Retail banking

Virgin Money launches first personal loans

  • A fully-digital journey provides an instant decision for the majority of applications, with money advanced within two hours of approval
  • Loans of £7,500 to £15,000 available from 3.1% APR
  • Customers also get access to Virgin Money lounges and exclusive Virgin Group discounts

Virgin Money has taken another step on its integration journey, launching its first personal loan products offering customers competitive rates through a fully digital application and decision process.

Having not previously offered personal loans, their addition completes the personal customer product range under the Virgin Money brand.

The bank is currently bringing together the operations of Clydesdale and Yorkshire Bank with Virgin Money, moving towards using the single Virgin Money brand across the combined business over time.

The new Virgin Money personal loans include:

  • A full end-to-end digital journey, with the vast majority of loan applications receiving an instant decision.
  • Fast access to funds: accepted applicants can have the money deposited into their account within two hours.
  • Flexible terms: loans are available for between one and seven years.
  • Flexible payments: customers can choose to make overpayments or pay off the loan early. Charges may apply for early settlement.
  • Online calculator – applicants can adjust the loan amount and term to choose the best deal for them.

Loans of between £7,500 and £15,000 on fixed rates for between one and seven years are available at 3.1% APR, while loans of £15,000 to £25,000 are available at 3.2% APR.

Fergus Murphy, Group Personal Banking Director from Virgin Money said: “The launch of the new Virgin Money personal loans range is another important step in our journey to integrate our business under the Virgin Money brand, completing the personal customer product range Virgin Money offers.

“We are building a bank with our customers at the heart of everything we do. We know how important convenience and technology are to customers, which is why the process has an end-to-end digital journey, instant application decisioning and, if successful, funds in the account within two hours.”

The new Virgin Money personal loans are built on the successful Clydesdale Bank personal loan platform, which won Moneyfacts Best Personal Loan Provider 2020. Moneyfacts also awarded Virgin Money Personal Finance Provider of the Year 2020.

All Virgin Money customers have access to Virgin Money lounges, as well as a range of exclusive Virgin Group discounts.