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Secured Loans
Evolution Money is a Manchester-based specialist lender known for looking beyond credit scores when assessing secured loan applications. Here's what you need to know before you apply.
Evolution Money is a specialist secured loan broker that's helped over 31,000 UK homeowners since 2011, and it's a solid option if you've been declined elsewhere, have imperfect credit, or are self-employed with a complex income. Their human underwriters assess each application individually rather than relying purely on automated credit scoring.
Evolution Money is less competitive if you have good credit and could qualify with a mainstream lender, need to borrow more than £100,000, or want a fixed rate. Because the right lender depends on your circumstances, it's worth comparing Evolution Money against a wide range of secured loan lenders before you commit.
Evolution Money is a Manchester-based specialist lender that's helped over 31,000 UK homeowners access secured loans since it started trading in 2011, funding more than £547 million in total lending. It's built its reputation on human-led underwriting that looks beyond your credit score, which makes it a popular choice for homeowners who've been turned down elsewhere.
If you're researching Evolution Money secured loans, you're likely weighing up whether their approach to imperfect credit is worth the higher cost compared with mainstream lenders. In this review, we'll cover their products, fees, eligibility criteria, and how they compare to alternatives, so you can decide if they're right for your circumstances.
Our rating: 3.5 out of 5
Before looking at Evolution Money specifically, it helps to understand what a secured loan is and how it works.
A secured loan (also called a homeowner loan or second charge mortgage) lets you borrow money using your property as security. It sits as a "second charge" behind your existing mortgage, which is why it's sometimes called a second charge mortgage.
Here's how it works in practice: if your home is worth £300,000 and you have £150,000 outstanding on your mortgage, you have £150,000 in equity. A secured loan lender might let you borrow against some of that equity, typically up to 85% of your property's value in total once your existing mortgage is included.
Secured loans often allow larger amounts and longer terms than unsecured personal loans, and can be easier to access if your credit history rules out an unsecured option. They're commonly used for debt consolidation, home improvements, large purchases such as vehicles, or covering unexpected costs.
The trade-off is risk. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. If you can't keep up repayments, the lender can ultimately apply to the courts for repossession to recover what's owed.
The secured loan market is regulated by the Financial Conduct Authority, and all legitimate lenders must carry out affordability assessments and disclose costs clearly before you commit.
Don't assume a secured loan is your only option just because you've been declined for an unsecured loan or credit card. It's worth speaking to an advisor about the full range of options before you put your home on the line, especially for smaller borrowing amounts.
Evolution Money Limited is a specialist secured loan broker headquartered at 9 Portland Street in Manchester. The company was incorporated in August 2009, originally as Escape Financial Services Limited, and began trading under the Evolution Money brand in May 2011.
Evolution Money operates as a credit broker and account manager for Evolution Lending Limited, a related company that provides the loan funding. Both firms are part of the same group. When you apply through Evolution Money, they support your application from initial enquiry through to ongoing account management. If your application meets Evolution Lending's criteria, the loan comes from Evolution Lending; if it doesn't, Evolution Money may pass your details to other lenders on their panel.
Evolution Money's lending approach focuses on your current income and affordability rather than relying purely on your credit history, which is why it's often recommended for borrowers who can't access mainstream finance. Their human underwriters review applications individually rather than relying purely on automated credit scoring.
Evolution Money won Best Service from a Secured Loan Provider at the Moneyfacts Awards 2025, recognising excellence in customer experience. The company has also achieved B Corp certification, reflecting a commitment to social and environmental standards alongside profit. In 2017, Evolution Money ranked 28th in the Sunday Times Top 100 Fastest Growing UK Companies.
Evolution Money is authorised and regulated by the Financial Conduct Authority. You can verify this directly on the Financial Conduct Authority's Financial Services Register. This authorisation means they must follow Consumer Duty rules, treat customers fairly, and meet strict standards on affordability assessments and disclosure. If something goes wrong, you have recourse to the Financial Ombudsman Service, and you may be eligible for Financial Services Compensation Scheme protection.
