Virgin Money Personal Loans (UK) – How to apply

Virgin Money Personal Loans (UK)

Virgin Money Personal Loans – Virgin Money offers secured personal loans between £20,000 up to £500,000 with no up-front fee. Repayment period up to 7 years.

Virgin Money brand (formerly Virgin Direct) was founded in 1995 by Sir Richard Brandson.

In 2019, the Court of Session in Edinburg approved the transfer of Virgin Money business to Clydesdale Bank PLC, who is the current owner.

Virgin Money Financial Services

The lender’s head office is located in Jubilee House in Newcastle. The Virgin Money offers the following financial services:

  • savings
  • pensions
  • credit cards
  • business accounts
  • mortgages
  • insurance
  • investments
  • travel money.

Virgin Money personal loans can be used to pay school fees, medical bills, and making investments. The lender prides of extending their services to London, Bromley, and Enfield- where they have established branches. The lender offers homeowner loans (secured) and Personal loans (unsecured).

Virgin Money Personal Loans Requirement

Homeowners can borrow a secured loan to put up their homes or buy an asset. Customers who have virgin money mortgages are eligible to apply for secured loans. Before applicants apply for loan, they can use the personal loan calculator tool on the website to calculate the interest rates.

Applicants of Virgin Money personal Loans must produce the following documents before they are served at the respective branches:

  1. UK Identity card
  2. Be of 18+ years old
  3. Residential address
  4. Proof of income
  5. Account details
  6. Pension award letter or payslip
  7. Proof of benefits if retired
  8. Collateral-preferably your home or other assets
  9. Banks statement (not often)-used to verify salary or benefits

Virgin Money Personal Loans Application Process

Before applying for a personal secured loan, it’s of the essence to think and plan carefully as defaulting will result in losing your home or asset. Customers who have existing loans can speak to mortgage advisers, who will examine their financial circumstances and advise them accordingly.

To apply, customers can use the apply button on a personal loan calculator tool or visit Virgin Money physical branch offices for guidance. Alternatively, an applicant can call a customer care representative and discuss their options via 0333 305 3767. Calls should be made during business hours- 8 am to 8 pm Monday to Friday, 9 am to 3 pm on Saturday, and 10 am to 3 pm on Sunday. Upon submitting a filled loan form, the application process takes between 13 to 16 days. The borrowed money is deposited directly into the applicant’s account.

Virgin Money Interest Rates

Members of Virgin Money can borrow a secured loan to a tune of between £20k and £500k without any up-front fee. However, the amount borrowed varies based on the value of the collateral and other financial circumstances. Customers who want to apply for loan can borrow online using the free personal loan calculator. The lender representative APR is 14.9% -although this is variable based on factors such as credit score, amount of income, and payment period. For example, if a customer applies for £90,000 over 4 years repayment period at an interest rate (APR) of 14.9% and 14.9% annual interest, the applicant will pay £245.80 per month.

Other charges

An administration fee of £199- this can be during the application or will be add to the loan.

Notably, if the fee is add to the loan, interest at the same rate of the loan will be charge.
Funds Transfer Fee (CHAPS) of £30 – when applicant wants funds to be sent to their nominated bank account (via CHAPS) and be available on the same day of loan approval.