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Warning: The Financial Conduct Authority (FCA) has warned of an Everyday Loans ‘clone firm’, where fraudsters use the details of the genuine, authorised company to mislead customers. If you are unsure you’re dealing with the real company, its official website and contact details can be found at http://www.everyday-loans.co.uk/.
Everyday Loans is a direct lender that can offer loans of £1,000 up to £15,000. It also considers applicants who may have a bad or poor credit score, although it will assess each application on a case-by-case basis.
To complete your loan application you have to visit a branch. While this face-to-face interaction can be a welcome feature for some, it‘s less helpful if you can’t easily get to one of the lender’s branches. And because you need an appointment, it can also take longer than other lenders to get the money in your account.
As with any loan, it’s sensible to only borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan, it’s important you consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
» MORE: Best loans for bad credit
Partner SpotlightNerdWallet has partnered with Monevo
Other loans may be available in the UK loans market that are not included in this service.
Everyday Personal Loan
18 months to 5 years
£1,000 to £15,000
99.9%
Yes
Representative APR 99.9%. Based on a loan of £3,000 over 24 months at an interest rate of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR 299.8%
- Must be aged 18 or over
- Must be a UK resident
- Must earn a minimum of £10,000 per year
NerdWallet has partnered with Monevo who will check your eligibility.
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
Important information: Neither the review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Loans for bad credit consumers can come with very high interest rates. Always check and compare a lender’s rates against others on the market when considering a bad credit loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.
Everyday Loans pros & cons
Pros
- You can choose your payment date when you apply for a loan, and change this date during the loan term.
- You can apply for a joint loan.
Cons
- It could take longer to get funds in your account than with other lenders.
- You need to pay interest charges to settle your loan early.
- You need to visit a branch to complete your loan application, so it’s only an option if you can get to a branch.
The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the bad credit loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of bad credit loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since. Rates have NOT been considered in our review of this product.
Everyday Loans overview
Everyday Loans is the trading name of Everyday Lending Limited, a direct lender founded in 2006 that is part of the Non Standard Finance Group. It has more than 70 branches across the UK, and unlike many other lenders, you’ll need to visit a branch to complete your loan application.
Everyday Loans says it can offer loans to people with lower credit scores who may struggle to get accepted elsewhere. You can use these loans for a range of purposes, whether that’s replacing your car, refurbishing your home, or covering an emergency expense.
| Amount borrowable | £1,000 to £15,000 |
| Term length | 18 months to five years |
| Time to receive funds | After meeting in branch (average time three days) |
| Customer support | Phone, email, in a branch |
Before pressing ahead with an application, we always suggest using a loans eligibility service to conduct a soft credit search across multiple lenders that gives your likelihood of a successful application against several different loans, without affecting your credit score. But do check the details of the credit reference agency you use to make sure it only uses soft searches and how many lenders it checks.
Applying for a loan you are unlikely to get will probably result in an unsuccessful application which can hurt your credit score.
Where Everyday Loans stand out
It offers in-branch support
Except for high-street banks, many lenders don’t have branches you can visit but Everyday Loans does. It has branches in major cities across the country where you can speak to someone face to face. This more personal touch may sound appealing, but only if you can get to one of its branches easily.
It provides joint loans
Everyday Loans offers joint loans, which not all lenders do. This means you can apply for a loan with your partner, for example, so you would be equally responsible for paying off the debt. As it is a joint application, Everyday Loans will consider both your credit histories and financial circumstances when deciding whether to offer a loan.
Remember, if you take out a joint loan with someone, your credit files will be linked and you’ll both be jointly responsible for paying back the loan. Any missed payments will affect both of your credit scores
You could borrow up to £15,000
You may be able to get a loan of up to £15,000 from Everyday Loans, depending on your individual circumstances. This is more than some other lenders we’ve reviewed that offer to people with less-than-perfect credit histories.
Where Everyday Loans falls short
It charges higher interest rates
Like most lenders, it charges higher interest rates when lending to people with poor or bad credit scores. Bad credit loans come with higher interest rates than standard loans because they’re seen as riskier by lenders.
You need to visit a branch to complete your application
With many online-only lenders, you can fill in your application online or via the post and get your funds relatively quickly. But with Everyday Loans, you need to visit a branch to complete your application and receive the money in your account which means the process of getting a loan can take longer. It also means that Everyday Loans may only be worth considering if you can get to a branch easily.
At the meeting in a branch, you will talk about your loan application and your financial situation and will need to take certain documents along, such as proof of your ID and your income.
