Whether it is a special occasion, ceremonial function, a once-in-a-lifetime break, or a little more oomph in your home, you always need an ample amount of money. It is always not possible that you have enough money that you need to buy something. So when you don’t have enough money to fulfill your need, a personal loan is an ideal option to get immediate cash. There are both secured and unsecured loans available in the market with competitive interest rates. Virgin Money Personal Loan is one of the best options that offer secured personal loans.
They use collateral as the payment when the borrower doesn’t pay back the money as agreed. Virgin Money is the ideal place to neatly dot the i’s and cross the t’s. It is one of the best UK lenders that offer everything you need to top up your finance.
Features of Virgin Money Personal Loans:
Virgin Money personal loans start from £3,000 to £25,00 or as high as the amount of the equity in the mortgaged property. Applicants can borrow up to £2 million and 85% of their property value with Virgin Money Personal Secured Loans. However, if the borrower has a buy-to-let mortgage, they will reduce the maximum amount up to £1 million or 80% of the property value.
Their repayment terms range from 1 to 5 years and if you borrow a loan to repay an existing loan your payback terms can extend up to seven years. Moreover, borrowers with large amounts often make repayment up to 35 years. But the borrower with a buy-to-let mortgage can make repayments only up to 25 years.
One of the biggest advantages of Virgin Money Personal Loan is that they offer fixed rates, so your monthly payments remain the same throughout the loan terms. Their representative APR is as low as 3.0% for the loan between £7,500 to £15,000. For buy to let customers their rate is 4.99% plus 1%. Their maximum interest rate is 28.9%. Though they also apply extra charges like administrative charges of £199 and fund transfer fees of £30.
As a representative example: if you borrow a loan of £7,500 over 5 years, your APR will be 3.0% (fixed) on this. Your monthly repayments would be £134.65. You would have to repay the bank £8,078.47 in total.
Moreover, you can also repay your loan early or make extra payments to reduce the overall amount you owe. Make sure any extra payment will reduce the loan outstanding immediately, resulting in a saving in the amount of interest charged.
How to Apply?
It is easy and effortless to apply for a loan at Virgin Money. If you want to take a Virgin Money Personal Loan you can apply online directly on their site and get instant approval. Once your application is approved you will get money transferred into your account as soon as within 2 hours. Moreover, there are no hard or fast criteria to secure a loan at Virgin Money.
For further info or queries you can drop a line at 0800 707 6471 or +44 141 951 7320 from Monday to Friday 8 am to 6 pm and Saturday 9 am to 1 pm. They would love to help you.