dutch style mortgage

Best UK Everyday Loans Rates & Options 2025

Did you know? 73% of businesses are investing more in top best everyday loans than ever before! Here’s why!!!

With 7,790 reviews, Everyday Loans has received a respectable score of 4.4 out of 5 and has become a respected leader in UK lending. Their unsecured loans start from £1,000 up to £15,000 and have variable payment spans from 18 to 60 months. If you are in search of bridging loans with bad credit or personal loans with bad credit, Everyday Loans has got you covered.

Everyday Loans is compliant with the FCA regulations and maintains 76 branches across the UK. As opposed to most online lenders, you are able to see loan advisors in their convenient locations, and if you happen to search by “loans near me”, keep in mind Approximately 99.9% is designed for the APR, and specific criteria are set that limit eligibility applications for loans.

You will cover this guide by going through the entire walk-through process of acquiring Everyday Loans, the entire application process, and their approval process when relevant, along with these details you will also be made aware of what their customers think about them and which of their loans suit you best.

What is Everyday Loans and How Do They Work

Everyday Loans, a UK lending company that commenced operations in 2006, has been in operation ever since, with its focus on a more bespoke approach towards the lending industry. As a direct lender, they provide personal loans, with a unique opportunity that differentiates them from almost 70 other branches across the region. Additionally, their services are fully authorized and endorsed by the Financial Conduct Authority..

Company background and FCA regulation

The company operates with FCA reference number 724445 and specializes in responsible lending practices. Their steadfast dedication to professional lending standards aligns with the Finance and Leasing Association’s Lending Code. Customer data protection follows UK GDPR and DPA regulations strictly.

Types of loans offered and loan amounts

The company’s unsecured loans vary between £1,000 and £15,000 as well as having a repayment duration between 18 and 60 months. A home improvement or debt consolidation is an example of a customer use. These loans cannot be used for starting a new business, gambling, or other illegal activities. If you need a 15000 loan bad credit option, then consider referring to Everyday Loans.

Interest rates and representative APR explained

The representative APR is 99.9% with a maximum APR of 299.8%. To understand what 99.9 APR means, let’s look at an example. For a £3,000 loan over 24 months at a fixed interest rate of 71.3% p.a., you would make monthly repayments of £237.75. The total interest payable amounts to £2,706, making the total repayable amount £5,706. The company’s transparency shows in their no-fee policy for insurance or loan processing. You can use an Everyday Loans calculator or a loan calculator with APR to get a clearer picture of potential costs.

Key Features and Benefits of Everyday Loans

Everyday Loans puts flexibility at the heart of what they do. They give customers custom loan options and let them change their payment dates throughout the loan term.

Everyday loans
everyday loans

Loan terms and repayment options

Choose repayment periods between 18 and 60 months to match your financial needs. The company WILL keep its fee structure simple with no application or upfront costs. This gives us, as borrowers a clear picture of their monthly repayments, which stay fixed throughout the loan term. You can use the Everyday Loans repayment calculator to estimate your payments.

Bad credit acceptance policies

Life can affect your finances, and Everyday Loans knows this. They look beyond credit scores and assess each application on its own merit. So they often approve loans for bad credit online if you’ve heard no from regular banks. Since 2006, they’ve helped people rebuild their credit history through approved loans and personal loans for those with a low credit score.

Branch network and face-to-face service

Everyday Loans stands out in today’s digital world with almost 70 branches across the UK. Most customers live within five miles of a branch, making their services easily accessible. Their branch-based service offers several advantages:

  • One-on-one talks with your dedicated account manager

  • Detailed assessment of your situation

  • Support through every step of your application

  • A relaxed space to discuss your finances

They’re the only unsecured loan provider with this branch-based approach. Their staff takes time to understand each customer’s story without judgment. Customers love this personal touch and often praise the clear explanations and support they get throughout their loan journey.

Understanding Eligibility and Requirements

Everyday Loans makes its lending criteria clear and straightforward. The company aims to make loans available to customers while following responsible lending practices.

Simple eligibility criteria

Applicants must be 18 or older and UK residents. You’ll need to earn at least £10,000 per year. The company welcomes applications from homeowners, tenants, and people who live with their parents. Your employment status is a vital factor since the company doesn’t lend to anyone without a job. They also offer self-employed loans for those who work for themselves.

Required documentation

You’ll need specific documents to verify your application details:

  • Identity Proof: Valid passport or driving license

  • Address Verification: Recent utility bill, bank statement, or DVLA correspondence

  • Income Documentation: Latest payslip (within 60 days), two months’ bank statements, and for self-employed applicants, previous year’s audited accounts or Self Assessment Return

Credit score considerations

Everyday Loans takes an integrated approach to credit assessment. They use soft search technology that doesn’t affect your credit score during the first review. The company works with applicants who have less-than-perfect credit scores, making them a good option for those seeking bad credit loans. However, they can’t accept anyone with active Individual Voluntary Arrangements (IVAs), debt management plans, or bankruptcies.

The company reviews four main factors: affordability, property status (owned/rented), current financial commitments, and credit history. Despite that, they might accept applications from people with County Court Judgments (CCJs). The company believes past financial difficulties shouldn’t automatically rule out potential borrowers.

Pros and Cons of Choosing Everyday Loans

Let’s look at the advantages and drawbacks that come with choosing Everyday Loans. This breakdown will help you make a better decision.

