Everyday Loans www.everyday-loans.co.uk Review

Overall Rating

Will lend to those with bad credit
Professional appearance

High APR
Face 2 face meeting
Not enough offices

After trying all the loan companies available for people who have a poor credit score or history, I stumbled across Everyday Loans.

I was intrigued as it seemed they might actually be able to cater for someone in my position. I was further intrigued as they deal with you and finalise any loan face 2 face. This is so much different then other companies and the way their website is set out, they seem very sensible in how they lend (they won't lend more than they think you can comfortably pay back). Everyday Loans are also a direct lender. It seemed that they would not solely be judging on my credit score. The other bonus was that I could walk away with a cheque there and then after meeting them.

I gave some initial details as to what I required and after being credit checked, I was advised I was in their highest bracket and as such they could only lend £1000 (I applied for £3000). As my situation was drastic and £1K was better than nothing, I asked what the APR would be. The lady advised me it would be 88%!! Now this is even higher than Welcome Finance and is not far off the extortionate rates of such companies as Provident.
The lady explained that this would only be over 13 months and hence was not as bad as it sounded and that also after a couple of months, they would review the loan amount and APR.
I agreed and she asked if I could go that day. I was working so arranged for the following afternoon. I was told to take ID with me, proof of address and my wage slip (acceptable items are listed on the site). My passport had run out and my driving license was lost. The lady said that a bank statement and card would suffice to prove who I was. The rest I had and all had to be originals.

I'm never keen on providing bank statements as I do not like people looking at my finances. There are criteria for loans but one of those should not be reading through bank statements. I took my statement anyway along with my card as she only required it for ID purposes.

I got to the office and was taken to a room. I produced all the documentation that was required. The person I spoke to looked at my statement and said there was a page missing. The missing page only said what interest would be placed on next month. She asked if I had on-line banking to which I said yes. She asked me to go on line and print the missing page. I did this and she looked at the statement. She then asked me to print the previous month as she said the statement was not a full month (it was!!). She then asked for the previous month to the previous month.....so all in all she had 3 months of statements.

The lady went away and came back 10 minutes later with copies of my statements (now for 3 months) with certain parts highlighted in yellow. I then had to sit there and explain every transaction on my statements that she had highlighted. I was grilled by her as to why I had taken money out or why I had paid in, what was the money for, why did I take out one day and put back in the same day.....what was that payment and who was it from.
This went on for about 10 - 15 minutes. I felt completely embarrassed and belittled by her grilling.....of which there was no mention that they would do this. I could not remember every transaction (would you?) and couldn't fully answer some of her questions. Once I had been grilled she said the application would have to go to head office for approval but they would probably say no.

In the end I wasted an afternoon off work, travel expenses and was made to feel embarrassed and belittled.

Everyday Loans do look a professional and may be a good place to try if everywhere else is turning you down......but be prepared to be grilled about your finances and transactions. Also be prepared for a ridiculous APR!

Members' Comments onWeemonk's Review

• fletcher1980 on 27th Feb 2008

  I feel that Everyday Loans does have a right to request to see your bank statements as they would need to see how you finances are managed and what other credit you may have. This is responsible lending.

• Nibs2007 on 24th Apr 2008

  I have just read your review of EverydayLoans and I would just like to commend them on what seems to be Ethical Lending.
  
  I believe you should know what every transaction is on your bank statement and yes Banks Should grill you on what you spend you money on. If Every bank had done this for the past 10 years or so we probably would not be in the Credit Crunch we face today.
  
  As for APR 88% for a Sub Prime Company is about right. This would probably be equal to Welcome from my experience and no where near Provident who are 500% and Above!

• Weemonk on 10th Jun 2008

  I never said they didn't have a right to see the bank statements. It was the manner in which it was done and no, I do not feel a company has a right to grill you about EVERY financial transaction such as cash ones.
  I'm all for responsible lending but never have I had the embarrassment that I had with this company.
  There are cheaper Sub-prime lenders. The APR of 88% I was quoted is higher than 2 other companies I can think of.

• nedned on 18th May 2009

  Sorry to hear of your experience but probably the reason for the grilling was the legislation on money laundering. Some people hide dishonest earning by taking money out of accounts and putting it back in and paying lots of different loans. It's unfortunate for those with debt/credit issues that sometimes this makes it even harder for them to obtain credit. This basicly means that the company are being responsible but you are left high and dry. hope things improve for you soon.