Online Loans

Get between £100 - £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

  • Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
    *Subject to application being approved by the lender. Not all lenders are able to provide up to £5000.

    Your Guide to Online Loans

    Do you ever wish it was easier to get the cash advances that you need?

    When you’re dealing with an emergency, and you need money fast, it’s frustrating to deal with traditional loan applications. You might not have the time to visit a bank in person and make an appointment with a professional. What’s more, every minute you spend on hold when you’re trying to apply over the phone is a nightmare.

    The good news is that the digital world has opened up a range of new loan opportunities for today’s lenders. Payday loans make it easy and quick to apply for the cash you need through a simple website or web application.

    As the loan marketplace continues to evolve, these loans are quickly emerging as the most popular form of lending for many new applicants. Since most people spend a lot of time online already, it couldn’t be simpler to log into an account and apply for your loan with your preferred lender.

    How much would you like?

    Apply Online

    What is an Online Loan?

    They are exactly what you’d expect. Just like guarantor loans for bad credit, they’re a kind of cash advance that you can access by filling out a form online. Most of the time, the lender also operates entirely online – which means that you won’t be able to visit them in person.

    While the process involved in applying for an online loan will vary depending on the lender you choose, you can often expect a faster and more convenient experience when you apply for cash online. What’s more, you may find that getting a loan online is cheaper too.

    Because online loan providers don’t have to pay for overhead expenses and costly real-estate, they can give you additional savings on your loan, remove unnecessary fees, and ensure that you get a great end-to-end lending experience.

    Of course, like any other lending opportunity, it’s important to make sure that you know as much as possible about the online loans available to you before you start filling out applications. For instance, there are many different kinds of online loan to choose from, including those specifically designed for people with bad credit. Making sure that you select the right loan product from day one will help to improve your chances of successfully receiving your loan.

    What are the Most Common Types?

    As mentioned above, there are many different kinds of online loan available today. Each is designed to serve a specific need in the lending marketplace. For instance, one of the most common options for online loans is payday loans. These are loans that allow you to borrow a small amount of money, for a short period.

    Usually, with a payday loan, you’ll be expected to pay back the money that you borrow when you receive your next lot of income from your career. However, some payday loans allow you to roll the term you agree to over if you need longer to pay your cash back. The reputation of payday loans has improved significantly in recent years since the FCA stepped in to regulate the market. Now, there’s a cap on the amount of interest you can pay through tradiotnal payday lenders.

    There’s also a limit on how much a lender can charge you if you’re late making your repayments.

    What Are Online Installment Loans?

    Online installment loans are another kind of cash advance that you can get online. Similar to payday loans, these lending products are designed for short-term use, and they don’t offer a great deal of money. The biggest difference between payday loans and installment loans is that you pay installment loans back over a period of time with fixed installments. There’s no need to find the cash for your loan all at once.

    If you need more freedom to pay your loan off over a few months or weeks, then an online installment loan might be the best option for you. On the other hand, if you’d prefer to get rid of your debt in one go, then you might be better suited to a traditional payday loan.

    What are Peer to Peer Loans?

    Aside from installment and payday loans, there’s another popular form of loan available today. Known as peer-to-peer lending, these loans allow you to borrow money from another person somewhere in the world, rather than a bank or building society. These options are excellent for some people because they come with more flexibility than a standard loan.

    However, peer-to-peer loans aren’t the right option for everyone. It’s difficult to know for certain what kind of lender you’ll get. You’ll also need to do some basic comparison online to check that you’re getting the best deal on your loan options.

    How Do They Work?

    Applying forshort term loan is usually much easier than applying for a typical loan.

    Most online loans and cash advances allow you to complete the entire application process online, by answering just a few simple questions. Once you’re finished filling out the digital forms provided by your lender, they’ll conduct a credit check to determine what kind of deals you might be eligible for.

    When you’re approved, the cash that you apply for will be paid directly into your bank account. In some cases, lenders will also be able to automatically withdraw money from your account when you need to repay the cash that you owe.
    Setting up automatic repayments can be a great option for people who might otherwise forget to send the money they owe to a lender on time.

    Remember, the terms and conditions that each lender adheres to online can differ. That’s why it’s important to read as much as you can about a provider before you apply for a loan. The more you know about the company or group that’s giving you your cash advance, the more prepared you can be.

    What are the Benefits?

    If you’re new to borrowing money online, you might be wondering how these lenders are any different to the banks and building societies you’ve used for years. The easy answer is that online lenders are designed to deliver quick and simple lending opportunities to people who need to access money quickly. Along with fast applications, online lenders can also tell you almost instantly whether you’ve been accepted for your loan.

    Online loans are also great when you need to know how much you can borrow, how long you can take out a loan for, and what your payments will look like. Traditional banks, on the other hand, can take quite a while to give you the information you need. Other benefits include:

    • Better rates: Usually, it’s much easier to shop around. There are plenty of comparison websites to help you make sure that you’re getting the right deal. What’s more, because online banks don’t have common overheads to pay for, they can usually give you better deals.
    • Easier approval: A lot of credit unions and banks are nervous about working with people who bad credit histories. However, even if you’ve got a poor background, many online loan providers can still offer you loan options. Many of these providers use alternative information to track your creditworthiness, such as your current income and commitment to existing payments.
    • Unsecured and no-guarantor loans: They are are available with no security and no guarantor. That means that you don’t have to put your property, or your relationships on the line to get the money that you need in a hurry.

    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.

    Are Online Loans Safe to Use?

    They are usually just as safe as any other cash advance. As long as you make sure that you do your research on the lender that you’re taking money from, you shouldn’t have any trouble with your loan. Additionally, it’s worth remembering that online loan providers are regulated by the FCA, just like regular banks and building societies.

    To make sure that you protect yourself when it comes to taking out a new loan, it’s usually a good idea to avoid applying with anyone who can promise you a loan with no credit check. Although the lack of a credit check might sound great at first, the truth is that it indicates a shady lender. The FCA demands that all loan providers conduct a credit check.

    After all, checking your credit helps a lender to make sure that you’re not taking out a loan that you won’t be able to afford.

    Should You Apply?

    The digital world is making many different parts of our lives more convenient. With the right tools online, you can access a better business and personal life. Now, it’s even possible to get your loans online too.

    They are convenient alternatives to visiting a bank or building society and pleading your case to a professional. They often come with lower fees, easier application forms, and better acceptance rates than traditional banks. What’s more, they are available for practically everyone.

    If you’re 18 or older, and you’re a resident of the UK with a regular income, then you should be able to apply for a range of short term credit. Just remember to compare your options using a comparison website, so you can keep your interest costs as low as possible.

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