Evolution Money Secured Loans

Evolution Money and Adverse Credit

Evolution Money is specifically designed for borrowers who have experienced financial difficulty and may not qualify for mainstream secured lending. This includes applicants with County Court Judgements, satisfied or unsatisfied defaults, missed mortgage payments, arrears and those who have previously been through an Individual Voluntary Arrangement or debt management plan.

The lender's underwriting approach is deliberately manual and personal, which means that applications are reviewed by experienced underwriters rather than processed through automated systems that reject cases based on credit score alone. This allows Evolution Money to take into account the context behind any adverse credit, such as a one-off event like illness, redundancy or relationship breakdown.

Because each case is reviewed individually, borrowers are encouraged to provide a clear explanation of any adverse credit events as part of their application. A well-presented case that tells a coherent story and demonstrates that the borrower's situation has stabilised will generally receive more favourable consideration than one where the adverse credit is unexplained.

Evolution Money primarily lends on residential properties and focuses on second charge mortgages rather than first charge products. The maximum LTV and available loan sizes will depend on the credit profile, the property valuation and the borrower's income and affordability.

Debt Consolidation with Evolution Money

Evolution Money has built a particular specialism in debt consolidation second charges, where borrowers use the equity in their home to repay multiple unsecured debts such as credit cards, personal loans and store cards. For borrowers with adverse credit who are struggling with high monthly outgoings, this can be an effective way to reduce monthly costs and simplify debt management.

It is important to understand the risks involved in debt consolidation using a secured loan. Moving unsecured debt onto a secured loan means that your home is at risk if you fail to keep up repayments. Additionally, extending the repayment period over a longer term may mean you pay more interest overall, even if the monthly payment is lower. A regulated broker must discuss these risks with you before recommending a consolidation loan.

Evolution Money's personal underwriting approach is particularly well suited to consolidation cases where the borrower has a complex mix of adverse credit and existing unsecured debt. The lender can assess the full picture and make a decision that reflects the borrower's genuine ability to manage the new consolidated payment going forward.

Evolution Money Secured Loan Rates and Terms

Evolution Money secured loan rates are determined by the risk profile of the application, including the severity and recency of any adverse credit, the loan-to-value ratio and the borrower's income. Rates typically fall in the range of 10% to 20% per annum, with more competitive rates available for lighter adverse credit and lower LTV ratios.

Loan terms and maximum loan sizes are set according to the product range and the individual application. Evolution Money offers both fixed and variable rate products, and borrowers should consider carefully which suits their circumstances. Fixed rates provide certainty over the initial period, while variable rates may offer a lower starting point but carry the risk of future rate increases.

As a second charge mortgage lender, Evolution Money's products carry all of the regulatory protections associated with regulated mortgage contracts, including the requirement to provide a personalised illustration and a reflection period before completion.

Applying for an Evolution Money Secured Loan

Evolution Money lends through FCA-regulated brokers and does not accept direct applications from borrowers. Using a broker who has experience with adverse credit second charges and who understands Evolution Money's criteria will give you the best chance of a successful application.

Your broker will collect the information needed to assess your case, including details of your income, existing debts, credit history and the property against which the loan will be secured. They will then approach Evolution Money and other suitable lenders to identify the most appropriate product for your circumstances.

The application process involves an income and affordability assessment, a credit search and a valuation of the property. Evolution Money's underwriters will review the full case and may request additional information or documentation before making a lending decision. Timescales will vary depending on the complexity of the case but can typically range from a few weeks to around six weeks from application to completion.