The Financial Conduct Authority has previously issued warnings about clone firms impersonating Evolution Money. Always check the company's contact details against the Financial Conduct Authority register before sharing personal or financial information.
What sets them apart
Evolution Money offers a focused range of secured homeowner loans rather than a broad product suite. All their loans are second charge mortgages secured against your property.
You can borrow between £5,000 and £100,000 with Evolution Money, though the amount available to you will depend on your equity, income, and affordability. Repayment terms run from 3 to 20 years.
Choosing a longer term reduces your monthly payment but increases the total interest you pay over the life of the loan, because you're paying interest for longer. Applicants have a 14-day period to review the final credit agreement before signing, giving you time to consider the decision fully.
Evolution Money secured loans can be used for a range of purposes.
Debt consolidation is their most common use case. Rolling multiple debts into one secured loan might reduce your monthly outgoings, but be aware you could pay more interest overall, and you're converting unsecured debts into a debt secured against your home.
Home improvements such as new kitchens, bathrooms, or extensions are a popular use. The idea is that improvements may add value to your property, though this isn't guaranteed.
Vehicle purchases can be funded through a secured loan if you'd rather spread the cost over a longer term than typical car finance allows.
Other common purposes include wedding costs, other large purchases, or bridging a temporary financial gap.
Compare lenders
Every lender assesses applications differently. An advisor can compare Evolution Money against a wide range of secured loan lenders to help you find the right fit.
Understanding the full cost of an Evolution Money loan matters before you apply. All Evolution Money loans carry a variable interest rate, which means your rate and monthly payments can change during the term. The exact rate you're offered depends on factors including your credit history, loan-to-value ratio, loan amount, term, and affordability assessment. Because rates change frequently and depend entirely on your individual circumstances, we don't publish specific figures here - speak to an advisor for a personalised illustration.
Beyond interest, Evolution Money charges two main fees.
Product fee: 10% of the loan amount. If you borrow £30,000, that's a £3,000 fee. This applies when you've been referred by an introducer, and it's typically added to your loan balance, meaning you'll pay interest on it over the full term rather than paying it upfront.
Lending fee: this varies depending on where your property is located, and covers the legal and administrative costs of registering the second charge against your property.
Combined, the product fee and lending fee add a meaningful amount to your total borrowing cost before interest is even considered. For example, on a £12,000 loan, a 10% product fee plus the England and Wales lending fee together add over £1,900 to what you owe from day one.
Evolution Money sits at the higher end of the secured loan market on cost. Their trade-off is clear: they typically approve applications that mainstream and some specialist competitors decline, but you pay a premium for that flexibility.
An advisor can compare current rates and terms across these lenders and others based on your specific circumstances, since published rate ranges change frequently and the rate you're actually offered depends on your individual application.
Evolution Money's eligibility requirements are relatively accessible compared with mainstream lenders, though you'll still need to meet certain criteria.
This is where Evolution Money differentiates itself. They state that lending decisions are based on your overall situation, not solely on your credit score, and having a poor credit history doesn't automatically rule you out. Their human underwriters review applications individually rather than relying purely on automated scoring.
In practice, this means they may consider applicants with:
A poor credit history won't automatically disqualify you, but recent, serious credit issues may still result in a decline or a higher rate. Evolution Money won't lend where affordability clearly isn't sustainable.
You'll need to demonstrate stable income sufficient to cover loan repayments alongside your existing commitments. Evolution Money accepts various income types, including:
Their affordability assessment is thorough. Expect detailed questions about your income, outgoings, existing debts, and living expenses, and they'll review your bank statements closely.
Your property must be UK residential, in England, Wales, Scotland, or Northern Ireland (fees vary by location). Standard construction properties are preferred, though some non-standard builds may be considered. You'll need sufficient equity after accounting for your existing mortgage; most secured lenders cap total borrowing at 85-90% of property value, though Evolution Money doesn't publish a specific limit.
