Everyday Loans: Review, Application Process, Interest Rates
Why Choose Everyday Loans for Bad Credit?
Finding a loan can be stressful when you have poor credit. Everyday Loans offers a solution, providing accessible personal loans even for borrowers with bad credit. This guide will walk you through how Everyday Loans works, why it’s one of the best direct lenders to offer loans for bad credit in the UK, and how you can make the most of their services.
What Are Everyday Loans?
Everyday Loans is a direct lender specializing in personal loans for borrowers with bad credit. Unlike traditional banks, which may reject applicants with low credit scores, Everyday Loans focuses on understanding each individual’s unique financial situation.
They offer tailored loans ranging from £1,000 to £15,000, designed to provide quick access to funds for those who might otherwise struggle to secure a loan.
Why Is Everyday Loans the Best Direct Lender for Bad Credit?
Everyday Loans sets itself apart by offering face-to-face consultations, meaning you can discuss your financial situation with a loan advisor who will take your individual circumstances into account.
This personalized approach ensures that you get the best loan terms suited to your needs. They are committed to helping people with bad credit by providing flexible loans that are easy to manage, without the need for a guarantor or collateral.
How Much Can I Get from Everyday Loans?
Everyday Loans offers a range of loan amounts depending on your circumstances. The minimum loan amount you can borrow is £1,000, while the maximum is £15,000. How much you can borrow depends on several factors:
- Your income: They assess your ability to repay the loan.
- Your credit score: While they specialize in bad credit loans, your score can still influence the loan amount.
- Existing debts: They consider how much debt you currently have and whether you can afford additional repayments.
This flexible loan amount range makes Everyday Loans a good choice whether you need a small emergency loan or a larger loan for debt consolidation or major expenses.
How Much Interest Will I Pay for Everyday Loans?
What is Everyday Loans APR and Interest Rates of Everyday Loans?
Everyday Loans offers interest rates that are reflective of the risk posed by lending to individuals with bad credit. The representative APR for an Everyday Loan is 39.9%, but this can vary based on your individual credit profile, income, and the amount you want to borrow.
Interest rates for bad credit loans tend to be higher because of the increased risk to the lender, but Everyday Loans is competitive compared to other lenders in this category.
You’ll know the exact APR and total repayment before you commit to the loan, which gives you a clear understanding of what you’re paying over time.
What are Additional Fees to Consider in Everyday Loans?
Everyday Loans does not charge any hidden fees. There are no application fees or setup costs, and if you decide to settle the loan early, they don’t impose penalties for early repayment, meaning you can save on interest if you clear the loan ahead of schedule.
How Do Everyday Loans Work?
What is the eligibility criteria for Everyday Loans?
The eligibility criteria for an Everyday Loan are straightforward. To apply, you must:
- Be at least 18 years old.
- Be a UK resident.
- Have a regular income (whether from employment or self-employment).
- Have a bank account where the loan can be deposited and repayments can be made.
Even though they are designed for borrowers with bad credit, they will still assess your affordability to ensure you can comfortably meet the loan repayments.
What are loan amounts and repayment terms in Everyday Loans?
Everyday Loans offers flexible repayment terms ranging from 12 months to 60 months, allowing you to choose a repayment period that fits your budget. Repayments are made monthly, and the exact terms depend on how much you borrow and over what period. For example:
- Borrowing £3,000 over 36 months would result in fixed monthly repayments.
- Borrowing a smaller amount like £1,000 could be repaid over 12 months with more manageable payments.
How to Apply for an Everyday Loan?
What is the Step-by-Step Application Process for Everyday Loan?
Applying for an Everyday Loan is simple and can be done either online or in-branch. Here’s how the process works:
- Submit your application online or visit one of their branches.
- Provide necessary documents, such as proof of identity, income, and residency.
- You’ll be invited for a face-to-face consultation (if applying in-branch), where a loan advisor will discuss your application and provide guidance on the best loan terms for you.
- Receive your decision—this can happen on the same day for many applicants.
What Happens After You Apply Everyday Loans?
Once your application is submitted, Everyday Loans aims to make a decision within 24 hours. If approved, they will offer you a loan package tailored to your situation, and once you agree to the terms, the funds will be deposited directly into your bank account.
How Long Does It Take for Everyday Loans to Pay Out?
After your loan has been approved, you can typically expect the funds to be deposited into your account within 24 to 48 hours.
The payout time depends on how quickly you provide the necessary documents and complete the approval process. In some cases, if everything is submitted on time, you may receive the loan the same day.
Factors that could delay payout include:
- Missing or incomplete documents.
- The need for additional information during the approval process.
How to Contact Everyday Loans?
You can contact Everyday Loans in several ways:
- Phone: Call their customer support line for direct assistance.
- Email: Send an email for any inquiries or to submit additional documents.
- In-branch: Visit any of their local branches for in-person support and to apply for a loan directly.
Everyday Loans prides itself on offering excellent customer service, and their support team is available to help guide you through the loan process or answer any questions.
