Important Application Information

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COMPANY ADDRESS

EVOLUTION LENDING LIMITED
9 PORTLAND STREET
MANCHESTER
M1 3BE

LOAN APPLICATION INFORMATION

ABOUT EVOLUTION LENDING AND ITS LENDING SERVICING PARTNER, EVOLUTION MONEY LIMITED

Evolution Lending Limited is authorised and regulated by the Financial Conduct Authority under reference number 709488, which can also be verified by visiting www.register.fca.org.uk.

Evolution Lending Limited acts as a direct lending partner to Evolution Money Limited. Loan applications made through Evolution Money meeting the criteria are funded and administered by Evolution Lending Limited. Evolution Lending are authorised to directly lend second charge secured loans from £5,000 to £50,000. Head Office: 9 Portland Street, Manchester, M1 3BE

Evolution Money Limited is authorised and regulated by the Financial Conduct Authority under reference number 708324, which can also be verified by visiting www.register.fca.org.uk. Evolution Money will process all loan applications and manage the ongoing relationship to loan customers, meaning it is a member of the team at Evolution Money that you will speak to whenever you need to contact them. Evolution Money Limited is also a licensed credit broker which means it has been approved to pass information (with permission) on to other trusted lenders and brokers, should a loan application not meet underwriting requirements.

OWNERSHIP

Evolution Lending Limited and Evolution Money Limited and are both privately owned by the same parent company.

FEES AND REMUNERATION

If your application is successful, you will be required to pay the following fees.

On successful application – a Product Fee of 10% of the loan advance is charged if you have been referred to Evolution Money by an introducer (including associated companies). We will pay a fee for the introduction.

The Product Fee is payable by either:

i. The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, under the heading “Financial Particulars” on the front page of your loan Agreement.

ii. The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.

Also a Lending Fee is charged for assessing and processing your loan application. The fees charged are:

  • For loans between £5,000 to £9,999 = Lending Fee will be fixed at £499.00
  • For loans £10,000 + = Lending Fee will be fixed at £699.00

The Lending Fee is payable by either:

i. The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, under the heading “Financial Particulars” on the front page of your loan Agreement.

ii. The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.

If you repay in full the outstanding balance under your loan Agreement earlier than the period agreed, you may be entitled to a rebate for this fee. An explanation of how the rebate will be calculated can be requested by writing to us at the address detail above.

Where you opt to add fees to the amount you borrow you will pay interest on it under the terms of the loan agreement and it will be reflected in the calculation of the APRC.

Commission charged will not be offset against any fees. Evolution Money will receive commission from Evolution Lending Limited when you take out a loan with them to the sum of 10% of the loan applied for. You have the right to request from us information on the variation of levels of commission payable to us by other lenders who offer the type of product we are offering to you.

We believe in being open and honest about our loans. You can find a breakdown of our typical loan example on our website: https://www.evolutionmoney.co.uk/help-and-advice/breaking-down-our-loans

CONSEQUENCES OF A DEFAULT IN PAYMENT

Defaulting on your monthly payments could have severe consequences including potential repossession of your home. It can make obtaining credit more difficult and/or expensive in the future where the default is reported to credit reference agencies. Missing payments could also incur default charges.

PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU PAY

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

Annual Interest Rates ranging from 11.7% to 46.5% variable.

28.96% APRC Representative Variable : Typical Example: Loan Amount : £20950.00. Loan Term : 85 Months. Interest Rate : 23.00% PA (Variable). Monthly Repayments: £537.44. Total Repayment: £45,682.15– This example includes a Product fee of £2,095.00 (10% of the loan) and a Lending fee of £714.00.

*Loan must be paid back by 70th birthday

Maximum APRC: 50.00%