If you’re looking for a personal loan to make some home improvements, perhaps buy a new car, pay off a debt, pay for a wedding, or go on your dream vacation, Progressive Money personal loan is a good option.
Unlike traditional lenders, Progressive Money offers loans to those with a low credit score or short /no credit history. It’s basically the changing face of money lending business in the UK hence the name Progressive Lending. This is a reprieve for people with bad credit looking to get a loan. However, you have to prove your creditworthiness.
The not-so-great thing about getting a loan with bad credit is that you have to deal with high-interest rates. This is expected as the lender considers you a high risk. So in case you default on your loan, the lender will be partially covered.
You can borrow from as low as £1,000 to a maximum of £15,000. The payback period is usually 18 months to 10 years. Before your loan is approved, it goes through a series of online checks. And if you pass all them, you can have your money within 72 hours.
Who Can Apply For Progressive Money Personal Loan?
Here are a few requirements you need to meet;
- Be between 18 and 70 years
- Have a source of income (self-employed people may be asked for additional information)
- Live in the UK
- Be a homeowner, not a tenant
- Have a bank account
Representative Loan Example:
If you borrow a loan of £3,450 over a period of 36 months with an interest rate of 34.49% PA (fixed) and 61.91% APR, you’ll pay £177.65 in monthly payments. This means you’ll pay a total amount of £6,396.00 for the loan. Keep in mind; this amount includes an acceptance fee of £345 (10% of the loan) and £390 administration fees.
There are two ways to pay both fees; you can either pay the fees in your first repayment (one-off payment) or include it in your monthly payments. Of course, the latter will be expensive as you’ll pay a higher interest rate, and the total amount of repayment will be more as well.
You should also note that the lender charges a maximum APR rate of 76.73%. The rate usually depends on various factors such as loan amount, credit score and your financial circumstances.
You can contact Progressive Money via phone at 0161 814 9383 or email. You can as well visit their office at 9 Portland Street, Manchester MI 3BE.