Payday Lenders Bad Credit

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.

    Important Facts About Online Payday Lenders that Give out Bad Credit Loans

    There are a number of facts about payday lenders bad credit loans that you should be aware of. If you are currently in need of funds, these facts can be tremendously helpful. You’ll be able to make a decision that will benefit you as a borrower. Online loans have become tremendously popular for many reasons. If you are looking for an alternative to traditional bank loans, these lenders have much to offer. This article will help you get the information necessary to decide which action you should take.

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    They Are Subject to FCA Regulations

    Some people are nervous about getting an online payday loans because they fear getting scammed or ripped off. The truth is that these lenders are subject to a number of very strict FCA regulations. The Financial Conduct Authority has made it so that you can get one of these loans without any issues.

    Private lenders cannot charge more than 0.8% interest daily, and default fees have been capped at £15. No lender may charge more than one hundred percent of the loan amount, so the interest cannot be more than that. A vast majority of lenders abide by these regulations, as they face serious consequences if they do not.

    Many Private Lenders Are Highly Flexible

    You will quickly discover that many private lenders that give out payday loans are highly flexible in a number of ways. Most of them are willing to work with borrowers to ensure that they pay their loan off on time. If you won’t be able to pay your loan back by the due date, there is a good chance the lender will give you an extension.

    While this isn’t always guaranteed, it is likely. Some lenders are also open to waiving or at least reducing the fees they charge to help you save money on your urgent loan. They are definitely not as rigid and unbending as most banks and even credit unions.

    It is Easy to Get Approval

    Getting approved for a same day loan by a private lender is actually not all that difficult. As long as you meet the minimum requirements, you should be fine. These lenders have much lower standards for approval than most banks. You can find out whether or not you will be approved in a matter of minutes. The results are instant, so there is no annoying waiting process you’ll have to go through.

    You will be able to see right on the website if your application is approved shortly after you submit it. These loans have a very high approval rate, so your chances are automatically pretty good. Most people who meet the bare minimum loan requirements are able to get approved the first time they apply.

    Bad Credit Isn’t Always an Issue

    All private lenders that give out payday loans run credit checks on applicants, but bad credit doesn’t always equal rejection. In fact, you can get approved with a very low score or very little credit history. Keep in mind that some of these lenders are more lenient and understanding than others when it comes to this factor. Those who have a bankruptcy or defaulted loan on their credit report are less likely to be approved. These lenders have a reputation for approving people who don’t have very good credit. This is one of the many reasons why so many people are relying less on banks when they need to borrow money. Obtaining a bank loan with bad credit can be nearly impossible for lots of people in the UK.

    Different Repayment Plans Are Available

    Payday lenders tend to offer various repayment plans to make it as easy as possible for borrowers to return the money on time. You could get an instalment loan, which could give you up to several weeks to pay back the funds. It is important to enquire as to which options each lender offers before settling on one in particular. Sometimes borrowers are only given to their next pay cheque, while others have longer. Getting more time to pay back your loan can minimise your risk of defaulting on it.

    Their Websites Are Legit

    When you start to visit the websites of different private lenders, you will quickly discover that they are completely legitimate and secure. You can feel free to submit personal and financial details without any risk. Any legitimate private lender will have a secure website to protect the information of their customers and applicants. They also typically have extensive privacy policies so you know your details won’t be given to any third parties.

    Interest Rates Aren’t Always High

    One of the most common misconceptions regarding payday lenders is that they always charge borrowers very high interest rates. While sometimes the rates can be high, it actually depends on quite a few factors. The amount of money that you borrow is just one thing that you will have to take into consideration. The higher this amount is, the higher your rate is likely to be. There are plenty of reasonable lenders that don’t gouge their customers with ridiculous rates. They are of course in it to make money, but it doesn’t always mean they are unfair.

    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.

    They Don’t Ask Questions

    You won’t have to provide payday lenders with an explanation as to why you want to borrow money from them. This just means one less roadblock that you will have to overcome to get the funds you need. They don’t make it unnecessarily difficult for you to obtain a loan, which is something that cannot be said about most banks. You can use the money you get for virtually anything, including paying repair bills, clearing a credit card balance, funding a holiday trip, and much more.

    Business Owners Can Borrow too

    It is possible for business owners to get payday lenders bad credit loans as well. When you need to borrow money to further your business in some way, this is an option to consider. It can help you secure funds to expand or get through a slow period. The lender is going to ask you to show proof of your business’s income going back a certain amount of time. This information will be used by the lender to determine if you can pay back the loan by the due date. Lots of businesses throughout the UK have gotten these loans for a variety of reasons. It is definitely something you should consider before making a decision either way.

    Private Lenders Can Help Students

    If you need money for university, borrowing from a private lender could be one of the best decisions you ever make. Many of these lenders advertise loans specifically for students. These loans don’t require good credit (or any credit history in some cases), making them perfect for young people. You could get the necessary funds to cover your tuition, text books, housing costs and other school-related expenses. It is by far the easiest and most convenient way to borrow money for school. These loans sometimes come with a fairly low interest rates, so you won’t have to pay a ton in fees.

    They Distribute Funds Very Fast

    If you get approved for a payday loan, you will receive your funds within the hour. They try to make it as easy as possible for people with emergency expenses to get the money they need. The funds go into your current account automatically. This entire process is very fast and only requires a minimal amount of effort on your part. There is literally no other type of loan available that pays out as quickly as these do. If you are in a big hurry to get money for any reason, you’ll need to keep this in mind.

    They Give Out Large Amounts

    While most people think of payday loans as being smaller amounts of two or three hundred pounds, some lenders give out a lot more. Depending on what your income is like, you could qualify for a loan of several thousand dollars. This makes payday loans one of the most versatile borrowing options available today. If you have a large expense that has suddenly come up, this can certainly be very helpful.

    The Customer Service is Usually Good

    Most payday lenders make a point of providing all of their customers with top notch customer support. Some of these lenders have a live chat support feature on their websites that allows you to get help any time of the day or night. This can be incredibly useful when you have some question or issue that cannot wait.

    A lot of these lenders also have a phone number that you can call to get assistance from an actual person. Depending on the size of the lending business, you shouldn’t have to wait very long to speak with someone. Customer support is a crucial factor to consider when selecting a lender for a payday loan. You want to know that you can get help when the need arises.