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Everyday Loans @ www.everyday-loans.co.uk
Everyday Loans was formed back in the year 2006. This lender delivers poor credit personal loans through 40 branches that are spread across many popular towns and cities. There has been recent expansion, since on a past check we can recall there being closer to 30 outlets in total. Applications are taken through www.everyday-loans.co.uk, but the loan must then be completed in person. They were previously a division of Secure Trust Bank Plc. There was however a takeover in December 2015 when Non-Standard Finance Plc went on to acquire for £235 million. This deal also brought along TrustTwo who are guarantor specialised and connected on the Everyday Lending Ltd licence. Non-Standard also competes through Loans at Home.
Everyday’s retail approach has clocked up over 37,000 customers. This is notable considering that high value contracts are drawn up between £1000 and £15,000 across 24 to 60 months. Interest rates are headed here from 24.2% to 299.9% APR. The main representative APR is 79.4%. There is no loan calculator, but they do provide the example of £3000 over 2 years costing £2213.68. This would translate as £737.89 per £1000 that split for a year would round up as £368.95. This is a good price since no guarantor is required. It states on the homepage “We do not charge any fees” and so it appears that their broker fee may have now been relaxed.
They don’t really dig into the specifics of CCJs/defaults, required incomes etc. There is just the general targeting of poor credit and the self-employed. It is of great importance that an applicant is in good standing to meet the loan put forward. They’ll be checking over this at interview stage where you’ll need to show your recent bank statements and payslips. Self-employed applicants will need to take in their Self Assessment Return copy. There is no Everyday Loans login built within their site. You’d need to call or visit your local branch if you wished to make any changes. It would be assumed that an early settlement would be possible in-branch, for instance after 12 months.
The branch opening times are also not displayed, but we can recall these running as Monday to Friday (9am/6pm) and Saturday (9am/12pm). This FLA member has attracted plenty of support across the web. If we use the example of Feefo they have for instance notched up an impressive score of 96% here that has been earned from close to 6000 reviews. TV and web advertising is helping to keep this subprime retail brand in the limelight. It may just be seen by some as a limitation in having to complete the process in person that isn’t needed at AvantCredit and similar firms. They also pay by cheque that can slow things down further.
£2213.68 /£3000 (24) (1K over 12: £368.95)
Data Taken from www.everyday-loans.co.uk: March 2017.