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Everyday Loans review
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.
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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.
Compare Everyday Loans
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Everyday Loans loan rates at a glance
The Everyday Loans Personal Loan charges 99.9% APR representative on loans between £1,000 and £15,000. Everyday Loans offers the loan with repayment terms between 18 and 5 years and applicants can apply to borrow from £1,000 to £15,000.
Overview of features
Everyday Loans provides “unsecured” loans meaning they’re 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 type | Unsecured Personal Loan |
|---|---|
| Loan amounts | £1,000.00 to £15,000.00 |
| Loan terms | 18 Months to 5 Years |
| Loan rate type | Fixed |
| Product fee | 0% |
| Same day funding available | |
| Instant decisions in most cases | |
| Soft-search facility available | |
| Joint applications | |
| Overpay without penalty | |
| Concurrent loans allowed | |
| Topping-up pays off existing loan and initiates a new loan | |
| Repayment methods | Direct Debit |
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:
- Aged between 18-75
- UK resident
- Have the ability to make regular payments
Everyday Loans customer reviews
Everyday Loans has received positive reviews from customers, according to review site Trustpilot. It currently has an “excellent” rating of 4.5 out of 5, based on more than 4,800 reviews (updated June 2022). Many customers praised their professional customer service and others complained about their high interest rates.
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
Will you be approved?
Check your personalised rates and likelihood of acceptance.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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Everyday Loans calculator
Considering a loan from Everyday Loans? Use our calculator to work out how much it will cost you each month and overall.
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Sites like Everyday Loans
Everyday Loans is a specialist lender offering personal loans of up to £15,000 to borrowers with bad credit. A number of like-minded companies cater to this sector.