Founded in 2006, Everyday Loans now has dozens of branches on high streets across the UK. It offers a range of loans for people with different types of credit history – including people who might have had some financial difficulties and therefore have a low credit score.
If you have bad credit, you might find it difficult to get accepted for loan with many other high-street lenders – but Everyday Loans is more likely to give you a shot.
Unlike some other loan providers for people with low credit, Everyday Loans doesn’t require a guarantor. A guarantor is a friend or family member with better credit, who agrees to take on responsibility for the loan if you have difficulty paying it back.
This means that if you don’t have someone who could share your loan with you, you can still access credit – although your interest rates will probably be higher than with most guarantor loans.
What are the features of Everyday Loans?
Every loan comes with rules that govern how much you can borrow, how long you can borrow it for, and how much interest you’ll have to pay. Here’s what you need to know about Everyday Loans:
- You can borrow between £1,000 and £15,000 – but the amount Everyday Loans is willing to lend to you might depend on your ability to repay
- Your loan cast last for one to five years
- It’s an unsecured personal loan, so you don’t need to offer an asset like a car or home as collateral
- There are no fees, so you don’t have to pay anything up front to arrange the loan
- It has a representative APR of 93.6% – that’s the interest rate that Everyday Loans expects the majority of its customers to receive. But depending on your credit score, your actual rate could be anywhere from 30.5% to 249.5%
- The interest rate is fixed, so you won’t have to worry about it changing over the course of your loan
- It’s safe and regulated by the Financial Conduct Authority (FCA)
Frequently asked questions about Everyday Loans
Who decides how much I can borrow?
When you apply for a loan with Everyday Loans, they’ll want to know a little about your financial circumstances. The amount they’ll be willing to lend to you will depend on factors such as your credit history and whether you own your own home – but even if you have poor credit and rent your home, it should still be possible to get a loan.
How quickly do you get the money?
Unlike some providers, Everyday Loans needs you to pop into your local branch to conclude your application. The meeting shouldn’t take more than about 45 minutes, though – and once you’ve been approved, you can leave with your cheque.
What’s the total cost?
The amount of interest you’ll be charged with Everyday Loans will depend on how much money you’re borrowing, how quickly you agree to pay it back, and your credit score – which you can check using MoneySuperMarket’s free Credit Monitor tool.
For instance, if you have a middling credit score and you want to borrow £2,000 for two years, the representative APR is 106.8%. This means that the total amount you’ll have to pay back will be £3,910, in twenty-four monthly payments of £162.93.
Am I eligible for an Everyday Loan?
More people are eligible for an Everyday Loan than those from more traditional providers, simply because it focuses on people who can’t seem to get other loans.
That said, there are still two basic criteria you need to meet:
- You must be over 18
- You must be able to show you have some means of income so you can pay the loan back
How do I apply for an Everyday loan?
You can find out which loan deals you are eligible for when you compare your options on MoneySuperMarket. Just give us a few details about what you want from your loan, including what it’s for and how much you need, and you’ll see a list of quotes tailored for your needs.
You can compare deals by their APR, any fees or charges, and the likelihood you will be accepted. As soon as you’ve found the loan you want, simply click through to the provider’s website to finalise your application.
Be aware that a loan is a significant financial commitment. You should be honest on your application and with yourself as to whether you can afford the repayments. Loans for people with low credit scores often charge a high level of interest, and if you end up unable to meet your repayments, your credit score will be affected and you may fall into significant debt.