How it works
Evolution Money has built its application process around personal service. Here's what to expect at each stage.
Initial enquiry
Complete the online enquiry form or use the mobile app to share basic details about yourself, your property, how much you want to borrow, and why. Evolution Money runs a soft credit check at this stage that doesn't affect your credit score, and gives you an initial indication of whether they can help.
Consultation call
A personal advisor calls to discuss your application in detail, covering your reasons for borrowing, income and outgoings, and credit history. Based on this conversation, they'll provide a personalised quote with no obligation to proceed.
Full application
If you decide to move forward, you'll complete a full application and provide proof of identity, proof of address, proof of income, recent bank statements, and your current mortgage statement. Evolution Money's underwriting team reviews everything before making a decision.
Valuation and legal work
Once approved in principle, Evolution Money arranges a property valuation and handles the legal work involved in registering the second charge against your property. This is what the lending fee covers.
Completion and funding
Once everything checks out, you'll receive final loan documents to review and sign. Funds are typically released within a few days of completion. For debt consolidation loans, Evolution Money may pay your creditors directly rather than releasing cash to you.
Evolution Money places significant emphasis on customer service, which shows up in their review scores. Here's how their support works in practice.
Phone lines operate during business hours. There's no live chat function on the website, and branch visits aren't available, as Evolution Money operates online and by phone.
Once your loan is live, you manage it through the Evolution Money app for payments, document uploads, and balance checks, an online payment portal for catch-up payments if you fall behind, or by phone for queries or changes. Payments are collected monthly by direct debit. If you need to change your payment date or discuss difficulties, you'll need to contact them directly.
If things go wrong, Evolution Money has a formal complaints procedure in line with Financial Conduct Authority requirements. You can complain by phone, email, or post. They must respond within set timeframes, and if you're unhappy with their response, you can escalate to the Financial Ombudsman Service.
Evolution Money has mixed reviews across different platforms, which reflects the nature of their target market. Customers who get approved and have a good experience tend to rate them highly, while those declined or unhappy about costs rate them poorly.
Positive reviews frequently praise individual staff members by name, suggesting genuinely helpful personal service. Terms like "professional," "friendly," and "no judgement" appear regularly, and several reviewers mention quick turnaround times from application to funding.
Negative reviews commonly mention variable rate increases causing payments to rise over time, high overall costs once fees and interest are combined, and application delays or last-minute declines after extensive documentation requests.
Feefo only collects reviews from verified customers, so this rating may be more representative of people who've actually completed the loan process. The high score suggests most people who go all the way through are satisfied.
This platform shows more negative feedback, with reviewers raising concerns about variable rate increases and total costs, and some describing feeling misled about rate stability. Some customers also report being declined despite feeling they met the criteria, which led to frustration.
The review picture suggests Evolution Money delivers good customer service and helps people who'd struggle to access finance elsewhere. But their products aren't cheap, and variable rates mean costs can rise over time. Customers who go in understanding exactly what they're signing up for tend to be satisfied; those expecting mainstream pricing may be disappointed.
Pros
We've covered the key strengths above. Here's where Evolution Money may fall short, depending on your circumstances.
Understanding where Evolution Money sits in the market helps you decide if they're right for your circumstances. They specialise in serving borrowers with non-standard circumstances, offering secured loans for those who may not fit traditional lending criteria.
Norton Home Loans works with applicants who have adverse credit but operates as a broker with access to multiple lenders, rather than lending directly through their own book.
Choose Norton Home Loans if: you want to compare offers from multiple lenders through one application.
Choose Evolution Money if: you value a direct lender relationship and personal service throughout.
Selina Finance is a newer digital lender that focuses on efficiency and technology-driven decisions, and typically requires a stronger credit profile than Evolution Money accepts.
Choose Selina Finance if: you have reasonable credit and want access to larger loan amounts.
Choose Evolution Money if: you've been declined elsewhere or have non-standard circumstances.
