Direct Lender Payday 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.

    Using Direct Payday Loans to Help Your Business

    If your business is in need of financial assistance, there are many options to consider. Direct payday loans can be of great use to small business owners. You can use this money for anything you want, so there aren’t any restrictions. Whether it is new equipment or money for expansion, these loans are a viable option to look into. We will help you learn everything you need to know before deciding whether or not this is the right option based on your needs.

    What is a Direct Payday Loan?

    When you get a direct payday loan, you are essentially borrowing money from a direct lender instead of a bank or credit union. You might have to pay back the money with your next pay cheque or within a few weeks. These direct lenders have helped many business owners in the UK, and they could help you as well. Payday loans are short-term, which means they are typically paid back all at once.

    Why is a Payday Loan Better than a Bank Loan?

    There are a number of reasons why you should think about going to a private direct lender for the money you need instead of a bank.

    Some of the reasons for this include:

    • It is more convenient: Many banks still require you to fill out paper forms to borrow money. With a payday loan, there is only a brief online application that only takes a matter of minutes to complete. This gives you a huge level of convenience that you won’t get from most banks.
    • Higher approval rate: A lot of business owners have problems with getting approved for a bank loan due to their credit or other reasons. Direct payday lenders make it a lot easier for you to get approval. You don’t need to have good credit, which is a huge plus for a lot of people.
    • No limitations: If you are planning on borrowing money from a bank, you’ll have to answer a lot of questions. The bank will want to know exactly how you are going to use the money for your business. If you go through a payday lender, you won’t have to submit to any of these questions. You will be completely free to use the money however you see fit.

    Preparing to Get Your Payday Loan

    You will want to prepare for getting your payday loan to increase your chances of receiving approval. You’ll need to show the lender proof of your business’s profitability. This means providing them with detailed sales documentation. The only way you will be able to get this type of loan is if you can prove you have the ability to pay it back promptly. You may be asked to provide proof of income as far back as two years.

    They will also request a copy of your photo ID for the purpose of proving your age and legal UK citizenship status. These are just some of the basic requirements for obtaining a payday loan. Make sure you get these things together before getting started with the online application.

    Determining How Much You Need to Borrow

    If you are planning to apply for a payday loan with a direct lender, you first have to know how much you need. Whether you are going to use the money to lease a larger office or you just need £100 to help with cashflow, you will need to do this. You will have to come up with an exact amount so you know what to put on your application. This should be an amount that you can realistically pay back with interest in a reasonable amount of time.

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    Repaying the Loan

    When an individual gets a payday loan for personal use, they usually pay it back with their next pay cheque. Entrepreneurs that obtain one of these loans for their business will simply have to pay back what they borrow in a certain amount of time. This might be a couple weeks or a couple of months. You will discover that many of these lenders are highly flexible and willing to set up an instalment plan for your loan. This will allow you to take care of your debt in a series of payments spread out over a pre-determined period.

    The sooner you pay back your payday loan, the better off you are going to be. Early repayment means that you will save yourself some money. Sometimes this is possible, but not always. Unlike most bank loans, payday lenders won’t penalise you for paying back the money you borrow before the due date.

    When your loan’s due date arrives, the lender will take the money out of your account automatically. This can be very convenient and helpful, provided you have the funds to cover your loan in your account.

    Application Tips

    There are certain tips you will want to keep in mind before applying for a payday loan for your business, including:

    • Don’t rush: One of the most important things you should remember when filling out a payday loan application is to take your time. You don’t want to rush through and potentially make some terrible mistakes. After you have filled it out, go back over everything to make sure the information is correct.
    • Never lie about your income/sales: You should never try to exaggerate your business’s income, because the lender is going to know. You’ll be required to submit proof of your sales, so there is no point in doing this whatsoever.
    • Choose a reputable lender: It’s crucial that you only apply with reputable lenders, because otherwise you’ll be taking a huge risk. You need to find a lender that has a secure and professional-looking website.
    • Expect a credit check: Whenever you apply for a payday loan, the lender will run a credit check. This doesn’t mean that you need a spotless credit record, but it’s still something to keep in mind.
    • Read the eligibility requirements: Before you even start on the application, make sure you know what the lender’s requirements are. You don’t want to spend even a few minutes filling out an application if you know you won’t be approved for one reason or another.

    Is Collateral Required for a Payday Loan?

    Direct payday loans do not require any sort of collateral, as they are unsecured. This means you won’t have to risk your business itself or any of your assets, which is always good. There are serious repercussions for not paying back your loan, but this is not one of them. You also won’t need to get a co-signer, though having one could potentially help you get approved.

    Getting Matched with a Lender

    There are websites on the Internet that can match you up with direct payday lenders so you can get the loan you need. This completely eliminates the need to research lender options yourself, saving you hours of frustrating research. It is what a lot of businesses that get payday loans end up doing, and for good reason. There is no point in doing any more work than you have to.

    Common Reasons for Rejection

    While many business owners that apply for payday loans with direct lenders get approved, some do not. One of the most common reasons for rejection is inadequate income. You need to make enough from your own business to pay back what you borrow by a certain date. If the lender determines that you won’t be able to do this, you probably won’t get approved.

    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.

    Another reason that some payday loan applications get rejected is due to problems with their application. If any of the information you submit with your application is false or outdated, the lender is fully within their rights to reject it. This is why it is so important that you pay close attention when going through the application process.

    Is Good Credit Required to Obtain a Payday Loan?

    Direct lenders that give out payday loans tend to be fairly lax when it comes to credit requirements. You certainly don’t need the best score to get approved, but it is still something the lender factors into their final decision. If you have recently defaulted on any loans, you might not be approved. These lenders look for serious black marks like bankruptcies and foreclosures as well. A low credit score doesn’t disqualify you for a payday loan, but certain things on your report could.

    Should I Apply for a Payday Loan for my Business?

    The fact is that direct payday loans can be very helpful to many entrepreneurs. Whatever the reason is for needing the loan, you should at least consider this option. It can help you obtain the necessary funds to get your business on track. It is also an effective way to expand your current operation for exponential growth. These lenders give out payday loans to small business owners throughout the UK every single day. There is a strong possibility that you could benefit from getting one of these loans.

    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.