What are the pros and cons of Everyday Loans?
What are the Advantages of Everyday Loans?
- No Guarantor Required: Unlike some bad credit lenders, you don’t need a guarantor.
- Tailored Repayment Plans: They work with you to find a plan that suits your budget.
- Face-to-Face Service: Personalized service sets them apart, especially for bad credit borrowers who may need additional guidance.
- Flexible Loan Terms: With repayment options from 12 months to 5 years, you can manage your payments more effectively.
What are the Disadvantages of Everyday Loans?
- Higher Interest Rates: Due to the nature of bad credit lending, the interest rates are higher than those offered by prime lenders.
- Loan Amount Limitations: Borrowers with very poor credit may be limited to smaller loan amounts until they establish a repayment history.
What Customers say about Everyday Loans (Reviews)?
Positive Customer Experiences
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Personalized Face-to-Face Service
- One of the most frequent praises from customers is the face-to-face consultation process. Unlike many online lenders, Everyday Loans offers the option of meeting with a loan advisor in person at one of their many branches across the UK. This is especially appreciated by borrowers who feel more comfortable discussing their financial situation with a real person. Many customers highlight how this personalized approach made them feel understood and respected, rather than being just another number in an online queue.
- Customer Feedback Example: “I was nervous about applying for a loan with my credit history, but the in-branch consultation really helped. The advisor was understanding and worked out a plan that suited my budget. It didn’t feel rushed, and I had time to ask all my questions.”
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Fast and Simple Application Process
- Customers frequently mention how quick and easy the application process is, whether done online or in person. For many people with bad credit, finding a lender that offers fast approval is crucial, and Everyday Loans delivers on this. Customers appreciate that the approval process is straightforward, and funds are often disbursed within 24 to 48 hours of approval.
- Customer Feedback Example: “The application process was super quick and easy. I applied online, provided the documents, and was approved within a couple of days. The money was in my account the next day. Really fast and no hassle!”
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Loans for Bad Credit
- Many borrowers have praised Everyday Loans for giving them a chance when other lenders turned them down due to their bad credit history. Everyday Loans specializes in helping people who have struggled with credit in the past, and customers appreciate that they aren’t judged solely on their credit score but also on their current financial situation.
- Customer Feedback Example: “I had been rejected by other lenders due to my poor credit score, but Everyday Loans listened to my situation and offered me a loan that worked for me. I’m so grateful they were willing to help.”
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Flexible Repayment Plans
- Everyday Loans offers flexible repayment options, allowing borrowers to choose a plan that fits their monthly budget. Customers often comment on how helpful this flexibility is, especially when managing multiple financial obligations. Borrowers also appreciate the ability to pay off loans early without incurring penalties, saving them money on interest.
- Customer Feedback Example: “They helped me set up a repayment plan that I could afford. The flexibility to choose the repayment term was great. I also like that I can pay off the loan early without extra fees.”
Customer Satisfaction and Trustworthiness
Everyday Loans has garnered mostly positive reviews for its personalized approach to lending, particularly from customers with bad credit. Borrowers appreciate the face-to-face consultation, as it makes the loan process more transparent and easier to understand.
How Does Everyday Loans Compare to Other Lenders?
Compared to other bad credit lenders like Amigo Loans or Bamboo Loans, Everyday Loans stands out due to its personalized service and flexible repayment options. While some lenders require a guarantor or have strict online-only processes, Everyday Loans allows for in-person consultations that can make a significant difference for borrowers who need extra support.
Conclusion: Is Everyday Loans the Right Choice for You?
Everyday Loans is a great option for borrowers with bad credit who need flexible loan terms and a personalized service. While the interest rates are higher due to the risk associated with bad credit lending, Everyday Loans offers manageable repayment plans and quick access to funds. Be sure to review the terms carefully and ensure that the loan fits within your budget before proceeding.
FAQ’s about Everyday Loans
- Can I get an Everyday Loan with no credit history?
Yes, Everyday Loans may consider applicants with no credit history, as they focus on affordability and current financial status rather than just credit scores.
- Will applying for an Everyday Loan affect my credit score?
Yes, applying for an Everyday Loan involves a hard credit check, which may slightly lower your credit score temporarily. However, consistent on-time payments can help improve your score in the long run. - What happens if I miss a payment on my Everyday Loan?
Missing a payment may result in additional fees and interest charges, and it can negatively impact your credit score. Everyday Loans encourages borrowers to reach out to them if they anticipate difficulty in making payments to explore alternative arrangements.
- Is it possible to settle my Everyday Loan early?
Yes, you can settle your loan early without facing any early repayment fees. By paying off your loan ahead of schedule, you can save money on interest.
- Can I apply for an Everyday Loan if I’m self-employed?
Yes, Everyday Loans considers applications from self-employed individuals. You will need to provide proof of income, such as tax returns or bank statements, to demonstrate your ability to repay the loan.