Shawbrook is an established bank offering secured loans with longer terms, but typically requires a better credit profile in return for more competitive pricing.
Choose Shawbrook Bank if: you have decent credit and want mainstream bank backing.
Choose Evolution Money if: your credit history would rule out bank lending.
Evolution Money occupies the specialist end of the secured loan market. They're not trying to compete on price with prime lenders; instead, they serve borrowers who need flexibility and human consideration rather than automated decisions. If you can qualify with a mainstream lender, it's worth exploring that option first. If you can't, Evolution Money is one of the more service-oriented options in the specialist space.
Based on their products, pricing, and approach, Evolution Money suits some borrower profiles better than others.
Homeowners with imperfect credit histories - if past defaults, missed payments, or other adverse markers have led to rejections elsewhere, Evolution Money's individual assessment approach may get you approved.
Self-employed borrowers with complex income - standard lenders often struggle with variable income or shorter trading histories. Evolution Money's human underwriters can interpret accounts and assess affordability more flexibly than automated systems.
Those prioritising approval over the lowest cost - if your main goal is accessing finance and you accept paying more for that, Evolution Money is worth considering.
Borrowers who value personal service - if you'd rather speak to a dedicated advisor than navigate an automated system, Evolution Money's approach may suit you.
Cost-sensitive borrowers with good credit - if you could qualify with a mainstream secured loan lender, you'd likely pay less by going there instead.
Those needing large loan amounts - with a maximum of £100,000, Evolution Money can't help if you need to borrow more; competitors offer up to £500,000.
Fixed rate seekers - all Evolution Money loans are variable rate. If you need payment certainty, look for a fixed-rate alternative.
Those uncomfortable with secured borrowing risk - if putting your home on the line feels uncomfortable, it's worth considering unsecured alternatives even if the amounts are smaller.
Any secured loan carries risks worth understanding fully before you proceed.
Your home is at risk if you don't keep up repayments. This isn't small print, it's the fundamental trade-off of secured lending. If you repeatedly miss payments and can't reach an arrangement with Evolution Money, they can ultimately pursue repossession through the courts.
Before borrowing, it's worth honestly assessing whether repayments would still be manageable through job loss, illness, rate increases, or unexpected expenses. Building an emergency fund alongside loan repayments provides a safety buffer.
Evolution Money's variable rates mean your payments can increase at any time. Some customers report rates rising over extended periods. It's worth working out what would happen if your rate increased by a couple of percentage points, and whether the higher payments would still be affordable.
The combination of interest, the product fee, and the lending fee means Evolution Money loans cost substantially more than the amount borrowed. For debt consolidation specifically, it's worth considering whether consolidating genuinely saves money or simply spreads costs over a longer period while converting unsecured debts into a debt secured against your home.
Applying triggers credit checks that appear on your file. Missed payments during the loan are reported to credit agencies and will damage your score further. On the positive side, maintaining a good payment history can help rebuild your credit over time.
If your circumstances improve and you want to repay early, check for early repayment charges, as these can make switching or settling more expensive. Evolution Money allows overpayments and lump sum payments, but confirm the terms and any charges before committing.
If you're struggling with existing debts or worried about affordability, free and independent guidance is available from MoneyHelper at moneyhelper.org.uk or by calling 0800 138 7777.
Evolution Money fills a specific gap in the secured loan market. They're not the cheapest option, and they're not trying to be. Their value proposition is accessibility and service for borrowers who'd struggle to get approved elsewhere.
Evolution Money is worth considering if:
It's worth looking elsewhere if:
Evolution Money is a credible option in the specialist secured loan space. They've helped over 31,000 customers, maintain strong review scores for service quality, and are properly authorised by the Financial Conduct Authority. But a credible option isn't automatically the right one for everyone. If you can qualify elsewhere, it's generally worth comparing what else is available before committing. For borrowers who genuinely can't access cheaper finance, Evolution Money offers a more human approach that treats applications individually rather than by credit score alone.
