COMPANY ADDRESS

EVOLUTION LENDING LIMITED
9 PORTLAND STREET
MANCHESTER
M1 3BE

LOAN APPLICATION INFORMATION

ABOUT EVOLUTION LENDING AND ITS LENDING SERVICING PARTNER, EVOLUTION MONEY LIMITED

Evolution Lending Limited is authorised and regulated by the Financial Conduct Authority under registration number 709488, which can also be verified by visiting www.register.fca.org.uk.

Evolution Lending Limited acts as a direct lending partner to Evolution Money Limited. Loan applications made through Evolution Money meeting the criteria are funded and administered by Evolution Lending Limited. Evolution Lending are authorised to directly lend second charge secured loans from £1,000 to £20,000. Head Office: 9 Portland Street, Manchester, M1 3BE

Evolution Money Limited is authorised and regulated by the Financial Conduct Authority under registration number 630751, which can also be verified by visiting www.register.fca.org.uk. Evolution Money will process all loan applications and manage the ongoing relationship to loan customers, meaning it is a member of the team at Evolution Money that you will speak to whenever you need to contact them. Evolution Money Limited is also a licensed credit broker which means it has been approved to pass information (with permission) on to other trusted lenders and brokers, should a loan application not meet underwriting requirements.

OWNERSHIP

Evolution Lending Limited and Evolution Money Limited and are both privately owned by the same parent company.

FEES AND REMUNERATION

If your application is successful, you will be required to pay the following fees.

Total fee amounts to 18% of the loan applied for, and is broken down as follows;

On a successful application – An Arrangement fee of 10% of the loan applied for is charged if you have been referred to Evolution Money by an introducer (including associated companies). Evolution Money will pay them a fee for the introduction.

The Arrangement Fee is payable by either:

i. The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, under the heading “Financial Particulars” on the front page of your loan Agreement.

ii. The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.

If you repay in full the outstanding balance under your loan Agreement earlier than the agreed period, you will not be entitled to any rebate for this fee.
Also a servicing fee of 8% of the loan applied for is charged, for the relationship management services Evolution Money will provide in managing your Account, this will include;

  • Affordability and sustainability assessment to ensure that you will be able to meet your obligations under your loan Agreement.
  • Processing costs and legal fees incurred in accepting the Agreement.
  • Payment processing.
  • Account monitoring and periodic review of credit bureau performance.
  • Setup and maintenance of the agreement on our IT system.

The Servicing Fee is payable by either:

i. The fee will be charged to you by being debited to the Account only when your application has been approved. We shall charge you interest on that amount at the same rate and on the same dates as for the Loan and repayment of that amount and the interest on it is included in your Monthly Payments, under the heading “Financial Particulars” on the front page of your loan Agreement.

ii. The fee may be paid by you in a single payment by debit card or bank transfer only when your application has been approved. If the fee is paid by a single payment it will not attract any interest.

If you repay in full the outstanding balance under your loan Agreement earlier than the period agreed, you may be entitled to a rebate for this fee. An explanation of how the rebate will be calculated can be requested by writing to us at the address detail above.

Where you opt to add fees to the amount you borrow you will pay interest on it under the terms of the loan agreement and it will be reflected in the calculation of the APRC.

Commission charged will not be offset against any fees. Evolution Money will receive commission from Evolution Lending Limited when you take out a loan with them to the sum of 10% of the loan applied for. You have the right to request from us information on the variation of levels of commission payable to us by other lenders who offer the type of product we are offering to you.

We believe in being open and honest about our loans. You can find a breakdown of our typical loan example on our website www.evolutionlending.co.uk

CONSEQUENCES OF A DEFAULT IN PAYMENT

Defaulting on your monthly payments could have severe consequences including potential repossession of your home. It can make obtaining credit more difficult and/or expensive in the future where the default is reported to credit reference agencies. Missing payments could also incur default charges.

PLEASE THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING, YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU PAY

HOW TO COMPLAIN

Evolution Lending are committed to providing you with a first-class service and effectively delivering the products and services you need. Your views are important to us and your feedback is key to improving the products and services we jointly offer with Evolution Money Limited. If for any reason you are not entirely satisfied with any aspect of our services, please let us know as soon as possible.

Please send details of your complaint to: complaints@evolutionmoney.co.uk or write to us at: Compliance Manager, Evolution Money Limited, 9 Portland Street, Manchester, M1 3BE. Alternatively you can call us on 0800 840 0243, or if you are calling from a mobile 0161 814 9975.

If you cannot settle your complaint with us, you are entitled to refer it to the Financial Ombudsman Service, Exchange Tower, London, E14 9SR or telephone 0800 023 4567 or 0300 123 9123.

We are also a member of the Finance and Leasing Association (the “FLA”) which is the main representative organisation covering consumer credit in the UK. As a member, we comply with the FLA Lending Code (“the Code”), details of which can be found at www.lendingcode.org.uk. If you are not satisfied that we have complied with the Code, you may refer the matter to the FLA’s Conciliation and Arbitration Scheme.

Finance & Leasing Association, 2nd Floor, Imperial House, 15-19 Kingsway, London, WC2B 6UN. Telephone: 0207 836 6511. Website: www.fla.org.uk. Email: info@fla.org.uk

Further information and our complaints policy can be found at: www.evolutionlending.co.uk/legal/complaints-policy