Evlo.co.uk Review

Based on checking the website Evlo.co.uk, it presents itself as an award-winning loan provider in the UK, offering personal loans from £1,000 to £15,000 with terms from 18 to 60 months. While they highlight features like soft search technology, direct lending, and accommodating those with bad credit, the core offering of interest-based loans (Riba) makes Evlo.co.uk an impermissible service from an Islamic perspective. The representative APR of 99.9% and maximum APR of 299.8% clearly indicate significant interest charges, which are strictly forbidden in Islam.

Overall Review Summary:

• Service Offered: Personal loans with high-interest rates (Riba).
• Target Audience: UK residents, including those with bad credit.
• Key Features Highlighted: Soft search, direct lender, conditional decision in minutes, no homeowner requirement.
• Islamic Compliance: Forbidden due to explicit Riba (interest) charges.
• Recommendation: Not recommended for Muslims or anyone seeking ethical financial solutions.

The website attempts to appeal to individuals facing financial challenges, particularly those with a less-than-perfect credit history, by offering quick access to funds without immediate impact on their credit score. They emphasise their status as a direct lender and their long-standing presence since 2006, with nationwide branches. However, despite these operational details, the fundamental nature of their business—lending money with interest—is a significant concern. In Islam, engaging in Riba is considered a grave sin, undermining economic justice and leading to potential hardship rather than genuine financial stability. Therefore, while Evlo.co.uk may appear to offer solutions, the inherent interest structure renders it incompatible with Islamic principles.

Instead of engaging with interest-based financial products, Muslims should seek out alternatives that adhere to Sharia principles, focusing on ethical and permissible means of acquiring funds or managing finances. These alternatives prioritise fairness, transparency, and social responsibility, avoiding the exploitative nature of Riba.

Best Alternatives for Ethical Financial Management (Non-Loan Products):

• Savings Accounts (Halal Options)
  • Key Features: Allows for saving money without earning or paying interest. Many Islamic banks offer profit-sharing investment accounts or current accounts.
  • Average Price: No fees for basic accounts; investment accounts may have management fees.
  • Pros: Permissible in Islam, encourages financial discipline, avoids Riba, potentially participates in ethical investments.
  • Cons: Returns may be lower than conventional interest accounts, fewer options in mainstream banking.
• Ethical Investment Funds (Sharia-Compliant)
  • Key Features: Investments screened to comply with Islamic law, avoiding sectors like alcohol, gambling, and conventional finance. Focuses on real assets and ethical businesses.
  • Average Price: Management fees typically range from 0.5% to 2% annually.
  • Pros: Permissible income, diversified portfolio, supports ethical industries, long-term wealth building.
  • Cons: Limited availability compared to conventional funds, performance can vary, requires research to find reputable funds.
• Islamic Will Writing Services
  • Key Features: Ensures assets are distributed according to Islamic inheritance laws (Fara’id) after death, providing peace of mind.
  • Average Price: £200 – £600 depending on complexity and provider.
  • Pros: Fulfills religious obligation, prevents family disputes, ensures proper distribution of wealth.
  • Cons: Can be an emotional process, requires legal expertise to draft correctly, potential for misunderstanding without professional help.
• Zakat Calculation & Giving Platforms
  • Key Features: Tools and platforms to accurately calculate annual Zakat obligations and distribute them to eligible recipients.
  • Average Price: Free to use, but donations are the purpose.
  • Pros: Fulfills one of the five pillars of Islam, purifies wealth, supports the needy, easy to use.
  • Cons: Requires careful understanding of Zakat rules, reliance on platform’s distribution methods.
• Budgeting Tools & Financial Planning Guides
  • Key Features: Helps individuals manage income and expenses, set financial goals, and avoid debt. Can include apps, spreadsheets, or books.
  • Average Price: Free for basic apps/templates, paid for premium features or comprehensive guides (£10-£50).
  • Pros: Promotes financial discipline, avoids unnecessary debt, empowers individuals to take control of their money, universally beneficial.
  • Cons: Requires consistent effort and commitment, may not cover specific Sharia-compliant financial advice.
• Charitable Giving & Sadaqah Jariyah Opportunities
  • Key Features: Platforms and organisations facilitating ongoing charity (Sadaqah Jariyah) such as building wells, supporting education, or establishing endowments.
  • Average Price: Varies based on project and donation amount.
  • Pros: Continuous reward in the afterlife, benefits communities, aligns with Islamic principles of giving back, transparent reporting by reputable charities.
  • Cons: Requires due diligence to ensure charity’s legitimacy and impact, may not directly address personal financial needs.
• Online Courses on Islamic Finance
  • Key Features: Educational resources covering principles of Islamic finance, permissible transactions, ethical investments, and avoiding Riba.
  • Average Price: £50 – £500 depending on course depth and provider.
  • Pros: Empowers individuals with knowledge to make Sharia-compliant financial decisions, builds understanding of Islamic economic principles.
  • Cons: Requires time commitment, quality can vary, may not offer formal qualifications.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Evlo.co.uk Review: A Deep Dive into its Offerings

