Everyday Loans

Everyday Loans personal loans

Everyday Loans currently offers unsecured personal loans ranging from £1,000 to £15,000. The minimum term you can currently take a loan out for is 18 months, while the maximum term is 60 months.

If eligible, you can choose the size of loan and the repayment term that you can afford and that best meets your requirements.

Everyday Loans particularly focuses on lending to people who may not have a perfect credit score. For example, if you’ve not been eligible for credit from other lenders, Everyday Loans says it may be able to help.

Everyday Loans rates

The rate you actually get from Everyday Loans will depend on the amount you borrow, the loan’s repayment term, and your individual situation.

Everyday Loans will look at your credit score and overall financial position, including your income and expenses, to determine what interest rate to charge.

Those with a better credit score will typically receive better interest rates.

Bear in mind that the representative APR you may see when you compare loans is not necessarily the rate you will receive. APR stands for annual percentage rate and tells you how much the interest and any fees on a loan will cost over the course of one year.

The representative APR can help you to see how much you could be charged, but only 51% of successful applicants will receive this rate (or below). Everyone else could be charged a higher rate of interest.

Joint loans

At the time of writing, you can apply for a joint loan from Everyday Loans with your partner or another individual. With a joint loan, you and the other applicant will both be responsible for making repayments.

During the application process, Everyday Loans will look at the credit history and financial situation of both individuals before making a decision.

Does Everyday Loans offer secured loans?

Everyday Loans does not currently offer secured loans. It only offers unsecured loans.

Secured loans require an item of value, such as your house, to act as security for the loan. The lender could repossess this asset if you fail to repay a secured loan.

» COMPARE: Secured loans

How to apply for a loan from Everyday Loans

To apply for a loan from Everyday Loans, you first need to fill out an online form. This will ask you for some basic information, such as your personal details, address history, and income.

After you fill in the form, your application will be reviewed and, if successful, you will receive a conditional loan offer. This process won’t involve a hard credit check, so won’t affect your score.

Once you have a conditional offer, you will need to visit an Everyday Loans branch to complete your application. You will need to bring documents with you, including:

• proof of ID, such as a valid passport or driving licence
• proof of address, such as a recent utility bill or bank statement
• proof of income and outgoings, such as a recent payslip, bank statements, or a self-assessment return

At the meeting, you will talk over your loan application and your financial situation to help make sure you get the right kind of loan. This shouldn’t take longer than 45 minutes.

Assuming everything is in order, you can then finalise your application. At this point, the lender will run a hard credit check. This will be recorded on your credit file.

Once the terms of the loan are agreed and you’ve signed the relevant papers, you should receive the money in your account soon afterwards.

» COMPARE: Personal loans

How long does it take to get a loan?

It may only take a few minutes to fill in the initial online application form. However, as you need to make an appointment at an Everyday Loans branch to complete your application, the next stage could take longer. It will depend on the availability of your nearest branch and how soon you can make an appointment.

Appointments should take less than 45 minutes. If your loan application is approved, the money shouldn’t take long to appear in your account.