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Virgin Money Personal Loans: What You Need to Know Now
Virgin Money's personal loans offer APRs as low as 5.1%, but there's a catch: they no longer accept new applications. Find out what this means if you're shopping for a loan.
The Quick Version
Virgin Money offers personal loans with APRs starting at 5.1% and going up to 29.9%. However, they are no longer accepting new applications due to their merger with Nationwide. If you have an existing loan, you can manage it through their app or website.
Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.
Virgin Money's offerings are limited post-merger, but existing loans remain manageable.
Virgin Money Personal Loan
The Numbers
Virgin Money's personal loans range from £1,000 to £25,000 with repayment terms between 12 to 60 months. The APR ranges from 5.1% to 29.9%, competitive for those with a strong credit history but potentially costly for others. Approval is typically same-day, making it a quick option for borrowers. However, to apply for a Nationwide loan, you must have an account with them for at least 14 days.
What's Actually Good
Virgin Money has a reputation for simplicity in managing loans. Existing customers can benefit from their straightforward app and online management tools. Early repayment is flexible, allowing you to pay off your loan sooner without hefty penalties, which is a plus for those looking to minimize interest costs.
The Catch
The major downside is that Virgin Money is no longer offering new personal loans due to their merger with Nationwide. This limits options for new borrowers. Additionally, while their APR range starts low, the upper end is quite high, potentially leading to significant costs for those with less-than-perfect credit.
Who Benefits Most
If you're an existing Virgin Money loan customer, their system continues to offer solid management tools. However, new applicants will need to look elsewhere, such as Nationwide, provided they meet the account holding criteria. This loan was ideal for those with a strong credit history seeking flexible repayment terms, but options are now limited.
The Bottom Line
While Virgin Money's personal loan offerings are solid for existing customers, the merger with Nationwide means new borrowers must seek alternatives. Consider a Nationwide account if you're interested in their loans.