Evlo.co.uk positions itself as a go-to option for individuals in the UK seeking personal loans, especially those who might have faced challenges with their credit history. The website’s immediate focus is on its “award-winning” status and a promise of trustworthiness. However, a closer look reveals that its primary offering, interest-based loans, places it in a category that is fundamentally at odds with Islamic financial principles. The very nature of a loan with an Annual Percentage Rate (APR) like the stated 99.9% representative APR, means that it involves Riba (interest), which is strictly forbidden in Islam. This alone renders the service impermissible for Muslims.

Evlo.co.uk’s Core Proposition: Loans for Bad Credit

Evlo.co.uk clearly targets a specific demographic: individuals who “have struggled with bad credit.” This is a significant market, as many mainstream lenders shy away from applicants with less-than-perfect credit scores. Evlo.co.uk attempts to fill this gap by offering what they present as an accessible solution.

• Understanding the Target Audience:
  • The website states: “We offer loans to people who have struggled with bad credit.” This is a key selling point for those unable to secure traditional bank loans.
  • They require applicants to be “over 18 and a UK resident” and, crucially, to “afford the repayments.”
  • Data Point: According to the Financial Conduct Authority (FCA), a significant portion of the UK adult population has a “thin” or “impaired” credit file, making them reliant on alternative lending. In 2022, StepChange Debt Charity reported that 1 in 5 people in the UK showed signs of financial difficulty, highlighting the demand for such services, albeit often at high costs.
• Unsecured Loans and Flexibility:
  • Evlo.co.uk explicitly mentions offering “unsecured loans,” meaning no collateral is required. This can be appealing but often comes with higher interest rates to compensate for the increased risk.
  • They cater to various living arrangements, stating, “You don’t have to be a homeowner. We offer loans to people in various living arrangements, including renting or living with parents.” This broadens their potential customer base significantly.
  • The loan amounts range from £1,000 up to £15,000, with repayment terms from 18 to 60 months. This flexibility in terms might seem attractive to borrowers looking for manageable monthly payments, but it extends the period over which high interest accrues.

Evlo.co.uk’s Operational Features: A Closer Look

Beyond the core offering, Evlo.co.uk highlights several operational aspects designed to make the application process seem smooth and reassuring. However, these features do not negate the fundamental issue of Riba.

• Soft Search Technology:
  • One prominent feature is the use of “Soft Search Technology,” meaning “Applying won’t affect your credit score” if the application is unsuccessful.
  • This is a common practice among many lenders, allowing individuals to check their eligibility without leaving a visible footprint on their credit file, which could negatively impact future applications.
  • Benefit for the applicant (from a secular perspective): Reduces the risk of further credit score deterioration during the application phase.
• Direct Lender Status:
  • Evlo.co.uk proudly states, “We’re a direct lender not a broker.” This implies that they lend their own money, eliminating intermediary fees often charged by brokers.
  • They also explicitly say, “We don’t charge application fees,” which is a positive point in terms of transparency on initial costs.
  • Implication: Dealing directly with the lender can sometimes simplify communication and accelerate the process.
• Quick Decision Process:
  • The website promises to “Apply in minutes!” and provide a “conditional decision in just minutes.”
  • This rapid turnaround is appealing to those in urgent need of funds, aligning with the fast-paced nature of modern financial transactions.
  • The process involves completing an online application form, getting an initial decision, and then completing the loan online with E-Sign or visiting a local branch.

Evlo.co.uk’s Disadvantages: The Impermissible Nature of Riba

Despite the operational efficiencies, the most significant disadvantage of Evlo.co.uk from an Islamic perspective is its core business model rooted in Riba (interest). This is a non-negotiable point for Muslims.

