Everyday Loans is a UK-based direct lender specializing in unsecured personal loans, particularly for individuals with less-than-perfect credit histories. They offer a personalized approach, assessing each application on a case-by-case basis.
Key Features:
-
Loan Amounts: Borrow between £1,000 and £15,000.
-
Repayment Terms: Flexible terms ranging from 18 to 60 months.
-
Interest Rates: Representative APR of 99.9%, with rates varying based on individual circumstances.
-
Application Process: Initial online application with a soft credit search, followed by a mandatory in-person meeting at a local branch to finalize the loan.
-
Early Repayment: No penalties for early repayment; you can settle the loan in full or make additional payments to reduce interest.
The Everyday Loans product caters primarily to individuals with limited or poor credit histories, offering a personalized and accessible lending solution. Here’s our detailed opinion:
Advantages:
-
Accessible for Poor Credit Histories:
- Everyday Loans provides opportunities for those who may struggle to secure loans from mainstream lenders due to adverse credit, giving them a chance to rebuild their financial profiles.
-
Personalized Approach:
- The mandatory in-person meeting allows borrowers to discuss their circumstances in detail and receive tailored support, which can be reassuring for individuals unfamiliar with financial products.
If you are looking for loans but are always getting no as an answer, then Everyday Loans personal loan is what you are looking for.
Not only can your application be completed without a perfect credit history, it also won’t harm your financial life if it isn’t accepted.
Want to understand how to submit a credit application? We’re here to show you how the steps work and a little more about using the loan.
What is the best loan in England?
What are the requirements needed to apply?
It all starts with the requirements for applying for a loan, where we will look at the main differences.
Since the target audience is those who have already tried to apply for loans but never got approval, the requirements need to be more lenient.
Therefore, both in terms of income and your credit history, it will be less complicated to meet these requirements.
However, the other requirements work the same as any other loan, such as age and residency requirements.
Check below the requirements for the request:
- Prove stable income
- Have a reasonable income history
- Living in the country
- Be of legal age
What documents are required?
While the requirements for the Everyday Loans personal loan are not as similar to other services of the same type, the documents do not change that much.
At least if we are considering those that are not so bureaucratic, with a request free of unnecessary documents.
In the case of personal credit, only a few basic identification documents are required.
As we will show you below, check out the documents below:
- Proof of income
- Proof of residence
- Photo ID
What are the biggest uses of this credit card?
We could not talk about requesting this financial service without at some point entering usage mode.
In this sense, it is worth knowing how to use the Everyday Loans personal loan both to decide whether or not it is worth applying for, but also to know what to do after being granted it.
For this reason, we have selected three good ways to use your values, check out the main uses below.
Various maintenance
Do you know when you need to repair your refrigerator, car or even save that washing machine that you can’t live without? Without an emergency fund you’re in trouble.
But don’t worry, you don’t have to go through the hassle of doing without these goods for an indefinite period of time.
By paying for the loan in installments of up to 60 months, it is practically impossible for you to not be able to carry out some maintenance.
So, we can consider that your entire home could need maintenance, without the loan ceasing to be a possibility.
However, let’s face it, in the end, what you will use most will be the lower loan amounts, for small repairs at home or on your vehicle.
Entrepreneurship
Entrepreneurship is something that many people seek, however, a little research is enough to realize how expensive it is to get started.
So you need a structure, location, licenses, employees, inventory and the list could go on and on.
Therefore, many people put off their desire to open their own business, in some cases for an indefinite period.
But a lack of money and a poor credit history don’t have to be barriers to opening your own business.
Therefore, you can apply for such a loan so that you can cover the initial expenses of entrepreneurship.
Financial or medical emergencies
Emergencies never give you a warning when they’re coming, whether they’re medical emergencies, financial emergencies, or any other type you can imagine.
In this case, without you having anticipated the problem by building up a reserve of value, is there a solution? Of course there is.
To tell the truth, there are several possibilities, ranging from requesting this loan to using credit cards.
However, for now we will focus on using the Everyday Loans personal loan, and its £15,000.00.
These values are usually enough to solve almost any problem at first.
In some cases, even if the amount in question doesn’t solve your problem completely, it will at least allow your finances to breathe for a moment.
Our advice for those applying for the Everyday Loans personal loan
Taking out a loan like this is something that many people use to achieve different types of goals.
However, even if your application is denied doesn’t hurt your credit score, you could still run into problems in other ways.
For example, getting into debt or frequently delaying payment of installments can harm your history.
Therefore, don’t let yourself be carried away by emotion when applying for your first loan, overpaying the amounts and installments.
This can end up harming your finances, due to the lack of payments that can easily generate a large debt.
Especially when we consider the interest rates on this loan, which are undoubtedly very high, putting your financial health at risk in the long term.
Schauen Sie sich eine der besten deutschen Karten an.
Weighing up the pros and cons – Is it worth it?
With a rate that is close to 300% per year, this factor ends up putting many people off using Everyday Loans personal loans.
Which makes sense in a way, however, it is important to keep in mind that it also has very relevant advantages.
Therefore, nothing is so black and white that we can say with all letters whether it is worth applying for this personal loan or not.
In this case, think carefully before applying for credit, considering your own credit needs.
It is also worth researching the experiences of other customers after using this financial service.
This will give you a basis for knowing whether you are at high or low risk of being disappointed with the service.
Apply once and for all for the Everyday Loans personal loan on the official website!
Click the button below and apply for the Everyday Loans personal loan, to submit the credit application completely remotely.
