Direct Payday Lenders

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.

    Your Guide to Direct Payday Lenders

    Direct Payday Lenders offer a borrowing option that you will definitely want to check out, especially if you need money right now. The fact is that fewer people than ever are turning to banks when they need to borrow money. If you need to get a loan, it is important to look into this option in depth. This article will give you all the information necessary to decide whether or not a direct payday lender can match your needs. It is an excellent way of obtaining a loan without any hassle or complicated steps.

    What is a Direct Payday Lender?

    A direct payday lender gives out short-term loans that can range anywhere from 3 to 12 months. These lenders are mostly based online, which makes obtaining the loan very convenient for you. They are not associated with any banks, credit unions or other financial institutions, but rather privately-owned companies. There are lots of these businesses that lend to UK citizens, so you will need to look into your options.

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    How Payday Loans Work

    The loans that direct payday lenders give out are very simple and straightforward. You borrow a certain amount of money, which you will be required to pay back by a certain date. Depending on the loan amount, you might pay back the money in instalments or in one lump sum.

    There is no collateral required for payday loans, so you won’t need to risk losing your home, car, or any other property. This is a type of unsecured loan, which is the lowest risk loan you can get. You first have to fill out an application on the lender’s website. If you are notified of approval, you will be required to accept the offer. You’ll then receive your money electronically into your current account.

    Choosing the Best Lender

    There are numerous criteria that you must consider when choosing a direct payday lender. The lender you decide on will affect what kinds of terms you get for your loan, so it’s not a decision you should rush into.

    Some of the more important factors to consider include:

    • Experience: You should consider the amount of time that the lending business has been around. This can be a powerful indication of just how reliable and reputable they are.
    • Rates: It’s also crucial that you look at the rates that each lender charges for payday loans. These are sometimes flat rates, which are listed on their website. Some lenders give a different rate to each borrower, in which case you’ll have to get a quote.
    • Communication: When you are trying to find the right lender, you need to consider how good they are at communicating with their customers. You can get a good sense of this by simply calling the business’s customer support number. Make sure that you choose a lender that offers 24/7 support so you can get help whenever you need it.
    • Flexibility: Find out just how open each lender is to negotiating terms before settling on one in particular. You definitely need to find a lender that is reasonable so you can get the best possible deal.
    • Security and privacy: Make certain that you select a lender that has a secure website so you won’t have to be concerned about any of your information being stolen or given out to third parties. Always check the privacy policy of each lender so you know you can rest easy when applying with them.

    Why Borrow from a Direct Lender?

    There are plenty of reasons why you should consider borrowing from direct payday lenders, including:

    • It’s easy: You’ll quickly discover that every aspect of borrowing from these lenders is very easy without any hassle. It only takes a matter of minutes to complete the initial application process, as it can be done online.
    • Wide range of terms: You can get shorter and longer terms from direct payday lenders up to one full year. This will give you the necessary time to pay back all of the money you borrow without any issues.
    • All size borrowing amounts: You can borrow as little as £100 or as much as £5,000 from these lenders. Your income ultimately determines how much you can borrow, but this is certainly still good to know.
    • Regulations: There are numerous FCA regulations regarding payday loans that protect the borrower. Despite what many people believe, getting this type of loan is actually very safe and not risky at all.

    How Fast Can I get a Payday Loan?

    A direct payday lender can help you get the loan you need in just one day. A lot of the people who obtain these loans get the money just hours after submitting their application. It is important to choose a lender with a reputation for fast dispersal of funds though. This will definitely help to increase your chances of getting the money you need without any frustrating delays. Also, remember to fill out the application in full and double check it before submitting. If you miss anything, you will have to re-submit your application.

    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.

    A Borrowing Option for People with Bad Credit

    One of the best things about direct payday lenders is that they offer an effective borrowing option for those with poor credit. You may be able to get approved even with a very low overall score. The truth is that bad credit is not the huge impediment it used to be when it comes to getting approved for a loan. In fact, you can still get one of these loans even if you have no credit history at all. This is part of the reason why they have become so popular with young college students.

    Direct Payday Lender Requirements

    When you are looking into the various direct payday lenders out there, you will find that not all of them have the same exact requirements for applicants. It is a good idea to check out the eligibility requirements on each lender’s website before applying. This way you won’t end up wasting any time applying with a lender who will never approve you.

    All lenders in the UK require applicants to be over 18 and a legal resident with either a checking or savings account. You can have one of these accounts at a bank or credit union—it doesn’t matter. Just keep in mind that if you do not meet these criteria, you won’t be able to get approved for a loan.

    Instalment Loans

    Many direct lenders give out instalment loans, which have longer terms than can extend up to nearly one year. In this case you will pay back the money you borrow over the course of weeks or months. You will have a minimum amount that you’ll need to pay the lender each time.

    It is highly recommended that you pay more than the minimum amount so that you can get your debt taken care of as quickly as possible. Most of these lenders do not charge any additional fees for early repayment. You will be able to save yourself quite a bit of money on interest by paying back the loan early.

    What if I Can’t Pay Back the Lender On Time?

    One of the things that keep some people from taking out loans with this type of lender is the fear that they won’t be able to pay back the money on time. While it is very important that you try to do this, sometimes circumstances change. If you cannot pay back the loan by the agreed upon date, you have to work with the lender. You will most likely be able to come up with a solution that is amenable for both parties.

    Any lender that is at least somewhat flexible will be able to give you an extension. Keep in mind that this extension is not going to be indefinite. You might have an extra week or even a month, but that is going to be your last chance. You’ll also be hit with some late fees, which is all the more reason to pay back the amount on time. Do not simply ignore the lender if you are struggling to make payments on your loan. This will only make the situation a lot worse.

    Who Should Borrow from a Direct Payday Lender?

    There are lots of people who can benefit from the loans that direct payday lenders have to offer. If you have an emergency expense that must be paid immediately, this is a great option for many reasons. It will provide you with a fast way to get the money you need. These loans are also great for people with bad credit. If you have been turned down by your bank for a loan because of your credit score, you should consider this option.

    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.