to offer a loan solution despite previous bad credit or more complex circumstances, ensuring we look at more than just your credit rating.

What documents are required to apply online?

The information that you provide Progressive Money when applying online will be checked for verification through 3rd party companies, i.e. credit reference agencies.

Before starting an online no guarantor loan application, you will need:

  • Your address history from the past three years.
  • Your bank account and sort code number.
  • Your online banking login details.

It takes around 20 minutes to receive your pre-contract documents and if successful we will hold your quote for 30 days.

Once you have passed the online checks, we will then require 30 consecutive days’ worth of bank transactions from all of your currently active bank accounts. They will be reviewed to assess your income and expenditure in order to determine whether the requested loan is affordable for you.

We may ask for further documents or information to support your loan application, but you will only be contacted as and when necessary.

How do I send you my bank statements?

When you have completed and passed our online checks for a no guarantor loan we will then ask for your bank statements. There is an option to upload your bank statements to the online loan application or you can email them to customer.service@progressivemoney.co.uk

How long does it take to receive my no guarantor loan?

Although we cannot make guarantees as each case is different, we do aim to release the loan amount to your bank account within 72 hours. After you have successfully completed the online application and checks, Progressive Money will then carry out some final reviews using your bank statements and if there is not a need for further documentation from you then you could receive your no guarantor loan within 3 working days.

Can I make overpayments to my no guarantor loan?

Progressive Money allows overpayments to be made when paying your monthly repayments. The extra amount will be taken from the total owed resulting in the length of the loan being shortened. Your contractual repayment, the amount agreed with us, will stay the same until you have paid off the full loan amount.

If you are in arrears with your monthly repayments, then any overpayments will be used to bring your arrears back up to date.

Will I be charged for paying my loan off early?

Unlike some other lenders, we allow our customers to pay their loans off early if they wish.

Details of the payment to settle the loan must be requested by speaking to our Relationship Management team. You can easily contact the team at this email address: collections@progressivemoney.co.uk.

What happens if I miss a monthly repayment?

If payments are made after the agreed due date, Progressive Money may charge daily interest on the outstanding balance amount until we receive your payment. Any missed monthly payments may result in a £12 collections charge. If you have any repayment difficulties, please contact us straightaway as we may be able to help.

Details on further charges due to the cost of collecting arrears can be found in your loan agreement. It is also important to note that any missed repayments will be visible on your credit file and could result in difficulty obtaining credit in the future as it can affect your overall score.

If you fail to make payments on your no guarantor loan Progressive Money may take legal action in order to recover the payments owed. This action could include a County Court Judgment (CCJ), an Attachment of Earnings Order or Charging Order on your property. A Charging Order means the debt owed to us is effectively secured against the property you own and must be repaid if the property is sold before any proceeds are received by you. This may happen only in extreme cases and would have to go through a court process.

We are an award-winning lender and appeared in the FastTrack 100 in 2016 and 2017.
Our application process is simple to make sure your loan application is not a confusing process.
We specialise in loans for people who may have been declined credit in the past.
What our customers say...
4-5/5of customers are happy with our service
"Fantastic, quick service and excellent customer service. Would recommend totally."29/01/2019
"Very helpful on the phone, didn't get passed through to all different departments."25/01/2019
"Very effective and straightforward."24/01/2019
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Progressive Money is an Award Winning UK finance company with thousands of happy customers!

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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!

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