Progressive Money
Manchester Call Centre Manchester Call Centre
Progressive Money
Need help?
Call our friendly team
0161 814 9984
Don't worry about a credit search
We'll let you know before we do it
Let's get you a quote
Where shall we email your quote to?
Just to check as we only lend to homeowners
Is this a joint application?
Are you currently in a Debt Management Plan, Individual Voluntary Arrangement or registered as Bankrupt?
We need to check as we won't be able to lend to you if you are

Frequently Asked Questions

What is a soft search?

A soft search is also known as a 'Quotation search'. A quotation search leaves a soft footprint on a person's credit file rather than a hard footprint that would be left by a full credit application. A soft footprint does not affect a person's credit score and allows the customer the freedom to shop around without the worry of affecting their credit worthiness.
We complete a quotation search on every application so that we can make a credit decision for you.
Prior to funding your loan, we will complete a Full Search which is also known as a 'Hard search' so that we can leave a footprint on your credit file so other lenders can see that you have made a full credit application, which will affect your credit score. We will only do this once your loan has been fully approved and the money is ready to be transferred to you.

Are there fees included with this loan?

There are no upfront fees with this loan, therefore you will not be charged to make an application.
If your loan is successful and you want to go ahead with the loan, there are two fees included in our loans. The first fee is a £390 administration fee which is for the set up and administration of your loan. The second fee is an acceptance fee of 10% of the loan value. This is for the marketing costs associated with your loan.
Both fees can either be included in the loan which means that you include the repayment of these across your monthly payments. This will result in borrowing more, therefore increasing the amount of interest paid and the total amount repayable.
Or you can pay the fees as part of your first payment. In this case, please note that your first payment may be considerably higher than your reoccurring payments.

What documents do you need from me?

When applying online, we use data that you supply us with and check its authenticity through 3rd party applications as described in our online Terms and Conditions. If you pass our online checks, you will need to upload or send us consecutive 30 days' worth of bank transactions on all your active bank accounts. We will review your bank statements so that we can assess your income and expenditure and make sure that the loan is affordable for you.
In some cases, we may ask for further documents from you to support your application, but we will contact you as and when these are needed.

How do I send my bank statements to you?

Once you have passed our online checks, you can either upload your bank statements to your online application using the upload facility or you can email them to or post them to Progressive Money, 9 Portland Street, Manchester, M1 3BE

How long will it take to get my funds?

Once you have successfully completed an online application and passed all our online checks, we then need to do some final checks using your bank statements and providing we don't require any further information we aim to release the money within 72 hours, however we cannot guarantee this.

Can I make overpayments to my loan?

Yes you can. If you make overpayments, the overpayment amount goes straight to the capital of the loan which will reduce the overall length of the loan. Your contractual repayment will stay the same until the loan is paid off.
Please note that if you are in arrears, any overpayments will be used to brings your arrears back up to date.

Can I pay my loan off early and are there any charges?

Yes you can. During the early stages of a loan most of your repayments goes towards the interest, and only a small proportion of the monthly payment goes towards paying off the capital. On settlement, you will pay interest up to the date of settlement plus 1 additional month's interest. Details of payment to settle the loan must be requested by contacting our Relationship Management team by email:

What happens if I miss a payment?

Where payments are made after the due date, daily interest will be charged on the outstanding balance until the payment is received.
Any missed monthly payment may incur a collections charge of £12.
Also, any cost in collecting the arrears may be passed onto you because of our activity in collecting the overdue payment. Details of this can be found in your loan agreement.
Please also remember that missed payments will also show on your credit file, this may make it more difficult to obtain credit in the future and can affect your credit score.
If you have failed to make payments, we may take legal action to recover the monies owed to us. This action could include a County Court Judgment, an Attachment of Earnings Order or Charging Order on your property. A charging order means the debt is effectively secured against the property and must be repaid if the property is sold before any proceeds are received by you.

How do I consolidate any existing finance?

If you are consolidating any existing finance you will need to supply us with your creditor account details and full settlement amounts for each creditor you want to consolidate. As a responsible lender, at the point we release the funds, in most cases we will make direct payments to your creditors or send you a cheque to forward on to your creditor to settle the account.

Please note that we do not do partial consolidations, and any debts you wish to consolidate must be settled in full.

We need to make you aware that if you are looking to consolidate other debts through the loan with us, whilst the monthly repayments may be lower you may be paying a higher rate of interest and extending the term of your loan which would mean that you pay back more in the longer term.