Bad credit loans
Helps those with poor or limited credit histories access funds and improve credit ratings
What is Evlo?
Evlo, is a UK-based direct lender specialising in personal loans for customers who may find it difficult to borrow from mainstream banks.
Established in 2006, the company has helped over 300,000 customers access credit. The lender also has a 4.9/5 Independent Service Rating on Feefo.
Evlo is fully regulated by the Financial Conduct Authority (FCA) and committed to responsible lending.
What types of loans does Evlo offer?
Evlo offers a range of unsecured personal loans, including:
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Debt consolidation
Simplify your finances by combining multiple debts into a single loan
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Joint loans
Allow you to apply with another person, meaning you may be able to borrow a larger amount or get a better rate
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Holiday loans
Cover travel expenses and accommodation and plan your dream vacation with a holiday loan
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Car loans
Finance the purchase of a new or used vehicle with a car loan
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Wedding loans
Cover costs such as venue hire, catering, and all the glittering extras that make your wedding day extra special
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Home improvement loans
Use a home improvement loan to make upgrades to your house or flat
How much can I borrow with an Evlo loan?
Evlo offers borrowing between £1,000 and £15,000, with repayment terms ranging from 18 to 60 months.
The exact amount and terms available will depend on individual financial circumstances, including credit history, income, and affordability assessments.
Why choose an Evlo loan?
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Quick access to funds
Once approved, you could receive the money within 24 hours
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No arrangement fees
M&S Bank is a direct lender, not a broker, so no application fees apply
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Eligibility checker
Assess your eligibility in minutes without impacting your credit score
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Loans for bad credit
They offer loans to help those with bad or poor credit scores
How quickly will I receive the money?
With Evlo loans, the funds are typically available within 24 to 48 hours after your branch appointment if your loan application is fully approved and you accept the terms.
In some cases, Evlo mentions that funds can be transferred to your account the same day, especially after your branch visit.
Are there any fees or charges?
Evlo does not charge any application, origination, arrears, or default fees, nor fees for contract alteration.
Cancellation notification period of 14-days. 30 further days to return loan balance.
Early settlement quotes follow regulation provided for in the 2004 CCA regulations.
Am I eligible for an Evlo loan?
To apply for a loan with Evlo, you must be:
At least 18 years old
A UK resident
Able to afford the repayments
Evlo considers applicants with poor or limited credit histories, focusing on their current financial situation rather than just their credit score.
How to compare loans with MoneySuperMarket
We’re here to help find the right loan for you, so we’ll tell you which rates you’re guaranteed to get.
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Do you need a guarantor for Evlo?
No, unlike some other loan providers for people with low credit, Evlo doesn’t require a guarantor.
A guarantor is a friend or family member with a better credit history and score, 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 rate will probably be higher than those on most guarantor loans.
Is Evlo regulated and trustworthy?
Yes, Evlo is fully authorised and regulated by the Financial Conduct Authority (FCA). With over 300,000 customers and a track record of responsible lending, the company ensures fair and transparent lending practices.
Do Evlo offer payment holidays?
No, Evlo loans do not currently offer a payment holiday. If the need for a payment holiday is temporary, they have a number of options that may be suitable, depending on your circumstances. You can call your local branch to discuss this and they will advise on the best options available to you.
Do I have to visit a branch to get an Evlo loan?
Yes, The application process begins online with a form and a conditional decision, followed by a visit in a branch to complete the application. Evlo's website suggests that they like to meet in person to explain the loan details and allow you to ask any questions through an open conversation before the loan is finalised.
What if I’m struggling to pay back my loan?
If you're struggling to meet your Evlo repayments, contact the lender as soon as possible. They may be able to adjust your repayment plan or offer support based on your circumstances.
Missing payments can impact your credit score and lead to extra charges, so acting quickly is key. If you need further help, reach out to a free UK debt charity for confidential advice such as StepChange, National Debtline, Citizens Advice or MoneyHelper.
How are early repayment charges calculated?
Early repayment charges are in the form of added interest and calculated based on your loan term. They are in line with the Government’s Consumer Credit regulations that were updated in 2024.
This means that if your loan term is 12 months or under, the early repayment charge will be equal to the amount of interest that would've been applied to your loan over a period of 28 days. If it's over 12 months, it'll be one month and 28 days' worth of interest.
Can I pay off an Evlo loan early?
Yes, you can pay off a loan from Evlo early but you will have to pay early repayment charges. If you decide that you'd like to settle your loan before the full term has been reached, you can request a settlement figure from your local branch at any time.
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Reviewed on 8 Dec 2025 by
