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Progressive Money Review [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on March 5, 2018

Updated July 20, 2018

Overall Rated: 4.0 / 5


Progressive Money is an established lender who focuses solely on unsecured, personal loans for homeowners. As part of The Darwin Group, Progressive Money can draw on ample expertise and central resources to deliver the best services possible for their customers.

What is different about Progressive Money is that they are a lender and also a broker. Where Progressive Money cannot lend to customers, with permission, the business passes on customer details to other lenders who may be able to help.

In 2016, Progressive Money was named as the 29th fastest growing business in the UK by the Sunday Times Fast Track 100. With over 170 members of staff, customers can be sure to receive exemplary service in all aspects of the lending process with a range of UK experts covering all of the bases. Progressive Money makes sure not to outsource any service. This means customers can be sure that they are a receiving an excellent service with thorough knowledge and training.

While Progressive Money may be considered restrictive by only offering loans to homeowners, they make sure not to base applications on their credit scores alone. The team at Progressive Money take the time to get to know their customers personally, so they can assess each individual on their loan worthiness rather than just merely reviewing a credit score.

Trust & Reputation

Rated 5.0/5

Operating since 2011, Progressive Money has quickly built up a strong reputation within the industry and with customers. The firm regularly has months where lending surpasses over £1 million and customers have reassurance from the fact that the Financial Conduct Authority regulates Progressive Money.

In regards to industry standing, Progressive Money has won several awards showing their best practice in the field. For example, in May 2016, the firm won the award for the Best Second Mortgage Lender in the Financial Reporter Awards. In May 2017, Progressive Money won in the Financial Reporter Awards again, with the accolade of Highly Commended as a Specialist Loan Provider.

Other awards include the Best Specialist Lender 2014 for the Financial Reporter Awards and the Best Adverse Secured Loan Product 2015 from the Secured Loan Awards.

Expertise & knowledge

Rated 5.0/5

With an acceptance fee of 10% of the loan amount as well as an administration fee of £390 for each loan, customers need to be sure that they receive the best possible service. Progressive Money is a member of the Consumer Credit Trade Association which ensures that the firm operates ethically with the best standards and processes. The firm also works in accordance with leading industry regulations for the security and peace of mind of customers.

Priding themselves on excellent customer service, the fact that Progressive Money only offers a selective loan product means that staff can be fully focused on delivering exceptional customer service. By taking the time to listen to the customer to determine acceptance, it is clear that advisors have strong expertise in the field.

Customer Service

Rated 5.0/5

With just shy of 100 reviews so far for the year, customers can see that previous clients rate Progressive Money highly on Feefo, an independent review site. So far, customers have awarded Progressive Money with an average rating of 4.7 out of 5. Furthermore, Progressive Money also takes time to respond to reviews individually to showcase their commitment to customer service.

Through reviews, customers compliment Progressive Money for their service and help. This is a testament to the fact that the advisors take the time to get to know customers before making a decision about an application. Customers also praise the knowledge of the staff and how understanding advisors are of individual circumstances. It is this level of personalised service which has enabled Progressive Money to continue to grow as a leading unsecured, personal loan provider.