Advantages of borrowing from Everyday Loans

The lender’s soft search technology is a major plus – your credit score won’t take a hit during the original application. Borrowers can change their payment dates throughout the loan term. There’s another reason to like them – they accept joint loan applications.

The company takes a branch-based approach to offer tailored support. Their team takes time to understand your situation and explains everything clearly. They welcome applications from people with less-than-perfect credit histories, which helps many who might struggle with mainstream lenders.

Potential drawbacks to consider

You’ll need to visit a branch to complete your application, unlike purely online lenders. This could be tough if you don’t have a branch nearby. The company will charge you interest for settling your loan early. Their fund transfer process takes longer than other lenders.

The representative APR can go up to 299.8%. This rate is significantly higher than traditional bank loans because of their specialized lending approach. You can use a 99.9 APR calculator or the Everyday Loans calculator to understand the potential costs.

Customer reviews and Trustpilot ratings

Customer feedback gives us the full picture of their service quality. The company holds a strong 4.9 out of 5 rating on Feefo from over 2,000 customer reviews. Their Trustpilot score stands at 4.4 out of 5 stars. About 89% of reviewers rate them either great (4%) or excellent (85%).

Customer testimonials often mention:

  • Professional and detailed application process

  • Clear explanation of loan terms

  • Empathetic and understanding staff

  • Quick decision-making process

Some customers have great experiences with helpful staff and clear communication. Others point out concerns about high interest rates and mandatory branch visits.

Conclusion

Everyday Loans stands apart with its branch-based model. The company shows a readiness to work with people who have less-than-perfect credit histories, offering options for those seeking personal loans with a low credit score. Their representative APR sits at 99.9% – higher than traditional banks. But their tailored service and flexible loan terms make them a solid choice for many UK borrowers.

Branch visits are mandatory, which might not work for everyone. However, the company’s high customer satisfaction scores speak volumes. Their clear lending practices show their steadfast dedication to responsible lending. Face-to-face meetings and proper documentation help borrowers grasp their obligations completely.

Your specific situation, credit history, and comfort with Everyday Loans interest rates will determine if they are right for you. The company’s 17-year-old track record and wide UK branch network give confidence to loan seekers. They offer the best personal loans from £1,000 to £15,000 with various repayment schedules. More articles about personal finance can help you make smart borrowing choices that suit your needs.

FAQs

Is everyday loan hard to get?

Everyday loans

No, Hard searches are conducted only during a full credit application. As specialists in bad credit loans, applicants do not need a perfect credit score to apply. Eligibility criteria include being over 18, a UK resident, and having the ability to afford repayments. The company operates as a direct lender, not a broker, and there are no fees charged for applications.

Is Everyday Loans a payday lender?

Everyday loans

No, Everyday Loans operates as a direct lender, offering unsecured loans rather than payday loans. Unlike payday loans, which are typically repaid over a shorter period, loans from Everyday Loans have terms ranging from 12 to 60 months

What do Everyday Loans check for?

Education Grants for Adults

Everyday Loans assesses creditworthiness by reviewing credit history, income, existing debts, and overall financial situation. An affordability check ensures applicants can manage repayments. Specializing in loans for those with bad credit, the company also considers applications from individuals previously denied credit.

What has happened to Everyday Loans?

dutch style mortgage

In June 2023, a court approved a scheme of arrangement for Everyday Loans, George Banco, and TrustTwo, proposed by the Non-Standard Finance (NSF) group, covering loans issued before March 31, 2021. The claim deadline was December 31, 2023, with payments of 25.73p per £ starting in August 2024. Complaints about loans after March 31, 2021, can still be made outside the scheme, with potentially higher payouts if upheld. A scheme of arrangement is a legal process to pay part of eligible compensation claims

Q1. How does the application process work with Everyday Loans? The non-credit effect on online applications initiates the process. If preliminarily endorsed, an invitation to the local branch arrives for a face-to-face meeting to look over potential lending contracts and become acquainted with your account manager. Generally, the entire procedure can be finished within 24 to 48 hours.

Q2. Are everyday loans accessible to people with bad credit? Indeed, Everyday Loans considers usages from people with less-than-ideal credit chronicles. While a scrupulous evaluation transpires, they pay attention to variables exceeding simply credit alone. Furthermore, applicants are assessed as complete persons rather than reduced to a credit number. The interview allows for discussion of an applicant’s story, situation, and plans for responsibly handling funds.

Q3. What are the basic eligibility requirements for an Everyday Loan? To qualify, applicants are required to be 18 years of age or older, a resident of the United Kingdom, and be earning at least £10,000 gross per year. There is no requirement for Homeownership, but Employment is mandatory. Applicants who are renting or residing with parents can apply as well.

Q4. What is the typical interest rate for Everyday Loans? According to my financial advisor, the average rate at which Everyday Loans operates is around 99.9% APR, with a ceiling of up to 299.8 percent. The percentage of interest however differs for different customers and how much they require after evaluation of their finances. It is possible to get an estimate of the possible figures by using the APR calculator associated with CLC.

Q5. Does Everyday Loans offer face-to-face service? Yes, Everyday Loans can provide this service due to the presence of about 70 branches throughout the UK: these branches provide potential clients with the ability to meet with a Loan Consultant. Such an approach enables a better understanding of the individual’s situation and gives assistance in the process of applying for a loan, and well if you are in search of ‘loans near me’, such lenders could offer a good alternative.

everyday loans loan calculator – everyday loans example – everyday loan apr – everyday loans apr rate