Lender Comparison
Evolution Money vs Step One Finance
Evolution and Step One are both UK specialist lenders for borrowers with significant adverse credit — the segment where rates start at 11%+ and most lenders won't quote. Direct competitors on the heavy adverse end of the market.
At a glance
| Evolution Money | Step One Finance | |
|---|---|---|
| Min loan | £5,000 | £5,000 |
| Max loan | £50,000 | £50,000 |
| Max term | 20 years | 20 years |
| Max LTV | 95% combined (highest LTV cap on our panel) | 85% combined |
| Credit tier | Significant adverse credit accepted — recent CCJs, defaults, IVAs, active arrears | Adverse credit accepted |
| Rate structure | Variable rate (12.90% APR currently) | Variable rate (typically 11–13% currently) |
| Arrangement fee | £0 arrangement fee — one of two lenders on our panel with no arrangement fee | Typically nil arrangement fee or low |
| Completion | Typically 2–4 weeks | Typically 2–4 weeks |
| Property eligibility | Standard UK residential property in the applicant's name with current first charge mortgage. Combined LTV up to 95% — highest on our panel. Adverse credit history accepted at all levels of severity. Physical valuation typically required. Non-standard construction reviewed case-by-case. | Standard UK residential property in the applicant's name. Combined LTV up to 85%. Adverse credit history accepted including recent CCJs and defaults. |
Which should you pick?
Pick Evolution for highest LTV adverse cases (up to 95%)
Evolution Money's Plan 8 extends to 95% combined LTV at 12.90% variable APR — the highest LTV on our panel for adverse credit cases. Maximum loan £50,000. Best when the borrower has limited equity and significant adverse credit.
Read full Evolution Money profile →Pick Step One for typically lower rates at lower LTV
Step One Finance's adverse credit product starts around 11.0% variable APR at LTVs up to 85% — typically lower than Evolution's 12.90% when the LTV is lower. Maximum loan £50,000. Best when the borrower has more equity available.
Read full Step One Finance profile →Pros and cons
Evolution Money
Pros
- • Accepts borrowers declined by mainstream lenders AND minor-adverse specialists
- • No arrangement fee — total cost more predictable than fee-charging alternatives
- • Up to 95% combined LTV — the highest LTV cap on the UK secured loan panel
- • No early repayment charges — repay any time without penalty, refinance freely if credit improves
- • Often the cheapest secured borrowing option genuinely available to the borrower
- • Human-led underwriting with senior underwriter access for complex cases
- • Accepts active arrears at a level most specialists exclude entirely
- • Long track record on heavy-adverse UK secured lending
Cons
- • Variable rate at 12.90% APR — significantly higher than mainstream products (materially cheaper than unsecured alternatives)
- • Maximum loan £50,000 — not suitable for larger borrowing needs (Pepper, Norton, Selina, UTB go to £500,000)
- • Variable rate exposes borrowers to interest rate increases over the loan term
- • Higher-rate borrowing — should be considered alongside free debt advice (StepChange, MoneyHelper) before committing
Step One Finance
Pros
- • Accepts borrowers with significant adverse credit declined by mainstream and minor-adverse specialists
- • Typically no arrangement fee (or very low) — total cost more predictable than fee-charging alternatives
- • Up to 85% combined LTV — useful for higher-LTV adverse cases
- • No early repayment charges — repay any time without penalty, refinance freely if credit improves
- • Accepts active arrears — one of the few panel lenders willing to review these cases
- • Rates materially cheaper than unsecured alternatives (25-40% APR credit cards, unsecured loans)
- • Human-led case-by-case underwriting appropriate for complex adverse credit histories
Cons
- • Variable rate at 11-13% APR — significantly higher than mainstream products (materially cheaper than unsecured alternatives)
- • Maximum loan £50,000 — not suitable for larger borrowing needs (Pepper, Norton go higher on minor adverse; heavy adverse capped at £50,000 across the specialist adverse segment)
- • Variable rate exposes borrowers to interest rate movement over the loan term
- • Higher-rate borrowing — should be considered alongside free debt advice before committing
Frequently asked questions
What's the difference between Evolution Money and Step One Finance?
Both are UK specialist adverse credit lenders. Evolution Money's Plan 8 extends to 95% combined LTV at 12.90% variable APR — the highest LTV on our panel for adverse cases. Step One Finance starts around 11.0% variable APR at LTVs up to 85% — usually lower rate when the borrower has more equity. Maximum loan is £50,000 on both.
Is Step One cheaper than Evolution Money?
Often yes — for borrowers with sub-85% combined LTV and adverse credit, Step One's headline rate of 11.0% variable is typically lower than Evolution's 12.90%. Evolution becomes the right choice specifically when the LTV exceeds 85% and Step One can no longer lend.
Should I pick Evolution or Step One for a heavy adverse credit secured loan?
Pick Step One first if your combined LTV is below 85% — the rate is typically more competitive. Pick Evolution if your LTV is between 85% and 95% where Step One can't lend, or if the adverse credit profile is severe enough that Evolution is willing to underwrite where Step One declines.
Get quotes from both lenders
Our advisers quote Evolution Money and Step One Finance side by side against your specific criteria — loan size, LTV, property type, credit profile.