Cash Loans

Get between £50 - £5,000 paid out by

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  • 100% Online Process

  • Borrow up to £5,000

  • UK Based Lenders

  • Bad Credit Accepted

  • 2 Minute Application

  • Same Day Transfer

  • Representative Example: Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable). *HappyPenguin will not perform a credit check but lenders will determine your loan eligibility by performing a soft search. If you accept the loan offer presented to you, a hard credit search will be performed.

    Things You Should Know About Cash Loans

    Cash loans are easily available all over the market these days, and they’re often designed in quite the attractive manner. They’re the perfect tool for getting out of a tricky financial situation when you don’t have any other viable alternatives, and their easy availability can make them very attractive for people facing problems. At the same time, they’re something that you should not treat lightly. A cash loan can easily help you get out of a difficult situation, but it can also make things more challenging for you if you fail to repay it on time.

    It’s important to understand how the market works, what types of products there are, and when it’s appropriate to use certain types of cash loans in the first place. It doesn’t even take a lot of time to figure out these points, especially when you use the Internet to its full potential.

    They’re Not All the Same

    The lending market is quite diverse, and you can never assume that you’ve seen all that it has to offer. There are many types of credit products out there, some designed for people in very specific circumstances. You should take a long, hard look at what the market has to offer before making your decision, because it’s not rare that you’ll find something much better suited to your situation right around the corner if you just look a little longer.

    You should also not overestimate your repayment capabilities, and stay away from deals that will obviously put a strain on your situation. The last thing you want to have on your mind when you’re already dealing with financial difficulties is the knowledge that you might have to default on a loan as well.

    Repaying Can Be a Challenge Without a Plan

    And that leads us to a very important point. Having a plan is not just a good idea – it’s critical if you want to avoid running into some of the most common problems that people tend to encounter in this field. You should always know exactly how much you can pay off each month (or however often you have to make those instalments), and stick to that plan as best as possible.

    If things swing in a favourable direction for you at some point, don’t treat this as a sign that you can relax. Rather, use the opportunity to boost the repayment of your loan and ensure that it will be out of your hair faster. Anything can happen, and it’s not rare to get your hands on some extra cash unexpectedly from time to time. But do the right thing and remember that your instant loan should always be your top priority.

    The Internet Is a Great Resource

    Do your best to compare the deals available to you with the help of the Internet. Many lenders work online these days – some even exclusively – but even those who don’t usually still have at least some moderate online presence. This can be a great resource for finding out everything you need to know about those lenders and what they can offer you. See if there’s anything suspicious in a lender’s past that might raise some red flags. If it can’t be explained away with materials you can read online, then it’s probably best to not bother with that lender in the first place.

    You can also do some research into repaying your loan as efficiently as possible. Various things will come into play here, and everyone’s financial situation is different. But there are often various details that you will not be aware of by default, and it’s up to you to actually do your research and figure them out. Online communities can be very helpful in this regard – there are some people out there who discuss things like loans, credit deals, repayment plans and other similar points quite actively, and these can be fantastic resources.

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    Use the Money Responsibly

    A cash loan is still a loan – you have to pay it back in the end. Just because you can get your hands on the money relatively easily doesn’t mean that you should treat it as “free”. And if this sounds strange to you, don’t worry – you’re in a good state of mind. But there are lots of people out there who simply don’t get this, and consider all loans to be a temporary boost of free cash that they can use as they see fit. They only start thinking of the implications later on when they get hit with the first bill. And sometimes, not even then.

    When you’ve decided to take out a loan, it should be for a specific purpose. Know exactly why you need this money, and how much you need in the first place. As we mentioned above, have a solid plan for repaying the loan as well. Never approach this randomly, and always treat it as a serious situation in your finances. Because in the end, it is. An unpaid loan can have severe repercussions on your finances, and it’s not worth destroying your financial situation just so you get a luxury impulse purchase on short notice.

    Dealing with Recurring Situations

    It’s never ideal to have to work with loans on a regular basis, but it’s sometimes inevitable. If you’re stuck in a difficult situation that will take some time to recover, cash loans might be your only viable option. In that case, you should extend your planning to cover the long-term system as well. Know when you should take out your next loan, and only do so after you’ve paid off your current one in full. Having multiple lines of credit looming over your shoulder can be very demotivating, and it can even put you off from paying off anything in the first place.

    Understand the Impact on Your Credit Score

    As we pointed out above, not all loans are equal. This also concerns their impact on your credit score. Some loans will have a much more pronounced effect in this regard, and it’s important that you understand the implications of any deal you’re entering to its full extent. Of course, this only really matters in cases where you end up defaulting on your loan in the first place. But nobody is safe against anything, and you can’t really expect that your situation will stay the same as it is forever.

    With that in mind, be ready for the possibility of having to default on your loan, and know exactly how it will affect your finances, both in the short term as well as later down the road. It can happen to anyone, and it’s a normal part of life – but dealing with that situation responsibly is important if you want to minimise the damage in the future.

    Loan Conditions Can Change Quickly

    The market for cash loans is quite dynamic and keeps changing all the time. With that in mind, if you can’t find a deal that matches your preferences right now, keep searching. If you don’t need the money urgently, it can be a better idea to wait a little longer and keep scouting the market. Sooner or later something is going to pop up – and you have to be in a good condition to actually take advantage of that offer.

    Talk to payday lenders as well. Let them know what conditions you’re interested in (if there’s anything specific that you need), and keep checking back from time to time. You might get lucky sooner or later.

    How Does Happy Penguin Compare?

    Why Use HP?
    What's the max loan amount?
    Up to £5,000
    No hidden fees.
    Is approval instant?
    Yes, immediate.
    On Screen Decision
    Poor Credit Possible?
    Yes. Bad credit too.
    All considered.
    Same day transfer?
    Within the hour!
    Direct to bank!
    Flexible Repayment Dates?
    Flexible terms.
    Quick and easy.

    Faster Repayment Is Usually a Better Option

    If you’re presented with a choice between paying off the loan faster or changing other conditions on it, it’s usually a better idea to prioritise repaying it as quickly as possible above everything else. Other conditions can certainly be nice, but fast repayment usually means having to deal with lower interest rates and other conditions that will make the situation much better for you in the long run. Of course, it also means having to make more frequent payments which may also be larger than what you originally anticipated.

    But in the end, once you’ve made that final instalment, you’ll be glad you chose that option. It can make a huge difference in your long-term finances, and it’s something you should always prioritise whenever it’s available. If you don’t see anything on that note listed in the default conditions, talk to the lender – they might be willing to adjust things to some extent.

    A cash loan can help you recover from many difficult financial situations. But it can also bring even more trouble your way if you’re not careful. Scout the market properly, be patient, and understand your repayment capabilities as best as you can. And if you have to take out loans more than just one, set up some long-term plan for getting out of this situation as quickly as possible. Dealing with constant debt can quickly drain your finances and it’s something you should be striving to avoid as best as you can, especially if you’re already on shaky ground.

    Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Happy Penguin is a broker, not a lender, and does not make credit decisions.