Warning: The Financial Conduct Authority (FCA) has warned of an Everyday Loans ‘clone firm’, where fraudsters use the details of the real 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: At a glance
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.
Everyday Loans is a direct lender that can offer loans of £1,000 up to £15,000. It says it can offer loans to people with lower credit scores who may struggle to get accepted elsewhere, although it will assess each application on a case-by-case basis. You can use these loans for a range of purposes, whether that’s replacing your car, refurbishing your home, or covering an emergency expense.
Everyday Loans has almost 70 branches across the UK, and unlike many other lenders, you’ll need to visit a branch to complete your loan application. 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.
» MORE: Best loans for bad credit
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.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to 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 you must 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.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
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.
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).