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. Loan amounts between £1,000 and £15,000 starting from 99.9%.
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Everyday Loans was set up 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.
Our verdict
Our verdict
Everyday Loans provide instant decisions and fixed interest rates, allowing borrowers to overpay without penalties, which is particularly beneficial for those with bad credit. However, it offers higher Annual Representative Rates (ARR) compared to other providers and loan amounts are limited. Additionally, borrowers are required to complete the loan process in a local branch, which may be inconvenient for some. Despite these considerations, Everyday Loans offers a valuable solution for individuals seeking quick decisions, fixed rates and accessibility despite poor credit history.
Pros
Instant decisions
Fixed interest rates
Overpay without penalty
Offers loans to those with bad credit
Cons
High ARR
Limited loan amounts
You have to complete loan in local branch
Representative example: Borrow £10,000.00 over 3 years at a rate of 99.9% p.a. (fixed). Representative APR 99.9% and total payable £24,451.56 in monthly repayments of £679.21.
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 5years, and applicants can apply to borrow from £1,000 to £15,000.
Quick overview of Everyday Loans personal loans
Loan amounts
From £1,000 to £15,000
Loan terms
From 18 months to 5 years
Age eligibility
18 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
Key features
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 depends on factors like the amount you apply for, the loan’s terms, 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) throughout the 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 are considered. You shouldn’t apply unless you’re certain you can meet the repayment terms and match 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 4.3 out of 5, based on more than 6,800 reviews (updated May 2024). Many customers praised their professional customer service, and others complained about their high interest rates.
Customer support
For help on your personal loans, you can fill out an online form on the Everyday Loans website or call on 0330 3033 503.
How do I apply?
If you’ve decided that an Everyday Loan personal loan is right for you, apply online by following the loan application process. New customers need to visit a branch, which can be found in most cities and major towns across the UK.
Our verdict
If you’re looking for a straightforward process where you don’t need to put up collateral, then Everyday Loans could be a good option. They base their lending on creditworthiness, so a good credit rating helps you when you apply. Not to mention, you can get quick and effective support from their customer service team if you need assistance.
Frequently asked questions
You need to bring the following documents:
Proof of Identity for each borrower (Passport/ Drivers licence)
Proof of where you live (Utility bill/ Bank statement)
Proof of income (Recent payslip/ 2 months’ bank accounts)
It takes a couple of minutes on the phone to arrange the first meeting. This meeting takes place at your local branch and should take no longer than 45 minutes – at which point, provided Everyday Loans have all the information they need, you can be issued a cheque before you leave.
A soft search allows you to receive as many quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for the right loan. You can then choose the right quote for you and proceed with that application.
No. Unlike some other loan lenders, Everyday Loans does not charge any fees.
If you cannot make payments, it’s highly important to contact Everyday Loans to manage the situation.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
Chris's expertise
Chris has written 602 Finder guides across topics including:
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.
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