It charges interest to settle your loan early
If you want to pay off your loan in full before the end of the term, Everyday Loans may apply 30 days’ interest charges. This is typical of other lenders, but there are some lenders that won’t apply these charges at all.
What type of loans does Everyday Loans offer?
Bad credit loans
This lender may be able to offer you a loan if you don’t have the best credit history but, as with other lenders, Everyday Loans will run credit and affordability checks to make sure you can make the repayments.
For example, Everyday Loans may consider your loan application if you have a county court judgment (CCJ), but IVAs and bankruptcy statuses are excluded. However, in all cases it will look at the rest of your credit history and your financial situation to decide whether to offer you a loan.
If you have a patchy credit history, you’re likely to be charged a higher interest rate than someone with a better credit score. Consider carefully whether a loan is right for you or if it will be better to try to improve your credit score first.
It’s important not to apply for loans you are unlikely to get because unsuccessful applications will harm your credit rating, making it harder to borrow money in the future.
And, even if you are eligible for a loan, it’s still worth considering whether borrowing money is the best option for you. Another course of action, such as improving your credit score or seeking professional advice, could be more suitable.
» MORE: What is a credit score?
Joint loans
You can apply for a joint loan with a partner or family member from Everyday Loans.
When you apply for a joint loan, Everyday Loans will assess the credit histories and finances of you and the person you applied with to make sure you can both afford the loan.
If approved for a joint loan, your credit file will be linked to the other applicant’s credit file and you will both be jointly responsible for making the loan repayments on time.
Am I eligible for a loan from Everyday Loans?
To qualify for a loan from Everyday Loans, you will need to meet the following eligibility criteria as a minimum:
- be a UK resident
- be aged 18 years or above
- be employed
- earn at least £10,000 a year
- no individual voluntary arrangements (IVAs), debt management plans (DMPs) or bankruptcies
- Everyday Loans may consider your application if you have a CCJ on your credit file.
Meeting these requirements isn’t a guarantee that you will receive a loan from Everyday Loans.
The lender will assess applications individually, looking at your credit history and financial circumstances. This means your final eligibility will be subject to a credit check and affordability checks by Everyday Loans.
Everyday Loans features review
Everyday Loans offers many of the standard features you would expect to get from a personal loan.
Making payments
When you apply for a loan from Everyday Loans, you can choose the date that your payments go out.
Everyday Loans also allow you to change your payment date if your original choice isn’t as convenient for you. Make sure you check if changing your payment date could affect the cost of your repayments, the total amount you repay and how much interest is charged depending on how it is calculated for your loan.
Overpayments
Everyday Loans doesn’t charge any fees if you want to make an additional payment on your loan. This means you can make an overpayment if you have some spare money, which could help you pay less interest on your loan overall. Before making overpayments always check your loan terms to see if there are limits on the amount you can pay.
Paying off a loan early
Like several other lenders, Everyday Loans may apply interest charges if you want to pay off your loan in full before the end of the term.
To pay off your loan early, you’ll need to get a settlement figure from the lender. This will be valid for 28 days so, if you decide to clear your debt, you’ll need to pay this amount within the timeframe.
Everyday Loans will include 30 days’ worth of interest charges in this settlement figure.
» MORE: Paying off a loan early
Additional borrowing
If you already have a loan from Everyday Loans, it may be possible to borrow more. This will depend on your situation at the time, because the lender will conduct the same credit and affordability checks it did for your first loan. You will also need to have made a certain number of repayments on your existing loan.
Everyday Loans can give you a conditional decision online and, as with your original loan, you will need to visit a branch to complete an application.
Customer support
The main way to get in touch with Everyday Loans is by phone. You can call your local Everyday Loans branch directly or ask the lender to call you back at a certain time. You can also email your local branch if you prefer.
While some may like the face-to-face service offered in a branch, it can be restrictive as you need to visit your local one to complete your application and get a loan.
Customer ratings
On Trustpilot, Everyday Loans has an “excellent” rating based on over 7,200 reviews.
This information is correct as of 4 September 2024.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Everyday Loans frequently asked questions
Everyday Loans is a direct lender that offers unsecured loans, but it is not a payday lender. Payday loans are typically repaid over a shorter period of time than a loan from Everyday Loans, where the term of the loan ranges from 12 to 60 months.
Everyday Loans is a trading name of Everyday Lending, and at the time of writing is authorised and regulated by the Financial Conduct Authority (FCA). It is also a member of the Finance and Leasing Association (FLA).
Review methodology
At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.
Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.
Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.
While we try to provide you with accurate information, the providers can change the terms of their products at any time, therefore it is advisable to check the terms before you proceed.
You can view our full review methodology here.