Product Information
APR stands for Annual Percentage Rate of charge. It is the amount of interest you’ll pay on your personal loan, along with other charges such as arrangement fees. It also helps you compare the cost of borrowing between different lenders.
A representative APR means that over half the people who’ve taken out a loan of a particular size from a lender have been given this rate.
Repayments on personal loans are made monthly.
We’ll base your monthly payment date on the day your loan begins, for example if you get your personal loan money on the 10th, the first repayment will be due on the 10th of the following month and so on. If your monthly payment is due on a weekend, then we will take payment the following working day.
You can change your loan repayment date, after we've taken your first payment, using our online form. Changing your payment date may increase the amount of interest you'll be charged.
No, we don't charge arrangement fees for our personal loans.
Yes, the interest rate on your personal loan doesn't change. It's always the same as it was on the day you took out your loan.
No, the personal loan is unsecured, which means we don't need anything as security against the loan.
People use personal loans for all kinds of reasons, such as:
- Home improvements
- Buying a car
- Paying for a wedding
- Taking a special holiday
If you can't see your reason for applying on our application form, simply select 'Other'.
If you're thinking of borrowing to sort out any existing debt you have, you might want to check out our 'dealing with debt' guide first, as there could be a better option open to you.
If you’d like to talk to someone about money worries, please get in touch with our Financial Care team on 0800 141 2261.
If you know in advance that you might struggle to make a repayment on your personal loan, please get in touch with us right away. We know things don’t always go smoothly in life. We don’t want to add to your stress, and we’ll do everything we can to help you through.
Missed or late payments on your personal loan can result in:
- Extra interest charges (You can find information about those in your loan agreement)
- Court proceedings leading to an order to pay us back (called a Judgment) as well as extra interest and charges
We don’t want it to come to this for any of our customers. But if we don’t hear from you, we have to take measures to get the money back and will mean it’ll cost you more. It could also have a negative effect on your credit rating, which could cause problems if you need to borrow again in the future.
Always remember, we’re here to help in any way we can. If you’re worried about your repayments for any reason, please get in touch.
If you’ve changed your mind and don’t want the loan anymore, you can end it. Our legal way of saying this is, you want to withdraw from your Loan Agreement.
You can only do this within the first 14 days from the day after we send your money to you. You must pay back all the money, interest and any charges within 30 days from when you tell us you want to end it. So if you get your money on the 1st March, you have until 15th March to end it. If you tell us on the 15th March you want to end it, you have to pay us back by the 14th April.
You’ll still need to pay your usual monthly payments, until you’ve paid all the money back. This helps to reduce the total amount you have to pay us.
Absolutely! You have a couple of options if you want to apply for another loan with us:
Option 1
- Apply for a new separate loan, which would mean that you have two separate repayment amounts and dates
Option 2
- Combine your existing loan with a new one and apply for a new loan for the higher amount
- Remember that there will be an early repayment charge when you do this, so find out what that will be and factor it into your planning
- You will end up with one loan which means you will have one monthly payment and one total repayment amount
It's important that you keep up existing repayments until your new application is approved and the money has been transferred to you.
You can apply for a personal loan, or check your eligibility, on the Virgin Money Mobile Banking app:
- Tap the Discover icon at the bottom of the app
- Select the Products tab
- Then choose 'Personal loans'
Or you can apply online here.
You'll need the sort code and account number of your current loan, which you can find through your internet banking or Virgin Money app. You can also get in touch with us.
We can use the money you have in your Virgin Money current or savings accounts, to pay back all or part of what you owe us on this loan.
This is called our right of set-off. We won’t do this lightly and we’ll always let you know promptly after doing it.
When you apply for a Virgin Money personal loan, we need to check that the person applying is who they say they are, so we know we're processing an application for the right person, and to prevent money laundering.
If we need to request some more information as part of your loan application, we will send you an email and we may ask you to upload some additional documents to verify your identity.
We've partnered with Mitek, an identity verification service, and they will check your details and verify your identity. Once this has happened, we'll continue with your loan application.
You can change the repayment date for your loan after we've taken your first payment using our online form.
Changing your repayment date may impact the amount of interest you'll be charged.
Before You Apply
If you need support with your application or you are unable to use the mobile app to apply, then we are here to help, please get in touch – Contact us
Before you apply for a personal loan in the Virgin Money Mobile Banking app or via an online application, you will have the option to check your eligibility with no impact on your credit score.
Once you've applied for a personal loan, we try to give you an immediate online decision. If we can't do that for any reason, we'll let you know the result within two working days.
You won't be able to apply for a personal loan online, please get in touch with us and we will help with your application.
It'll help you get through your personal loan application faster and more accurately if you have:
- Your contact details and all your addresses from the past three years
- Details of your employment (if you are employed)
- Your income and expenses
- Your bank or building society details
- Photo ID such as your passport or driving licence
Absolutely! We can provide your personal loan documents in large print, braille or audio formats - get in touch with us on 0800 707 6471 for more details.
