Everyday Loans Review | www.everyday-loans.co.uk
Address: Secure Trust House, Boston Drive, Bourne End, SL8 5YS.
Branding: Everyday Loans. AKA: EverydayLoans.
FCA Licence: 588546.
From: Everyday Lending Ltd (part of Arbuthnot Banking Group Plc).
Related: Moneyway, TrustTwo.
Available: Monday to Friday (9am/6pm) and Saturday (9am/12pm).
Bad Credit Considered: Yes.
Manage: No Everyday Loans login at www.everyday-loans.co.uk.
Offers: Personal loans.
Sums: £1000 and £12,500 (new) | £12,500 max (returning).
Terms: 24 to 60 months.
£347.92/£1000 (12 months) (estimate)
Notes: A headlined rate of 74.4% is shown with an example for £3000 over 2 years costing £2087.52. Splitting this by 3 will hand us with the price per £1000 at £695.84 and we then split this to get the yearly estimate at £347.92. Be aware that the minimum term is 24 months and so the example above could only be received with an early settlement. The rate itself is variable and so you’d pay more if a broker directs you. Any contract must be finalised through one of their stores (they have around 30 of these). A cheque is issued and so the payout process is delayed. Defaults are accepted, but documents will be required.
– Amounts: A high unsecured sum of £12,500 is now promoted. You are likely to see restrictions on initial applications, especially with a low score.
– Branches: The only subprime lender with retail outlets. Current tally sits close to 30.
– Experience: The 2006 formation year highlights their valued experience. The fact that they have developed a large store presence over this time aids this further (no other subprime company has stores like this).
– Operations: They operate on Saturdays, but for limited hours and this doesn’t include their outlets.
– Ownership: Arbuthnot Banking Group Plc is the larger owner. Below them you have Secure Trust Bank Plc who were formed in the year 1954. They acquired this company in June 2012. They also have Moneyway on their roster and have also acquired the V12 Finance Group and Debt Managers in the debt recovery sector. Having an owner with these credentials will help this brand to progress further. For many years, they had lost ground to online lenders like Pounds to Pocket, but they are now catching up quickly.
– Pricing: As was mentioned above, a loan over a complete year is not available to select on application. This estimated cost at £347.92 is reasonable though with many bad credit lenders charging closer to £1000. You can get an improved rate from their new company (see below).
– Profile: One of the most well known subprime unsecured lenders backed by their retail presence. An interesting development has seen the launch of TrustTwo that was previously known as Duo. This product was initially pitched on the same site, but they have now moved it to its own domain and given them a fresh rebrand. The key USP of TrustTwo is that they currently offer the cheapest guarantor loans online.
– Reviews: This company has climbed up to take the #3 ranking at the Review Centre.
– Amounts were recently increased. The past range was £500 up to £10,000, but they now start at £1000 and stretch higher to £12,500.
– Pricing has changed with the previous headed rate being 79.7% APR (rather than 74.4%). They never provided a representative example in the past.
– Terms may have previously started from 13 months (this is not confirmed).
– We have now updated this page to mark a few notable developments. The main one has been the switch from Duo to TrustTwo. We have also updated their FCA licence number now that they have structured their company differently.