• Prohibited in Islam:
  • The Quran and Sunnah explicitly forbid Riba. It is considered exploitative and unjust, creating wealth from mere money rather than from productive effort or tangible assets.
  • The website’s representative example clearly states: “Interest Payable £2,706. Total Repayable £5,706” for a £3,000 loan over 24 months. This £2,706 is pure interest.
  • Religious Edicts: The Quran states in Surah Al-Baqarah (2:275) that Allah has permitted trade and forbidden interest. Engaging in Riba brings severe warnings in Islamic texts.
• High APR:
  • The “Representative 99.9% APR” and a “Maximum APR 299.8%” are alarmingly high. While such rates are common in the high-cost short-term credit market, they signify the substantial cost of borrowing.
  • Economic Impact: Such high interest rates can trap borrowers in a cycle of debt, making it incredibly difficult to repay the principal, let alone the accrued interest. This is precisely why Riba is discouraged, as it often leads to financial distress rather than relief.
• Ethical Concerns Beyond Islam:
  • Even outside of Islamic principles, high-interest loans raise significant ethical questions about predatory lending, particularly towards vulnerable individuals with limited financial options.
  • Organisations like the Citizens Advice Bureau and StepChange Debt Charity regularly highlight the dangers of high-cost credit and the debt spirals it can create.

Why to Avoid Evlo.co.uk: The Broader Implications

Beyond the immediate religious prohibition, dealing with interest-based financial institutions like Evlo.co.uk has broader implications for an individual’s financial well-being and moral standing.

• Financial Instability:
  • The high cost of borrowing means a significant portion of monthly repayments goes towards interest rather than reducing the principal loan amount. This prolongs the debt burden.
  • Scenario: A £3,000 loan turning into a £5,706 repayment means almost doubling the original amount, which can severely strain personal finances, especially for those already struggling.
• Moral and Spiritual Ramifications:
  • For Muslims, engaging in Riba compromises one’s religious integrity and brings spiritual burdens. It is seen as a direct disobedience to divine commands.
  • The pursuit of financial solutions that align with Islamic ethics is paramount, even if they seem less convenient or readily available in a conventional financial system.
• Lack of Genuine Problem Solving:
  • While high-interest loans might offer a temporary fix for immediate financial needs, they rarely address the root causes of financial difficulty. Instead, they often exacerbate them by adding a significant cost overhead.
  • Alternative Mindset: A focus on ethical earning, responsible saving, and seeking permissible forms of mutual aid or debt-free solutions is a more sustainable approach.

Alternatives to Interest-Based Lending

For those seeking financial assistance or funding for various needs, it is crucial to explore alternatives that do not involve Riba. These options require diligence but align with ethical and Islamic principles.

• Interest-Free Loans (Qard Hasan):
  • This is a loan given purely for the sake of Allah, without any interest or additional charge. The borrower only repays the principal amount.
  • Availability: Often found within community initiatives, mosques, or specific Islamic financial institutions focused on social welfare. Examples include some credit unions or benevolent funds.
  • Pros: Permissible, charitable, fosters community solidarity.
  • Cons: Limited availability, usually for smaller amounts, requires strong trust.
• Islamic Microfinance:
  • Some organisations offer microfinance solutions based on Islamic principles, often through profit-sharing (Mudarabah) or cost-plus mark-up (Murabaha) arrangements for productive purposes.
  • Example: Islamic Relief and other NGOs sometimes facilitate such schemes for small businesses or individuals.
  • Pros: Supports entrepreneurship, ethically structured, empowers the needy.
  • Cons: Focuses on specific productive uses, not general consumption loans.
• Takaful (Islamic Insurance):
  • This is a co-operative system of insurance where members contribute to a common fund, and money is paid out to members who suffer loss, based on mutual assistance. It avoids conventional interest-based investments and uncertainty (gharar).
  • Providers: Several Takaful providers exist in the UK, offering various types of coverage (e.g., family Takaful, general Takaful).
  • Pros: Sharia-compliant, promotes mutual support, protects against financial loss.
  • Cons: Fewer options than conventional insurance, requires understanding of specific Takaful models.
• Halal Investment Options:
  • Instead of borrowing, focus on building wealth through Sharia-compliant investments, such as ethical equities, sukuk (Islamic bonds), or real estate.
  • Platforms: Many ethical investment platforms now offer Sharia-compliant funds or allow screening of investments.
  • Pros: Generates permissible income, contributes to ethical economy, long-term financial growth.
  • Cons: Requires knowledge of investment principles, involves market risk.
• Community-Based Funds and Savings:
  • Pooling resources within a trusted community or family to provide interest-free loans or support during times of need.
  • Mechanism: Informal agreements based on trust, where individuals contribute to a common fund that can be drawn upon by members and repaid without interest.
  • Pros: Builds strong community ties, immediate support, no Riba.
  • Cons: Less formal, potentially limited funds, requires high trust among members.
• Budgeting and Financial Planning:
  • The most fundamental solution is to manage personal finances effectively through rigorous budgeting, controlling expenses, and building an emergency fund. This often negates the need for external loans.
  • Tools: Numerous free or low-cost budgeting apps and resources are available, such as the MoneyHelper website provided by the UK government-backed Money and Pensions Service.
  • Pros: Empowers individuals, promotes financial independence, avoids debt.
  • Cons: Requires discipline and consistent effort.

