Evlo loans: At a glance
Evlo Personal Loans
18 months to 5 years
£1,000 to £15,000
99.9%
Yes
Representative APR 99.9%. Based on a loan of £3,000 over 24 months at an interest rate of 71.3% p.a. (fixed). Monthly repayments of £237.75. Total amount payable £5,706. Maximum APR 252.7%.
- Must be aged 18 or over
- Must be a UK resident
- Must earn a minimum of £10,000 per year
NerdWallet has partnered with Monevo who will check your eligibility.
Evlo (formerly Everyday Loans) is a direct lender that offers unsecured loans to people with lower credit scores. Applications are assessed on a case-by-case basis, and won’t affect your credit score – a hard credit search is only carried out if you accept Evlo’s loan offer. Loans can be used for a wide range of purposes.
You can apply for an Evlo loan online and receive an initial decision within minutes. In order to complete your application, you will need to visit an Evlo branch – there are almost 60 in various locations around the UK.
» COMPARE: Best personal loans
Evlo loans pros & cons
Pros
- Can change your payment date during loan term
- Offers joint loans
Cons
- Loans must be finalised in branch
- Interest charges for settling early
» COMPARE: Loans for bad credit
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Missed payments may affect your credit score
Am I eligible for a loan from Evlo?
To be eligible for an Evlo loan, you must:
- be a UK resident
- be aged 18 years or above
- be able to afford the loan repayments
- have a bank account
Meeting these requirements isn’t a guarantee that you will be offered an Evlo loan. Evlo assesses applications individually, looking at your credit history and financial circumstances. Your final eligibility will be subject to a credit check and affordability checks.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
Evlo loans FAQs
Evlo is a direct lender that offers unsecured loans, but it is not a payday lender. Payday loans are typically repaid over a shorter period of time than a loan from Evlo, where loan terms range from 18 months to five years.
Evlo is a trading name of Everyday Lending, which is authorised and regulated by the Financial Conduct Authority (FCA). It is also a member of the Finance and Leasing Association (FLA).
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