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Everyday Loans

Get the lowdown on Everyday Loans

Victoria Russell
Written by  Victoria Russell
5 min read
Updated: 02 Feb 2024

Everyday Loans is a high street lender that’s been running for nearly 15 years – and it could be a lifeline if you’ve got poor credit

A lifeline for those with bad credit

The reality of modern finance is that a good credit score opens doors, while a bad one can close them. If you have bad credit you might find it difficult to get accepted for a loan with some high-street lenders – but Everyday Loans is more likely to lend to those with a less than perfect credit history. This accessibility is a crucial lifeline for many, providing the opportunity to consolidate debt, cover unexpected expenses, or invest in personal growth.

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Loan features and details

Everyday Loans stands out with its straightforward and accommodating features:

  • Borrowing range: You can borrow between £1,000 and £15,000 – but the amount Everyday Loans is willing to lend to you will depend on your ability to repay.

  • Unsecured freedom: It’s an unsecured personal loan, which means you won't need to put up any collateral like your home or car.

  • No guarantor needed: Unlike some other loan providers for people with low credit, Everyday Loans doesn’t require a guarantor.

  • Fixed interest rates: The interest rates are fixed, providing predictability and stability over the loan term.

  • Soft search applications: Applications undergo a 'soft search', ensuring your credit score isn't impacted if you're not successful.

  • Quick provisional decisions: Decisions are often provided within minutes, streamlining the borrowing process.

  • Regulated lending: Everyday Loans is regulated by the Financial Conduct Authority (FCA), ensuring fair and responsible lending practices.

  • No fees: There are no fees associated with arranging the loan from Everyday Loans.

Understanding borrowing capacity

When you apply for a loan with Everyday Loans, they will assess your financial circumstances comprehensively. The amount you can borrow is influenced by various factors, including your credit history, income, outgoings, and homeownership status. However, they cater to a wide range of applicants, so even those with poor credit and non-homeowners have a chance to secure a loan.

The cost of your loan

The cost of borrowing from Everyday Loans is transparent and tailored to your situation. The amount of interest you’ll be charged with Everyday Loans will depend on how much money you’re borrowing, the term of the loan, and your credit score – which you can check using our free credit monitor tool. Remember, the better your credit score, the more favorable the interest rates you'll receive. The representative APR for Everyday Loans is 99.9%.

Calculating your repayments

To help you understand the financial commitment you're considering, our loan calculator is an invaluable tool. It can assist you in determining your monthly repayments or the maximum amount you can borrow based on what you can afford. This ensures you make an informed decision that aligns with your financial capabilities.

Comparing loan deals

The journey to securing a loan that fits your needs is made easier with MoneySuperMarket. You can find out which loan deals you are eligible for when you compare your options on our platform. By providing a few details about your loan requirements, you'll receive a list of quotes tailored to your needs. You can compare deals by their APR and the likelihood of acceptance, streamlining the process of finding the right loan for you.

The application process

Once you've compared loan deals and found the one that suits you best, finalizing your application is straightforward. Applicants must be over 18, a UK resident, and able to keep up with the repayments. There is no requirement to be a homeowner. Everyday Loans is a specialist provider that focuses on those who have been unable to secure loans from other providers because of their credit situation. The two basic criteria for eligibility are being over 18 and having some means of income to pay back the loan. Simply click through to the provider’s website to complete the process. With Everyday Loans, you'll need to visit a local branch to finalise the application, ensuring a personal touch and the opportunity to ask any questions.

A word of caution

While loans can be a powerful tool for managing your finances, they are a serious commitment. It's essential to be honest with yourself about your ability to afford the repayments. High-interest rates, particularly for those with low credit scores, can lead to significant debt and further impact your credit score if repayments are not met. Always borrow responsibly and consider the long-term implications of taking out a loan.

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