How much can I loan from Everyday Loans?
You can apply to borrow anywhere between £1,000 and £15,000.
What repayment schedule options are available?
Loans can be paid back anywhere from 18 to 60 months.
How much interest will I have to pay?
Everyday Loans advertise a Representative APR of 93.6%, with a daily interest rate of 0.19%.
If you were to borrow £3,000 over a 2-year period at an interest rate of 67.9% p.a. (fixed), you would pay 24 monthly instalments of £231.78 each month. In total you would repay £5,562.75.
Am I able to repay an Everyday Loans loan before the agreement date?
Yes you are able to repay the loan early if you wish. Contact the customer service team who will provide you will a final settlement figure.
How do I apply for an Everyday Loan?
Everyday Loan work a little differently to some lenders as the application process requires a combination of both online and face-to-face interaction.
First of all, you complete the online application form and are given an initial decision in a matter of minutes. In order to complete the application you will have to visit one of their branches. There are 71 branches nationwide. You cannot complete a loan application without meeting an Everyday Loan representative in person, which may be challenging if you are unable to easily travel to a branch.
In order to apply for an Everyday Loan you must be:
- At least 18-years-old
- In full-time employment
When reviewing your application, Everyday Loans will take the following into consideration:
- How much your income allows you to afford
- If you are a homeowner or tenant
- Your current financial commitments
- Credit history up until this point
At the branch meeting you will also be required to bring along original forms of identity, proof of address and proof of income and regular outgoings. Meetings should not last longer than 45 minutes.
How quickly will I receive the money?
Everyday Loans do not transfer the money into your account, instead they will hand you a physical cheque. How soon you can access the money will depend on when it is deposited and the length of time it takes to clear in your bank/building society.
How do I contact Everyday Loans?
To reach their customer service department you should visit the Contact Us page and enter your postcode to be given the phone number of the nearest branch.
Is there an online account and app I can use?
No, Everyday Loans do not offer an online account or app for their customers.
How do other customers rate Everyday Loans?
Where can I find FCA information about Everyday Loans?
You can visit the Everyday Loans page on the FCA register. They have been authorised since 6/11/2006.
Everyday Loans summary
Whether you are a homeowner or a tenant you can apply for a loan ranging between £1,000 and £15,000. The representative APR is 93.60% with a daily interest rate of 0.19% and repayment terms of anywhere between 18 and 60 months available.
You can part-apply for an Everyday Loan online, but it must be completed in a face-to-face meeting at one of their high street branches.
If you want to apply for an Everyday Loan you must be at least 18-years-old and in full-time work.
There is no online account or app available and successful applicants will receive a cheque in person, rather than a transfer of funds into their account.
Everyday Loans have positive customer reviews on Feefo (4.9/5) and Trust Pilot (4/5) as of March 2020.
The company is been authorised and regulated by the FCA.