Virgin Loans

uk.virginmoney.com

Virgin Loans will lend you £2,000 to £25,000 for any reason: "As long as it's legal, we don't care," claims the site. Interest rates are good – 7.9% for loans of £6,000 and above – and the quote form is simple. However, the firm promises a decision the next working day, not immediately.

About Virgin Loans

Virgin Loans are part of the Virgin money empire, which brands itself as younger, funkier and more punter-friendly than stuffy old banks. That's reflected in the site design, which keeps the nonsense to a minimum and tells you everything you need to know.

The quoted APR of 7.9% applies to loans of £6,000 and more, although if you need to borrow more than £25,000 you'll need to give Virgin Loans a call. For loans under £6,000, the APR is a higher – but still reasonable – 10.9%. You can borrow for any purpose at all - "as long as it's legal, we don't care," the site chortles – and repayment periods can be from 12 to 24 months.

The site is simple to use and the application form is friendly enough; you also get a decent loan calculator that helps you work out whether you can afford the repayments. However, one thing we didn't like about the Virgin Loans site is the actual decision-making process. Instead of an instant decision when you apply online, the firm promises to get back to you within one working day. It's not a huge annoyance but in these days of instant decisions, it's still irritating. Then again, the low APR is probably worth waiting for.

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