Home Improvement Loans By Virgin Money Loans in the UK?
Home improvement loans: The home improvement loans are loans in which one can get money to make improvements in his/her home. In this loan, the applicant can repay the loan amount on fixed dates. These home improvement loans provide the loan without providing assets as collateral. Want to revamp the nest? From odd jobs to new grand designs, a home improvement loan could make it happen. One could borrow up to £50,000 over 1 to 5 or 10 years depending on how much he/she is borrowing. If approved, money will wing its way straight to the borrower’s account.
What Can Use A Home Improvement Loan For?
Whether it’s a new kitchen, loft conversion, new conservatory, garage conversion, or house extension, home improvements are a great way to change one’s living space to suit one better.
What To Consider Before Taking Out This Loan
Taking out a personal loan is an ongoing commitment so make sure one thinks about how the loan repayments will work with the future plans. Find out more about the home improvement loans below or by visiting the personal loans page.
Why Choose Home Improvement Loan From Virgin Money Loans?
- Members get a better rate if they’re accepted.
- If one is eligible and applies online, he/she could get the loan transferred to the account by the next day if approved, by digitally signing.
- They give an instant decision when one applies online.
- One can choose which day of the month to make his/her fixed monthly payment.
Before applying for a loan think about how much they borrow, how long one will need to repay the loan, and what the interest could cost.
How does This Loan Work?
A loan gives the money one needs upfront and lets spread the cost of paying it back. So whether it’s a special holiday, a car, or a new kitchen, this loan can make it more affordable.
These Loans are available to UK residents aged 18 and over. Interest rates will change depending on the loan amount, term, and individual circumstances. This is Subject to status. The maximum APR one could receive is 28.9% APR..
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They offer unsecured personal loans
This means that if they decide to lend money, it won’t be secured on one’s home, car, or other assets. One can then spend this money on the things one needs.
Available repayment periods
One can apply for a loan term from 12 to 120 months depending on the loan amount and purpose. Just remember that the maximum repayment time might be lower or higher for certain loan purposes.
Borrow exactly what one needs
They offer loans to cover costs big and small and one can be specific about the amount he/she needs, down to the pound.
How interest is charged
The interest rate may be fixed for the life of the loan. At the beginning of the loan, they work out the interest one will pay over the whole length of one’s loan and add this to the loan amount. they calculate the interest charge by applying interest at a monthly rate based on the APR to the balance of the loan, as reduced by one’s monthly repayments. They add this to the loan amount and then divide this total by the number of monthly repayments. The loan calculator will give an example of what it might cost him/her based on the loan amount and term. However, the interest rate they offer may be higher depending on one’s circumstances.
They are proposing to transfer banking business to Barclays
If one application is successful, the account is expected to transfer to Barclays soon. There will be no immediate changes to how one uses and manages his/her account on a day-to-day basis. Barclays will continue to use Virgin on all existing products through a long-term strategic partnership with Virgin Money Loans.
Eligibility For This Home Improvement Loan?
Check the eligibility before applying and then apply for a Virgin Money Home Improvement Loan in minutes. One can start a new application or continue with an existing application if he is an old client or borrower of the Virgin Money Loans. To be accepted for a loan one will need to:
- Applicants must be over 18 and should have lived in the UK for the last 3 years
- One must have an income and a UK bank or building society account
- One must have a good credit history, not be bankrupt, or have any County Court Judgments (CCJs) or decrees
How Soon One Can Get a Home Improvements Loan?
If one has been approved, he/she will receive some important documents within five days, which need to be checked, signed, and returned. If one applies online, he/she gets an immediate decision and, if eligible, can digitally sign a loan agreement. They will then use Faster Payments to send the money directly to the borrower’s bank account.