Instant Loans for Bad Credit

Get between £50 - £5,000 paid out by

How much would you like to borrow?

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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 Instant Loans for Bad Credit

    It is easier than ever to get instant loans for bad credit, but you still need to get all of the information you can. These loans can provide you with an effective way to obtain funds when you really need them, despite having a low credit rating. These days your credit doesn’t have to get in the way of being approved for a loan. In this article we will cover everything you need to know about these loans so you can get the most out of them.

    Basics of Instant Loans

    Instant loans for bad credit are a type of personal unsecured loan, ideal for when you need money now, which means that they don’t require any collateral. You won’t have to worry about losing any property if you aren’t able to pay back your loan. Most people who are approved for these loans typically get them within 24 hours of applying. There is a good chance that you can get your funds the same day.

    These loans are given out by various private lending companies that are based online. This means that you use the Internet to submit your application. You can get an instant loan for as little as £100 or as much as £5,000. Your income is the major deciding factor when it comes to how much you are able to borrow from the lender.

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    Qualifying for an Instant Loan

    One of the best things about instant loans for bad credit is that they are very easy to qualify for. As long as you are a legal UK citizen over the age of 18 with a current account, your chances are good. That being said, not all lenders have the same eligibility requirements. This is why it is a good idea to check each one’s website before you apply. Make sure that you know what criteria you need to meet so you don’t end up wasting any of your valuable time.

    How to Get an Instant Loan for Bad Credit

    There is a certain process that you will have to go through for obtaining an instant loan for bad credit. It is very simple and straightforward, but it’s still important to get this information upfront.

    The first thing you need to do is choose your lender. The more time you spend researching these options, the better off you will be. You certainly don’t want to choose just any private lending business to borrow from. Instead you will need to make a point of researching the various options you have. Take a close look at what kind of reputation these lenders have before making a choice on one in particular.

    Next you will have to fill out an application. This can be done right on the lender’s website. It can take anywhere from 1 to 5 minutes. Be prepared to submit some personal details, including contact info like your phone number, email, and home address. Be careful when filling out the application so that everything is filled out properly the first time around. Double check all of the information you have entered before submitting the application.

    Advantages of Instant Loans for Bad Credit

    Some of the main advantages to getting instant loans for bad credit include:

    • Fast cash: You will be able to get the money you need within a matter of hours instead of days or even weeks.
    • It’s very simple: The whole process for obtaining an instant loan is extremely simple. There are no complicated steps that you’ll have to worry about following.
    • Flexible terms: A lot of the private lenders that give out instant loans for bad credit are very flexible and willing to work with you in a number of ways.

    Preparing to get an Instant Loan

    There are some things that you will want to do/consider when preparing to obtain a same day loan. For starters, take the time to figure out the exact amount you need to borrow. This is something that you will have to enter in your initial application. You never want to borrow more than what you need. You should also determine whether or not you are financially stable enough to afford the loan. The last thing you want to do is default on any type of loan.

    It’s also a good idea to prepare all of the documents that you will need when applying for an instant loan online. This includes a photo ID of some kind, such as your passport. You should be able to find a complete list of the required documents on the lender’s website. Check out this list before you begin filling out the application.

    While checking your credit report before you get one of these loans is not necessary, you might still want to do it. This will provide you with the opportunity to check for any errors that might be on your report. A lot of people never bother to do this, and as a result their credit takes a big hit. Look your report over very carefully for anything that doesn’t belong on it. If you find any of these mistakes, file a report with the credit reference agency right away.

    How Lenders Determine Eligibility

    There are a few criteria that lenders use to judge a person’s eligibility for instant loans. One of the main things they look at is an applicant’s income. If you clearly don’t make enough from your job to afford the loan, your application will be denied. The lender has to know that you can pay back the full amount you borrow plus fees by the due date.

    Another important thing that will determine your eligibility for one of these loans is your job history. Those who have a stable job history are more likely to get approved than those who have had lots of different jobs in the past few years. You can still get approved even with a spotty job record, but it is less likely.

    Lenders also look at whether or not the applicant has any current debt and how much. If you have a lot of credit accounts with outstanding balances, you might not be approved. This is why it’s so important to take care of your debt before applying. It will significantly raise your chances of getting the loan you need.

    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.

    Paying Back an Instant Loan

    You will be given a certain amount of time to pay back the money you borrow. With instant loans, the borrower typically has around two weeks to a couple of months. This is largely dependent on the amount you borrow. Larger amounts usually mean a longer overall term. You need to prioritise paying back your loan, because there are serious consequences if you don’t.

    Those who are late on paying back an instant loan will undoubtedly incur some pretty severe late fees. This will just make it harder for you to clear your debt, so you need to keep that in mind when going forward. You don’t want to be even one day late on your loan. It’s a good idea to set up automatic repayment. This is when the full amount that is due on your loan is taken from your checking account by the lender. It will save you some effort and ensure that your loan gets paid back on time.

    Should I get an Instant Loan?

    Many people can benefit from instant loans for bad credit. If your credit score is very low, this is definitely a borrowing option to look into. It can help you get a substantial amount of money for an emergency expense when you need it. There aren’t any other loans in existence that allow you to obtain cash as quickly as these. It is definitely a faster and more convenient option than going through your bank, and your chances of approval are much higher.

    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.