Evlo.co.uk’s Business Model: Profit from Debt

Evlo.co.uk operates a business model where profit is primarily derived from the interest charged on loans. This is inherent to conventional lending and is a core aspect of Riba.

• Revenue Generation:
  • The primary source of income for Evlo.co.uk is the interest collected from borrowers. The representative example highlights this clearly: a £3,000 loan costs the borrower £2,706 in interest over 24 months, representing a significant return for the lender.
  • Impact on Borrower: This profit model means that the borrower ends up paying back significantly more than the initial principal received, which can perpetuate financial strain.
• Regulatory Compliance vs. Ethical Practice:
  • Evlo.co.uk is regulated by the Financial Conduct Authority (FCA), implying adherence to UK lending standards. The FCA sets rules for affordability checks and transparent advertising of APRs.
  • Important Distinction: While legally compliant in the UK, being regulated by the FCA does not make an interest-based loan permissible in Islam. Islamic ethics operate on a higher moral plane than merely legal compliance in a secular system.
• “Your Future, in Your Hands” – A Misleading Premise?
  • The slogan “Your future, in your hands” aims to empower potential borrowers. However, for those who fall into a debt trap due to high-interest loans, their future may become less in their hands, constrained by escalating repayments.
  • True Empowerment: Genuine financial empowerment comes from managing resources wisely, avoiding debt, and seeking Sharia-compliant wealth-building strategies.

Understanding Affordability and Responsible Lending (From a Secular Perspective)

Evlo.co.uk states that “Loans are subject to status and affordability” and that applicants “will need to afford the repayments.” This aligns with responsible lending guidelines set by the FCA to prevent customers from borrowing more than they can repay.

• Affordability Checks:
  • Lenders are required to conduct thorough affordability assessments to ensure that borrowers can realistically manage their repayments without experiencing significant financial hardship. This involves reviewing income, expenditure, and existing debts.
  • Methodology: Evlo.co.uk, like other lenders, would likely use credit reference agency data, open banking data, and direct information from the applicant to conduct these checks.
  • The Irony: While these checks are in place to prevent defaulting, the high interest rates themselves are a major contributor to financial stress, making the affordability challenge even greater for the borrower.
• Consequences of Non-Affordability:
  • If a borrower cannot afford repayments, the consequences can include late payment fees, default charges, negative impacts on credit scores, and potentially debt collection activities or even legal action.
  • Debt Spirals: For individuals already in a precarious financial situation, taking on a high-cost loan, even with affordability checks, can initiate or accelerate a debt spiral.

In conclusion, while Evlo.co.uk aims to be a solution for those needing quick access to loans, its core offering of interest-based lending is fundamentally at odds with Islamic principles. For Muslims, engaging with such services is impermissible. The high APRs also present significant financial risks to anyone, regardless of their faith. Ethical and Sharia-compliant alternatives should always be prioritised for true financial well-being.

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FAQ

What is Evlo.co.uk?

Evlo.co.uk is a UK-based financial service provider that offers personal loans ranging from £1,000 to £15,000, with repayment terms from 18 to 60 months. They market themselves as a direct lender, particularly catering to individuals with a history of bad credit.

Is Evlo.co.uk a legitimate company?

Based on the information on their website, Evlo.co.uk appears to be a legitimate company, stating that Everyday Lending Limited was established in 2006 and has branches nationwide. They also mention being regulated by the Financial Conduct Authority (FCA). However, their business model involves interest (Riba), which is forbidden in Islam.

What is the representative APR for Evlo.co.uk loans?

