Quick 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.

    Quick Loans – What to Do When You Need Money Fast

    Hard times with money can strike anyone, regardless how well prepared you might think you are. This is often even more true for people who’ve never gone through financial hardships before, because they tend to be more careless about their finances. When something like this happens to you, you have to know what options are available to you, and how to take proper advantage of them.

    A quick loan can often pull you out of a big mess relatively fast. However, there are some caveats to a deal like that, and you shouldn’t immediately jump at the first offer you find on the market. If you can take the time to compare what’s available, that will benefit you quite a lot over the next few weeks/months.

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    A Good Credit Score Can Help

    Above all, try to maintain a good credit score. This will come in great handy when you find yourself in a situation where you need to take out a quick loan. It will make most creditors much more willing to give you better terms, and you might also have some leverage for negotiating. Of course, everything within its reasonable limits – don’t expect miracles here just because your score is above a certain threshold!

    Plus, if you need your money urgently and can’t afford to wait, then improving your credit score might not really be an option to begin with. In that case, you’ll have to deal with creditors who’re open to people with a lower score – more on that below. But you should still keep your eye on your credit score in the future, and ensure that you’re able to meet your next urgent situation in a more prepared state!

    Bad Credit Loan

    Bad credit loans come in all shapes and sizes. As the name implies, they are specifically designed for people with a lower than average credit score, and as such, come with a few extra strings attached. For example, you might have to put up some collateral before you’re even considered for a loan in the first place. If it’s a larger sum of money, you may have to go as far as using your car or even your house as collateral. In most cases though, smaller pieces of property would still suffice.

    Other bad credit loans will simply charge you a higher interest rate or will require you to pay off the sum more quickly than the average product on the market. If you’re familiar with your financial situation, and you’re confident in your ability to repay that loan on time, these conditions might still be acceptable to you.

    Payday Loan

    Payday loans are commonly used by people in urgent need of money. They can be considered a special type of bad credit loan in some regards, although they’re not necessarily aimed at people with credit problems. The most notable thing about a payday loan is its short duration. You’ll typically only have a few weeks to pay pack the loan in full. And if you can’t make your payments on time, be prepared to deal with significant financial issues.

    That’s because the interest rate on a typical payday loan can be significantly higher than the one you’d get on an ordinary loan. Payday lenders often have to deal with people who default on their loans (because they seem to attract less responsible users, for various reasons), and they need to compensate for that on their end. The good news is that as long as you’re willing to work with these conditions, most lenders won’t care about your financial situation in general. You might have to provide proof of income, but that’s about it.

    Personal Loan

    A personal loan is always an option you should consider if it’s available to you. Sure, borrowing money from friends and family can feel awkward and uncomfortable, but if it’s only a one-time thing, you should just swallow your pride and get it over with. This can put you in a much better long-term position as you won’t have to deal with interest rates and other annoying extra charges, although it’s also something you must be especially responsible for.

    Because in the end, defaulting on a regular loan will hurt your finances, but “defaulting” on a personal loan can ruin your relationship with someone you value permanently. Don’t underestimate the impact this can have on your relations with someone, and make sure that you’re able to repay that loan in full before even asking for it.

    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.

    Prioritise Repayment

    A common theme with quick loans is that they come with short repayment terms. You must not miss a single payment on a loan of this type, because the repercussions for doing so can be severe. Always do your best to prioritise getting the loan paid off as quickly as possible, even if it means suffering a brief period of discomfort. Remember, if you let things get out of control, that discomfort is going to get multiplied significantly in the near future.

    Having a plan before you even take out the loan is a good idea. Go over your financial situation carefully, figure out exactly how much you can afford to pay on the loan, and don’t go above those numbers in any case. The sooner you can have this loan off your shoulders, the more freedom you’re going to have in your life in general!

    Work with the Same Lender When Possible

    If you’ve taken out loans before, it’s a good idea to start your research with the same day lenders. When it comes to quick loans, creditors will be much more open to working with someone they’re already familiar with, and might be able to give you better conditions. Even if they don’t offer those by default, you can still have some room for negotiation, something which usually won’t be an option when working with someone who doesn’t know you.

    Of course, this assumes that you’ve actually been paying off those past loans responsibly. If you have a bad history with a lender, you should obviously not expect any good results if you approach them. This is a good reason why you should always be responsible with any debt you’re taking on, and be sure that you can pay it back in full. You never know what kinds of situations you may find yourself in the future, and having a good relationship with the right people on the market can sometimes make all the difference.

    Watch the Fine Print

    People are prone to mistakes when it comes to quick loans. You’re in a rush to get your hands on the money so you can address the emergency you have in your life, and you might be quick to put down your signature on the document. But often, this kind of carelessness comes at a cost. Failing to go over every detail in the contract you’re signing can sometimes cost you a lot when it comes to a loan.

    If you’re having trouble understanding any of the terms, don’t be afraid to ask. The lender you’ve chosen to work with is required to clarify any terms in their contract, which makes sense too. You aren’t expected to already know everything about how the lending market works, and there are some clauses that might require some extra explanation. But it’s much better to take the extra five minutes and ensure that everything is clear to you, rather than finding out that you’ve bitten off more than you can chew later on.

    Keep Scouting the Market Regularly

    As we said above, you never know when you might find yourself in need of a quick loan. And with how dynamic the market for those types of loans is, you can’t trust the information you have from before. You must always be on the lookout for the best quick loan deals available in your area, even when you don’t actually need any money.

    That way, if one day things get bad and you need urgent money fast, you’ll know exactly where to look and which lenders can potentially give you the best deal. Otherwise, you’re going to have to spend a lot of time searching around, comparing deals, reading the fine print and generally making sure that you’re not missing out on something better. All of this time can be extremely valuable when you’re dealing with an urgent financial situation, so do your best to optimise it.

    Short term loans are not that difficult to get at all these days, and it’s important to have a good overview of the market for them, no matter how stable your financial situation might be. You never know what can happen tomorrow, and a quick loan can sometimes be a great way to get back on your feet with minimal damage to your finances in the long run. But if you have to rush through this decision and can’t take the time to properly evaluate your options, you risk running into some serious problems very fast. And these kinds of problems will follow you for quite a while.