Overall, we rate Evolution Money 3.5 out of 5 for secured loans, a solid option within the specialist and adverse credit market, though not necessarily the best fit for every borrower.
Common questions
Yes. Evolution Money is an established secured loan broker that's operated since 2011 and is authorised and regulated by the Financial Conduct Authority. They've helped over 31,000 customers access secured loans and have won industry awards for service quality. You can verify their authorisation on the Financial Conduct Authority's register. It's worth double-checking you're dealing with the genuine company, as fraudsters have previously impersonated them.
Evolution Money doesn't publish a minimum credit score because they assess applications individually rather than auto-declining based on a score alone. A poor credit history doesn't automatically disqualify you, and they've approved applicants with past defaults and limited credit histories. Your affordability and overall circumstances matter more than your score, though recent, serious adverse credit may still result in a decline.
Many customers report completion within one to two weeks for straightforward applications, with some completing in under a week. Complex cases, or those needing additional documentation, can take three to four weeks. The process moves faster when you submit everything requested promptly.
Yes, you can make overpayments or repay your loan early. Check your loan agreement for any early repayment charges that might apply, as these can affect whether repaying early makes financial sense for you.
Yes, but the initial enquiry uses a soft credit check that doesn't affect your score. A full credit check happens once you move to a formal application, and this does appear on your credit file.
Contact Evolution Money immediately if you're struggling. They're required to treat customers fairly and to consider reasonable repayment arrangements. Ignoring the problem tends to make it worse, and continued non-payment can ultimately lead to repossession proceedings, though lenders typically try other options first. You can also get free, independent guidance from MoneyHelper at moneyhelper.org.uk or by calling 0800 138 7777.
Yes. Evolution Money accepts self-employed applicants and typically requires at least 12 months of trading history, along with accounts or tax returns to assess income. Their human underwriters can interpret self-employed finances more flexibly than automated systems.
All Evolution Money loans carry variable interest rates, meaning your rate and monthly payments can change during the term. They don't currently offer fixed-rate options.
Loan amounts range from £5,000 to £100,000. The actual amount you're offered depends on your property equity, income, and the outcome of your affordability assessment.
Yes, Evolution Money lends across the UK, including Scotland and Northern Ireland. Lending fees are higher outside England and Wales, so it's worth checking the exact fee for your location before you apply.
Typically: proof of identity (passport or driving licence), proof of address (utility bill or bank statement), proof of income (payslips, accounts or SA302s for self-employed applicants), recent bank statements, and your current mortgage statement. They may ask for further documents depending on your circumstances.
Yes, debt consolidation is one of Evolution Money's most common loan purposes. They may pay your creditors directly rather than releasing funds to you. Bear in mind that consolidating debts into a secured loan converts unsecured debts into a debt secured against your home, which puts your home at risk if you can't keep up repayments.
Evolution Money offers repayment terms from 3 to 20 years. A longer term can reduce your monthly payment but will increase the total interest you pay over the life of the loan.
Yes, Evolution Money has a mobile app for iOS and Android. It supports the application process, document submission, account management, and making payments. Customer reviews generally praise how easy the app is to use.
Their key difference is human-led underwriting that considers individual circumstances rather than relying solely on automated credit scoring, meaning they may approve applications that algorithm-driven lenders would decline. They also emphasise personal service, with a dedicated advisor rather than a faceless process.
What our clients say
Shortly after I spoke with Anna, she was also very helpful and made it effortless and a nice experience.
Had a really good experience regarding arranging a secured loan. They introduced me to a great advisor. Thanks for the help.
For once a loan transaction without stress and complications. Very impressed and highly recommended.
Thrilled to share my exceptional experience with Money Saving Advisors. The website made it incredibly simple and easy to connect with an advisor. They helped me find the best deal on my remortgage and secured a very competitive interest rate!
Great advice and money saved on mortgage.
I have previously declined a loan of the value I needed from various brokers, but this website found me a reputable broker with surprisingly decent rates.
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