The representative APR for Evlo.co.uk loans is stated as 99.9%. This means a significant portion of the repayment goes towards interest, for example, borrowing £3,000 could result in paying back £2,706 in interest over 24 months, making the total repayable £5,706. The maximum APR can reach 299.8%.

Are Evlo.co.uk loans permissible in Islam?

No, Evlo.co.uk loans are not permissible in Islam. Their business model is based on charging interest (Riba), which is explicitly forbidden in the Quran and Sunnah. Muslims are commanded to avoid engaging in Riba in all its forms.

What is Riba and why is it forbidden in Islam?

Riba is an Arabic term often translated as interest or usury. It is forbidden in Islam because it is seen as an unjust and exploitative way of gaining wealth, where money is made from money itself without productive effort or tangible assets. It is believed to contribute to economic inequality and financial hardship.

Can I apply for an Evlo.co.uk loan if I have bad credit?

Yes, Evlo.co.uk states they offer loans to people who have struggled with bad credit. They use “Soft Search Technology” for the initial application, which means it won’t affect your credit score if you are unsuccessful.

Does Evlo.co.uk charge application fees?

No, Evlo.co.uk explicitly states, “We don’t charge any application or upfront fees for loans.” This is a point they highlight on their homepage.

Is Evlo.co.uk a direct lender or a broker?

Evlo.co.uk asserts that they are a direct lender, not a broker. This means they lend their own money directly to applicants, rather than acting as an intermediary to find loans from other lenders.

What are the loan terms offered by Evlo.co.uk?

Evlo.co.uk offers personal loans from £1,000 up to £15,000, with repayment terms ranging from a minimum of 18 months to a maximum of 60 months (5 years).

Do I need to be a homeowner to get a loan from Evlo.co.uk?

No, you do not need to be a homeowner. Evlo.co.uk explicitly states, “You don’t have to be a homeowner. We offer loans to people in various living arrangements, including renting or living with parents.” Spinney.co.uk Review

How quickly can I get a decision from Evlo.co.uk?

Evlo.co.uk states they will give you a “conditional decision in just minutes” after you start your application.

What are the ethical alternatives to Evlo.co.uk for financial needs?

Ethical alternatives include seeking interest-free loans (Qard Hasan) from family or community funds, exploring Islamic microfinance for productive purposes, utilising Takaful (Islamic insurance), focusing on ethical savings and Sharia-compliant investment options, and rigorous budgeting and financial planning to avoid debt.

Where can I find Sharia-compliant financial advice in the UK?

You can find Sharia-compliant financial advice from certified Islamic financial advisors, specific Islamic banks, or Islamic finance organisations operating in the UK. Researching reputable institutions and scholars in Islamic finance is recommended.

How does Evlo.co.uk’s soft search technology work?

Evlo.co.uk uses soft search technology during the initial application phase. This means they perform a preliminary check of your credit file that is not visible to other lenders and does not impact your credit score, allowing you to see if you’re conditionally approved without risk to your credit file.

Does Evlo.co.uk have physical branches?

Yes, Evlo.co.uk, operating under Everyday Lending Limited, states that it “has branches nationwide” across the UK and encourages users to “Find your nearest branch.”

What types of loans does Evlo.co.uk NOT offer?

Evlo.co.uk explicitly states that their “Loans not for business, gambling or illegal purposes.” Their focus is on personal loans for consumption rather than commercial or illicit activities.

Why should I avoid high-interest loans like those offered by Evlo.co.uk, even if not for religious reasons?

High-interest loans, such as those with a 99.9% APR, can lead to significant financial strain and trap borrowers in a cycle of debt. The substantial interest paid can make it extremely difficult to repay the principal, potentially leading to further financial hardship, negative credit impacts, and increased stress.

What is the minimum and maximum loan amount I can borrow from Evlo.co.uk?

You can borrow from a minimum of £1,000 up to a maximum of £15,000 from Evlo.co.uk.

Does Evlo.co.uk perform affordability checks?

Yes, Evlo.co.uk states that “Loans are subject to status and affordability” and applicants “will need to afford the repayments.” This is a regulatory requirement to ensure borrowers can manage the loan repayments.

What is the significance of “As seen on TV” for Evlo.co.uk?

The “As seen on TV” claim and the link to a TV advert are marketing tactics used by Evlo.co.uk to build trust and increase brand recognition among potential customers. It aims to convey credibility and widespread acceptance, though this does not change the impermissible nature of their interest-based lending. Secureforlife.co.uk Review