A debt consolidation loan could be a good option if you have lots of credit commitments and are finding it difficult to keep up with repayments. For example, you may owe money on more than one credit card, store card, overdraft or existing loan. With a debt consolidation loan, you borrow enough to pay off your existing debt and pay what you owe to one lender.
If you’re thinking of borrowing to sort out existing debt, it's important to consider your options before making a decision.
You might want to check out our 'dealing with debt' guide first.
If you’d like to talk to someone about money worries, please get in touch with our Financial Care team on 0800 141 2261.
Used carefully, a debt consolidation loan can help to make things easier. The benefits can include:
- Depending on the rate offered, you may pay a lower rate of interest than what you're currently paying. If you are eligible for a loan with a lower interest rate, this could save you money
- Making a single monthly repayment each month makes it easier to stay on top of what you owe, and reduces the risk of missing a payment. Keeping up with your repayments is a good way to protect your credit score
- Instead of owing money to multiple lenders, you'll only deal with one lender
With any loan, it's important to be aware of the full picture before making a decision. Here are some key things to be aware of if you're considering a debt consolidation loan:
- The interest rate on the loan you are offered may be higher than the interest charges on your current debts, so it's important to check this
- Make sure you are aware of any additional costs, such as early repayment fees on existing loans
- Depending on the types of debt you have, your overall monthly repayment might also increase if you consolidate a debt where you previously only paid interest (for example, on an overdraft). This is because you’ll now be paying off the original amount of the overdraft instead of just interest
If you've cancelled the Direct Debit for your loan and would like to set up a new one, please get in touch with us.
Completing Your Application
You can use any personal current account for your loan Direct Debit.
You can't use a business or savings account to pay back a personal loan.
Yes, as long as you complete your application within 28 days of starting it, you can click or tap the 'Save and Exit' button as often as you need to.
You can get back to your application here.
No. We only accept sole customer loan applications.
If you're specific job/occupation isn't listed on the loan application, choose the one that matches best.
If you own 25% or more of a business, and have done for more than two years, we think of you as self-employed. We’ll need proof of your income, which means we’ll need to see:
- Three years of full accounts (audited or non-audited) — no draft copies, please!
OR
- 2 years of full accounts (audited or non-audited), along with a projected third year from your accountant.
We’ll send all your documents back by first class post.
We’re sorry, but if you’ve been self-employed for less than two years you can’t apply for a Personal Loan, unless your current profession is related to your previous one.
Yes, you can. An apprenticeship counts as a fixed-term contract for the purposes of applying for a personal loan, so that’s what you should tell us on your application. But before you start, think about how you would cover repayments if your apprenticeship was to end before the final repayment is due.
This usually means children under 16 (or under 18 if they’re still in full-time education), but it can be anyone you have a legal duty to support.
We need to know about your income and expenses so we can work out whether you can afford the loan you’re asking for.
We need to know:
- How much you earn, before tax each year. You can include your salary plus any pensions, allowances, regular overtime or commission payments and any additional income for example any rental income
- How much you spend each month on mortgage or rent, personal loans, credit cards and any hire purchase agreements
You might be aware of some life events that are likely to affect what you earn or what you spend each month. This could be reduced working hours, a change of job, maternity leave or retirement. Maybe you’re planning to buy a new car in the not-too-distant future. There’s a section on your application form where you can tell us about those. It’ll ask you if your financial circumstances are likely to change. Just click or tap ‘yes’, then fill in the details it asks for. Easy!
When you apply for a Virgin Money personal loan, we need to check you are who you say you are. This helps us process the application for the right person, and prevents money laundering.
If we need to request some more information as part of your loan application, we will send you an email. We may also ask you to upload some additional documents to verify your identity.
We've partnered with Mitek, an identity verification service, and they will check your details and verify your identity. Once this has happened, we'll continue with your loan application.
Yes, you can ask for a new one time passcode online by logging on to your saved loan application and using the 're-send passcode' link under the box where your passcode should go.
If the One Time Passcode didn't work to get back into your saved loan application, we'll help you sort it out, please get in touch with us.
Our Decision
After we have your loan agreement confirmed, we'll send your money. This will usually be within 2 hours or by the end of the next working day at the latest.
This does mean that there's a small chance you could be charged some interest before you receive your money. This is because interest is charged from the first day of your loan, not when it arrives in your account.
Credit scoring is how we decide whether you’re likely to pay the loan back. It’s based on your credit history, your income and the amount you spend each month. Essentially, it’s all about statistics: our scoring system allocates a certain number of points to the details you provide in your application, which is why it’s important to be absolutely accurate. We also look at your bank account(s) and ask a credit reference agency to create a historical report of your credit activities. The result is a score that helps us decide whether or not to lend to you.
