Retail banking

Virgin Money reduces personal loans rate

  • Loans of £7,500 to £15,000 now available from 2.9% APR representative
  • A fully digital journey provides an instant decision for the majority of applications, with money available within two hours of approval
  • Customers also get access to Virgin Money lounges and exclusive Virgin Group discounts

Virgin Money has reduced the headline interest rate on its unsecured personal loans, offering customers competitive rates through a fully digital application and decision process.

Loans of between £7,500 and £15,000 are now available at 2.9% APR representative (previously 3.1% APR representative) on fixed rates for between one and seven years. Loans of £15,000 to £25,000 are available at 3.0% APR representative (previously 3.2% APR representative).

Virgin Money personal loans include:

  • A full digital journey: the majority of loan applications receive 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.

Pete Dockar, Head of Customer Value for Virgin Money, said: “We’ve seen a really positive response to the new Virgin Money personal loans since we launched earlier this year. As economic activity continues to improve post-lockdown, for example with the car sector recently seeing volumes return to pre-crisis levels, demand for consumer lending is also likely to continue to pick up and we’re pleased to support that with these reduced rates for customers.

“Convenience and technology are at the heart of our personal loans, which are fully digital with instant application decisions and funds in the account within two hours of approval.”

Virgin Money personal loans are built on the successful Clydesdale Bank personal loan platform, which won Moneyfacts Best Personal Loans 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.