Everyday Loans provides personal loans for bad credit, so if your credit history has had a few bumps in the road, Everyday Loans is a viable alternative to high street banks.
Everyday Lending was setup back in 2006 with the goal of providing straightforward lending across the UK. It aims to provide a tailored, case-by-case service to each customer, by looking at more than just their credit rating.
Everyday Loans for Bad Credit
- Borrow from £1,000 to £15,000 over 2-5 years.
- Get a personalised quote without affecting your credit score
Representative example: Borrow £3,000 over 2 years at a rate of 67.9% p.a. (fixed). Representative APR 93.6% and total payable £5,562.75 in monthly repayments of £231.78.
Warning: Late repayments can cause you serious money problems. See our debt help guides.
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Key features of Everyday Loans personal loans at a glance
Everyday Loans provides “unsecured” loans meaning they’re be based on creditworthiness, rather than the use of property or other assets as collateral. Here are some of the main features of an Everyday Loan:
- Loan terms from 2-5 years.
- Loan amounts from £1,000-£15,000.
- No fee to consider your application. Everyday Loans is a direct lender not a broker, so they won’t charge to consider an application.
- Conditional decision in minutes.
- Soft searching. Get a personalised quote without affecting your credit score.
- You don’t have to be a homeowner. Everyday loans offers loans to tenants and those living with their parents.
- Loans for those with less than perfect credit scores. As long as you meet certain criteria, Everyday Loans has a service team that specialises in helping those with poor credit scores.
All interest rates are fixed for the duration of your repayment period, however the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for an Everyday Loan?
When applying for a personal loan with Everyday Loans, factors such as your credit history, income and the amount you apply for will be considered. You shouldn’t apply unless you’re certain you can meet the repayment terms, and you meet the following criteria:
How do I apply?
If you’ve decided that an Everyday Loan personal loan is right for you, then you can apply online by following the loans application process. New customers will need to visit a branch. These can be found in most cities and major towns across the UK.
Frequently asked questions