We'll send email or text updates about your loan application, to the contact details you gave us. Please check your junk mail or spam filters.
If you don't hear from us within 2 working days, please get in touch with us.
Our loan calculator or advertising shows an example of the representative interest rates available. We can only give you a specific rate once we’ve received your loan application and reviewed your individual circumstances.
As part of a personal loan application, we’ll look at your credit rating before we make a decision, but it’s not the only thing we think about.
We also consider factors like:
- Existing and/or previous borrowing or finance agreements and how you’ve handled them
- How often you’ve applied for new credit
- The amount you’ve asked us for, and the time you have to pay it back
- Monthly income and outgoings
- How you’ve managed any accounts you have with us
Those are just some of the things we consider. We want to make sure you can afford the loan, as a responsible lender we don’t want to put you in a situation where you’d end up with bigger financial problems in the long term.
What that means is that it’s difficult to say why your application wasn’t successful. But it might help you to ask our credit reference agencies — Experian and TransUnion (formerly CallCredit) for copies of the information they have about you. You have a legal right to a free copy of their reports, and it makes good financial sense to check them to make sure all the information is correct. If there are any errors on your report, get in touch with them immediately - they could be having an effect on your credit score.
If you think there are special circumstances related to your application that should make us think again, please get in touch with us.
You can edit your loan details during your application within the 'review your details' page.
If you'd like to change your loan details after you have submitted your application, you will need to get in touch with us.
Saved Applications
Just go to the personal loans page and select ‘Finish my application’. You’ll be asked to verify your details and enter the passcode we’ve sent.
Yes, you can ask for a new passcode online by logging on to your saved application and using the ‘re-send passcode’ link under the box where your passcode should go.
If your passcode didn't work properly, call 0800 707 6471 and we’ll help you sort it out.
Existing Customers
You can register for internet banking for your personal loan either:
- At the end of your online application - you will be prompted to register
- Once your application has been approved - you will receive an email from us which will have a link on where you can register for internet banking
- If you are an existing customer who has not yet registered, you can register here
The quickest way to check the balance of your personal loan is through internet banking.
If you’re already registered for internet banking, you can login to check your balance.
If you haven’t yet registered, you can register here.
Please note that any balance viewed online will not include accrued interest, this only updates monthly.
You can find out in minutes how much it will cost to pay off your personal loan early, using our online form.
We'll need a few basic details to help us locate your account, then we will send you a text message which contains your settlement figure. The settlement figure is valid for 28 days.
The easiest way to pay off your loan is to make a transfer from any bank account, using your loan's sort code and account number. For other methods, please get in touch with us.
You can change the bank account your Direct Debit comes out of, or your loan payment date using our online form.
Simply provide us with a few basic details to help us locate your account, then we’ll make the changes requested.
We will deal with your request immediately, however it takes up to 14 days to change your Direct Debit account details, and up to 10 days to change your loan payment date. If your next loan repayment is scheduled within either period, your changes won't take effect until the following payment date.
You can find this out by calling our contact centre on 0800 707 6471 phone or visit your local branch.
You’ll need to apply for a new loan to do this.
The way it works is that you apply for a new loan for the higher amount. So, for example, if you owe £3,000 now and you want another £1,500 you’ll apply for £4,500.
We’ll then assess your new application. If it’s successful we’ll process the application and automatically repay your existing loan, putting the balance that’s left in your account. It’s important that you keep up existing repayments until your new application is approved and the money has been transferred to you.
You can do this online. You’ll need the sort code and account number of your current loan, which you can find through your internet banking or Virgin Money app, or by calling our support team on 0800 121 7365.
If the amount you want to borrow is £7,500 or more, and less than 50% of it is for debt repayment with us, you might be able to extend the repayment period over six or seven years.
That’s totally up to you if you want to pay your loan back early, we like to keep things flexible so if you want to you can:
Pay everything
If you are looking to pay back your full loan, you will have to request a settlement figure for your full loan balance – this will include any additional charge for interest. You can request a settlement figure using our online form. Any early payments will be subject to an interest charge (up to a maximum of 58 days' worth).
Reduce your monthly payments or reduce your loan term
Depending when you took your personal loan out, you may be able to reduce your monthly payments or reduce your loan term. If you aren’t sure how that works out for you please get in touch with us.
The easiest way to pay off your loan, or make an extra payment, is to make a transfer from any bank account using your loan's sort code and account number. For other methods, please get in touch with us.
If you've cancelled the Direct Debit for your loan and would like to set up a new one, please get in touch with us.
To find out how long you have left to repay your personal loan, please get in touch with us.
Payment holidays may be available to support you if you are experiencing a short term issue making repayments to your personal loan.
If you applied for your loan after 30th May 2024 you may be eligible for a payment holiday. Unfortunately if you applied prior to this date, you are not eligible for a payment holiday.
You can get in touch with our Financial Care team on 0800 141 2261, and we'll be able to explore your options.