Everyday Loans

In a world where financial flexibility is key, Everyday Loans, a UK-based personal loan lender, is a notable choice, particularly for individuals with previous credit challenges.

Established in 2006, this independent lender has carved a niche in providing unsecured personal loans. Here, we delve into an unbiased review of their offerings, helping you make an informed choice amidst a sea of financial institutions.

Who is Everyday Loans?

Everyday Loans operates with a broad network of branches across the UK, having served over 300,000 customers since its inception. Their approach to lending is notably tailored, focusing on individuals who may have faced difficulties obtaining credit elsewhere.

Types of Loans Offered

Everyday Loans offers a range of unsecured Personal Loans to cater to diverse financial needs. Loan amounts range from £1,000 to £15,000, with repayment terms spanning from 18 months to 5 years. Importantly, these loans do not require collateral. The lender charges a representative Annual Percentage Rate (APR) of 99.9%, which, while potentially higher than some competitors, reflects their willingness to accommodate those with less-than-perfect credit histories.

Here's a quick overview of the available loan types:

• Wedding Loans

Wedding Loans offer more than just financial assistance; they provide peace of mind during your special occasion, ensuring that budget constraints don't dampen your celebration. You'll receive a lump sum with fixed installment repayments, making it easier to manage your expenses.

• Car Loans

Car Loans cater to those in need of a new vehicle, offering a lifeline especially to those with credit challenges. 

These unsecured loans not only facilitate immediate car ownership but do so without the burden of collateral or hidden fees, making the journey to owning your dream car smoother and more transparent.

• Debt Consolidation Loans

Everyday Loans' Debt Consolidation Loans simplify your finances by combining multiple debts into one, potentially reducing overall payments. This approach relieves financial stress and streamlines budgeting 

• Joint Loans

All the mentioned loans can also be Joint Loans, offering an innovative solution for two individuals, like partners or friends, to jointly manage financial responsibilities. These loans enhance borrowing power and share repayment responsibilities, making them practical for larger investments and shared financial goals.

• Short-term Loans (Payday Loans)

Short-term or Payday Loans offer a quick financial solution for urgent needs lasting a few months, despite higher APRs. They act as a bridge until the next payday, covering unexpected expenses like emergency repairs or last-minute bills.

Everyday Loans provides both Unsecured and Secured Loans. It's crucial to grasp the distinctions between these loan types. They mainly differ in collateral requirements and interest rates. Here's a concise comparison:

Type of Loan	Collateral Required	Interest Rates
Unsecured Loans	Not required	Higher
Secured Loans	Required	Lower

Secured Loans, while requiring an asset for collateral, can be a strategic choice for long-term investments, offering lower interest rates and potentially higher borrowing limits.

Key Features Everyday Loans

Unsecured with Fixed Rates: Loans come with fixed interest rates, providing predictability in repayments.

Soft-Search Facility: This feature ensures that initial loan inquiries do not impact your credit score.

Flexibility: The lender allows overpayments without penalties and offers options for joint applications and concurrent loans.

Eligibility and Application Process

Applicants must be UK residents aged between 18-75 and capable of making regular payments. The application process is streamlined, starting online with a conditional decision given in minutes. Final loan approval typically requires a branch visit.

Customer Feedback and Competitive Analysis

Everyday Loans holds an impressive 4.3/5 rating on Trustpilot as of December 2023. 

The breakdown of the ratings is as follows:

Rating	Percentage
5-star	83%
4-star	4%
3-star	1%
2-star	1%
1-star	11%

Customers often praise their understanding approach, especially beneficial for those with credit challenges, although some mention the high-interest rates as a drawback.

When compared to competitors like Tesco Bank and Sainsbury’s Bank, Everyday Loans tends to have higher APRs. This is due to their broader lending approach, catering to a wider range of credit histories. Despite higher rates, their commitment to inclusive lending and responsible practices garners positive customer feedback, distinguishing them in the personal loan market.

In essence, Everyday Loans stands out for its customer-centric services and inclusive policies, even if their rates are higher than some mainstream competitors.

Conclusion

Everyday Loans positions itself as a viable option for those with past credit issues, offering flexible unsecured personal loans with a relatively straightforward application process. While their APR is higher compared to some competitors, their inclusive approach to lending, coupled with commendable customer service, makes them a lender worth considering for those who might struggle to secure loans elsewhere.

Always remember, it’s crucial to compare loan offerings and understand your financial situation before committing to any financial product.

Please Note: This content is based on information as of January 2024. For the latest updates and specific terms, we recommend contacting Everyday Loans directly by visiting their website.