Virgin Money Loans
  • Flexible repayment terms
  • Account Holder benefits
  • Joint loan option
  • Same-day funding for current account holders
  • Additional borrowing
  • Instant decision-making
  • Competitive interest rates
  • Digital application process
  • No minimum mortgage amounts
  • No payment holidays are offered
  • No specific products for bad credit
  • Soft-search option is not available
  • Regional restrictions for business account opening
  • Narrower range of mortgage terms compared to some lenders

Financial products and services are an integral part of managing personal and business finances. Among the plethora of options available in the market, Virgin Money stands out with its range of personal and business loans, as well as mortgage offerings. This article provides an overview of these products, aiming to assist you in making an informed decision.

Personal Loans at Virgin Money

Virgin Money's personal loan products are designed to cater to various financial needs, such as debt consolidation, significant purchases, or unforeseen expenses. What sets these loans apart is their flexibility, competitive interest rates, and user-friendly application process.

Key Features and Terms

Loan Amounts£1,000 to £35,000
Loan Terms1 to 7 years
Interest Rates6.9% APR representative
Repayment HolidayNot available
Funding SpeedSame-day for existing current account customers

Eligibility Criteria

  • Age: Must be 18 years or older.
  • Customer Status: Preferable for existing Virgin Money customers.
  • Credit Score: Good to excellent credit scores, based on various credit agencies.
  • Residency: Must be a UK resident with a UK bank account and a credit/debit card.

Application Process

  • Digital Application: Entirely online, ensuring a smooth and swift application process.
  • Instant Decisions: Most applications receive an immediate decision.
  • Faster Funding: Existing customers can benefit from same-day funding.

Virgin Money Business Loans and Accounts

Virgin Money provides a range of business account and loan options tailored to businesses of different sizes. They offer both free and premium account choices, with the added convenience of same-day account setup. While customers can benefit from cashback and discounts, it's worth noting that Virgin Money's customer service availability is limited, and there may be regional restrictions when opening accounts.

Business Account Types

  • M Account for Business: Free for businesses with an annual turnover of less than £1 million.
  • Business Current Account and Business Choice Account: Different fee structures and features based on business turnover.

Key Features

  • Overdraft facilities available for qualifying account holders.
  • Integration with accounting software tools.
  • Eligible deposits protected up to £85,000 by FSCS.

Virgin Money Mortgages

Virgin Money offers a diverse range of mortgage options, catering to first-time buyers, those looking to move homes, remortgaging needs, and buy-to-let customers. They provide both capital repayment and interest-only mortgages, with a variety of terms and conditions to suit different needs.

Key Mortgage Features

Term Length7 to 40 years
Minimum Loan AmountNo minimum specified
OverpaymentsAllowed (conditions apply)
ApplicationOnline, phone, or through a broker

Eligibility and Options

  • First-Time Buyer Mortgages: Up to 95% LTV.
  • Remortgage Deals: Up to 95% LTV, with incentives like free valuation and legal fees.
  • Buy-to-Let Mortgages: Generally up to 80% LTV.

Important Consumer Warning

The FCA has issued a warning about a 'clone firm' impersonating Virgin Money. It's crucial to verify the legitimacy of the company at the official Virgin Money website. 

Conclusion: Virgin Money as Your Financial Ally

Virgin Money offers a comprehensive suite of financial products, meeting a broad spectrum of needs. Whether you're seeking a personal loan, business funding, or a mortgage, their competitive rates and flexible terms are designed to suit various scenarios. Remember, it's essential to consider your specific needs and circumstances before making any financial decisions.

Please note that this information is accurate as of January 2024. Always refer to Virgin Money's official website for the most current details before making any financial decisions.

Frequently asked questions

What are the interest rates for Virgin Money's personal loans?

Virgin Money offers competitive interest rates on personal loans, starting at a representative APR of 6.9%. However, the actual rate may vary depending on individual circumstances, including credit history and loan amount.

Can I apply for a Virgin Money business loan as a new customer?

Yes, new customers can apply for a Virgin Money business loan. However, preference might be given to existing customers, and certain eligibility criteria, such as a strong credit history and business financials, need to be met.

What are the requirements for a Virgin Money mortgage?

The requirements for a Virgin Money mortgage include being a UK resident, having a sufficient credit score, and meeting the loan-to-value (LTV) criteria specific to the mortgage type. First-time buyers can access mortgages up to 95% LTV, while specific requirements for buy-to-let mortgages might differ.

How fast can I get funding with a Virgin Money personal loan?

Virgin Money offers a swift and efficient application process. Existing current account customers may receive funding on the same day, while others might experience a slightly longer timeframe, depending on individual circumstances.

Are there any fees for early repayment of a Virgin Money business loan?

Early repayment of a Virgin Money business loan may incur charges, depending on the terms of the loan. It's advisable to check the specific loan agreement for any applicable early repayment fees.

What should I do if I encounter a Virgin Money 'clone firm'?

If you suspect that you have encountered a clone firm impersonating Virgin Money, it's crucial to cease all communication and transactions with the firm immediately. Verify the legitimacy of the company by visiting the official Virgin Money website and report the clone firm to the Financial Conduct Authority (FCA).