Fast Loans for Bad Credit

Get between £50 - £5,000 paid out by

How much would you like to borrow?

£
  • 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.

    A Borrower’s Guide to Fast Loans for Bad Credit

    Many people in the UK struggle with alow credit rating, but this isn’t the obstacle it used to be when it comes to getting approved for a loan. If you need to borrow money, you will need to know how you can get approved despite having bad credit. In this article we will present you with all information you need to get a loan without any hassle. These days there are lots of options that you have, and it’s important to know what they are.

    Where Can I get a Fast Loan with Bad Credit?

    Private lenders offer you the best option when it comes to fast loans for bad credit. These independent lending businesses are typically based online. They are still regulated by the FCA, and there are many protections in place to keep borrowers safe from shady lending practices. The internet is without question the best resource you have when you need to borrow money despite a low credit rating. You don’t want to waste your time going to a bank or credit union, as your chances of approval are considerably lower.

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    How Quickly Can I Obtain a Loan?

    Depending on the private lender you choose to borrow from, you could get your money within 24 hours. Some people who apply for these loans receive their funds in just a few short hours after approval. This makes these loans perfect for those who have an essential expense of some kind that they need to take care of. Maybe it is an important home repair or a credit card bill that you owe. The sooner you fill out an application, the sooner you can get the money you need.

    What are the Requirements for a Fast Loan?

    If you want to get a fast loan from a private lender online, you will have to meet certain requirements. Those who are over the age of 18 who have a checking account and legal UK citizenship are already in good shape. While it’s true that these lenders do have other requirements, those are the minimum criteria.

    You also have to meet the income requirements of the online lender. This is different for each lender, and it’s something you’ll want to check out on their website. A lot of these lenders have detailed eligibility requirements listed on a section of their site that you can look through. This information can help you to save some time.

    Applying for a Fast Loan with Bad Credit

    You will only need to spend 3 to 5 minutes at the most filling out one of these loan applications. There will be a number of empty fields that you will have to fill in before hitting the submit button. Make sure that you fill out the application in full so that it doesn’t get rejected. The last thing you want is to waste a lot of time filling out an application just to have it rejected for such a silly reason.

    Check to see if the website is secure before submitting an application on it. This is for your own good, as it will protect your personal and financial details. If you don’t see the “HTTPS” before the website URL, you shouldn’t use the site.

    Make a point of applying as early on in the day as possible so that you can get your funds sooner rather than later. Those who wait until too late in the day to apply might not get their money until the next morning or afternoon.

    Length of the Loans

    Every fast loan has a different term or period of time that the borrower has to pay back the money. There are plenty of these lenders who give out quick instalment loans that give you numerous months to pay back everything you borrow. Other loans for smaller amounts have terms of just 2 or 4 weeks. There is a good chance that you can get an instalment loan if you borrow at least £300. The more flexible the lender is, the more likely you are to get a term that matches your needs.

    Receiving Your Money

    If you get approved for one of these fast loans from a private lender, the money will be sent to your bank account via electronic transfer. You won’t be inconvenienced by having to deal with any cheques like you would if you got a lot through your bank. This is just one of the many things that so many people love about these loans. The lender will provide you with email or phone confirmation once the money is sent. After you receive this confirmation, you can feel free to withdraw the money from your account.

    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.

    Interest and Fees

    Fast loans for bad credit can be very helpful and convenient, but they do come with various fees that you should know about and understand. Anyone who takes out one of these loans will need to pay interest on the amount they borrow. Generally speaking, the higher the amount, the higher your rate is going to be. Keep in mind that private lenders all have different rates they charge borrowers.

    If you want to get the absolute best deal on your loan, you will need to compare these rates by visiting the websites of various lenders. This research will help you to save a good amount of money on your loan as a whole.

    When you are looking for the right lender to borrow from, make sure that you find out what kinds of fees you can expect to get from each one. This information should be listed in the loan agreement, which you will need to look over carefully. You don’t want to be surprised by any hidden fees later on. In the end you will be glad you took the time to do this.

    Early Repayment

    One of the best ways to save money on your loan is to pay it back sooner if at all possible. This will help you save on the interest and other fees that come with each payment you have to make. Find a lender that will allow you to repay your loan before the due date without any penalties. This really shouldn’t be an issue, as most private online-based lenders don’t charge borrows a fee for this. If you are paying your loan in instalments, you should try to pay more than the minimum required amount each time.

    Which Lender Should I Choose?

    There are lots of lenders on the internet that give out fast loans for bad credit, but you need to take some time to choose the best one. Spend some time reading reviews from some of the lender’s former borrowers. This is a very effective way to get valuable information that can help you make the right overall choice. A good lender can help you get the money you need and enable you to pay it back on time.

    Make certain that you select a lender that comes off as professional and offers good customer support for all of its borrowers. You need to know that you can get help with any questions or problems you may have day or night. While not all lenders offer 24/7 customerservice, it is a good thing that you should definitely look for. A lot of these lending businesses have a phone line and even live chat support on their site that you can access at any time.

    One of the best ways to narrow down your lender options is to speak with each one. This will give you the opportunity to ask certain questions that will help you get to know them better. You shouldn’t make a final decision until you first do this.

    Should I Get a Fast Loan for Bad Credit?

    The fact is that fast loans for bad credit can benefit a lot of people, including those who actually have good credit. This is because these loans are so easy and convenient to obtain. You simply will not be able to get money as quickly if you go through a bank or credit union. These lenders can help you get the money you need in just one business day. You won’t be required to jump through any unnecessary or frustrating hoops before you can receive your funds.

    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.