Everyday Loans

Redmel

Hello 1st time poster

I have been trying to get a small loan to get a new boiler so £2500 ish.

A few Companies have turned me down as my credit rating is not as good as it needs to be.

Everyday Loans called me today to say they could do me one for £2000.

Does anyone know anything about the Company, they tell me they are a bank.

What sort of interest charges do they put on to you ??

Any advice would be appreciated, as I am a widow and do not want to get fleeced.

Thanx all for reading my post.

Redmel:beer:

Cheesedoodles

I don't know them personally but looking at their website it does not fill me with confidence. Typing in "Everyday Loans APR" into google reveals websites that quote 70-90% interest! Another telltale sign is that their website does NOT quote the APR (interest). I can only think of one reason they don't....it is ridicolously high!

I would seriously consider the social lending website Zopa (google it). This is a site where "normal people" (not banks) lend you money. You will still be credit scored and if you have any CCJs or defaults or a lot of missed payments they won't consider you. Seeing as you have already tried a few companies and been declined Zopa will most likely decline you through their normal application procedure. However, you can set up a so called "listing" where you can state your case, people can ask you questions and then THEY will make the judgement whether to loan you the money...

The other great benefit is that you can overpay as much as you want without ANY penalty. You can also pay of early without ANY penalty. The downside is that their application fee (only payable if succesful) is £100 (i think). So on a £2000 loan, £100 is quite a lot. BUT it's better than 70% APR from these doorstep loan companies.

PS! I am in no way affiliated with Zopa. I am just passing on my experience with them after gotten a loan via them.

[Deleted User]

OP if these people ask for an up front fee dont pay one,if they ask for your bank details dont give them
im 99.9999% sure they arent a bank and could well be a scam...beware

fozmcfc

They are not a broker, but they do charge very high interest.

It very much depends on your circumstance whether you can get a loan from a mainstream lender at a reasonable rate. Your own bank is the best place to start, if they won't lend then it is very doubtful any other mainstream lender will.

Other ways of lending are still better such as credit unions (but you need one near and also need to save with them first).

After that these are the next best yes they charge sky high interest rate, but at least they give you the loan.

You basically make the application, visit one of their shops and then you discuss everything at which point if you meet the criteria, they offer you a loan and tell you how much it will be to pay back.

CHR15

Redmel wrote: »

Everyday Loans called me today to say they could do me one for £2000.

That in itself is enough to start the alarm bells ringing. Any cold call should be treated with absolute caution, rarely if ever will a cold caller offer anything like a good deal.

Redmel wrote: »

What sort of interest charges do they put on to you ??

So high you'd be crazy to accept it. You will be fleeced for this loan.

Reviewcentre has a number of reviews. A lot of blatent spam imo but in amongst that are genuine reviews.

I can't but wonder when I read some of the reviews, eg;

"I took a loan of £4,500, I have now repaid them £4,500 but they say I still owe £9,500, they should be banned"

You have to understand exactly what you will be repaying.

My advice is to avoid them and go to your bank.

iolanthe07

The boiler manufacturer or fitter may well have an easy payment scheme - no harm in asking, anyway.

KingElvis

Everyday Loans? just the name makes me shudder.

If you take it, you'll probably regret it "Every Day" for the rest of your natural.

d.green89

Got my first ever loan from them 2 years ago and only 2 more months till it's paid off.. It's a company where you do it all instore, it's all face to face and the person who deals the loan with you contacts you every 3 months to see if everythings going well.

It's only for people with bad credit or if it's your first time getting a loan. It was my first ever loan so they played the 'won't get accepted by banks' card etc and the interest was abit high but easily affordable. They've been really good with me, havent got a bad word to say about them.

Plus it's all face to face at your local branch, no messing about on phone.

Silvafox

There's a branch of this company in Nottingham - so they aren't a scam of any kind. They've been there for years. I would expect interest rates similar to Welcome Finance.

CHR15

d.green89 wrote: »

Got my first ever loan from them 2 years ago and only 2 more months till it's paid off.. .

How much did you borrow and what did you repay (what was the APR)?

all the info I could see suggested APR's in the 80-95% range.

KingElvis

CHR15 wrote: »

all the info I could see suggested APR's in the 80-95% range.

2 years at 80-95%...stone the crows, whoops vicar etc etc