Quick Loans for Bad Credit

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.

    Quick Loans for Bad Credit: What You Should Know

    The fact is that bad credit isn’t the obstacle it used to be when trying to obtain a loan. There are lots of quick loans for bad credit that can help you get cash fast. Even those with very low credit scores can get approved for a loan. The more you learn about these loans, the easier it will be to benefit from them. When you need money right now but your credit record is spotty, you’ll have plenty of options to explore.

    What is a Quick Loan?

    The term “Quick Loan” usually refers to loans that you can get the same day that you apply. The amount of time it takes to get approved and receive your funds depends on the lender. This is why it’s so important for you to look for the right lender to borrow from. You can borrow anywhere from a couple hundred to a few thousand pounds with a quick loan. The whole process can take as little as one hour. Some lenders are faster than others with processing applications and distributing funds to approved individuals.

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    Where to Get Bad Credit Loans

    When you want to get a quick loan despite what your bad credit, you’ll need to look to private lenders. There are many private lenders who are based entirely online, and they can very likely help you. It is nearly impossible to get approved for a bank loan when you have bad credit, but private lending businesses are much different.

    How to Qualify for a Quick Loan

    All quick loans for bad credit have the same basic eligibility requirements. You won’t be able to get a loan unless you are over the age of 18, have an open checking or savings account, and you are a legal UK citizen. You must also have a permanent residence, email address and phone number that the lender can use to contact you.

    The following tips will help you qualify for a quick loan:

    • Be prepared: Before you start filling out any loan applications, make sure that you collect all of the documents you will need. This includes photo ID (driver’s license or passport) as well as proof of your income. Make sure to read the eligibility requirements on the lender’s website as well.
    • Choose the right lender: Some private lenders that give out quick loans have stricter qualification standards/requirements than others. You need to take the time to find the right lender to apply to.
    • Don’t apply for any other credit: You should refrain from applying for any credit cards or other loans, as this can hurt your chances of getting approved. Most lenders don’t want to approve people who are just taking on new debt.

    Interest Rates

    You might have heard from others that all quick loans come with outrageous interest rates, but this simply isn’t true. Most people can actually get some pretty great deals on these loans if they do their research. You should, however, have realistic expectations. Quick loans or payday loans do tend to have higher rates, so you’ll be paying more than five or eight percent interest. By taking the time to find the right lender, you can minimise how much interest you pay.

    A lot of these lenders have fixed interest rates for all applicants. You can usually get this information on the lender’s website. The best thing you can do is compare rates from different lenders so you can save as much money as possible. Some lenders are going to charge more than others, so doing this research is absolutely crucial.

    Reasons to Apply for a Quick Loan

    There are plenty of solid reasons to consider getting quick loans for bad credit, including:

    • Fast process: Just as the name suggests, quick loans can be obtained very fast. This makes them a great option if you have some important expense that cannot wait. If you are approved, you can get your money within 24 hours.
    • Trustworthy lenders:

      There are lots of reputable and trustworthy private lenders that give out these types of small loans. You will be able to find one that you can rely on without much research.

    • No limitations:

      You won’t have any limitations on how you can spend the money you borrow. Whether it is for car repairs or something else entirely, there aren’t any restrictions whatsoever.

    • Improve your credit:

      You can actually use quick loans to improve your credit, but only if you pay them back on time. You should notice a significant rise in your credit score shortly after you pay back your loan.

    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.

    Loan Terms

    You will need to pay very close attention to all the specific terms of your quick loan. These terms will be laid out in great detail in the loan agreement which you’ll need to review. Make sure that you pay special attention to all of the fees the lender charges. This varies from lender to lender, which is why you must do this. Some lenders charge what is known as an “origination fee”, but you might be able to get that waived or reduced.

    It’s also important to focus on the term of your loan, which is how long you have to pay back what you borrow plus interest and fees. A shorter term is better because you will spend less. You might be able to get three months to pay off your £400 loan, but it’s not a good idea. The longer your term is, the more interest you will pay. These fees can add up very quickly, so you have to keep that in mind.

    Take a look at the total amount of the loan with fees and interest so you know how much you’ll have to pay back. This will give you a better idea as to whether or not you can really afford the loan. While the lender also has to make this determination, you should still think about it yourself. You don’t to take out any loan if you know you can’t afford to pay it back on time.

    Who Should Get Quick Loans for Bad Credit?

    Quick loans for bad credit can obviously be helpful if you have a less-than-ideal credit score, but there are other reasons to get one. If you have some expense that you need to take care of immediately, this is a great option. This expense could be an essential home repair or a bill that you want to avoid being turned over to a collection agency. A vast majority of people who obtain these loans do so because they need money fast for something. If you are in a hurry and absolutely cannot wait, quick loans offer an ideal borrowing option.

    Applying Online

    You want to make a point of applying for your quick loan online. There are many different private lending companies that have their own sites that you can apply on. This process is generally very fast and painless. You can complete your application within a matter of minutes. Be prepared to submit some basic personal information and contact details in the application. You also need to tell the lender how much you want to borrow and what your income is like. They will use these details to make a decision as to whether or not to approve your application.

    Paying Back Your Quick Loan

    You will probably have around 3 months to pay back your quick loan, but it depends on the amount you borrow. Smaller amounts typically have a shorter term. If you borrow a larger amount that goes into the thousands, you could get up to 12 months. Just keep in mind that a longer term means paying more interest and fees. You don’t want to have a longer term than necessary. It’s also a good idea to pay back your loan early if possible. This will help you save some money and get your debt taken care of without any issues.

    Choosing a Lender

    Before you apply for any quick loans for bad credit, you want to choose the right lender. Look for a private lending business that is known for being fast, efficient and helpful. You also want to make sure that they have basic certification so you know they are legitimate. If you find a private lender with a secure website, they are probably on the up and up. If you are unsecure as to which lender you should borrow from, read some customer reviews. Reading what a lender’s past customers have to say about them will give you some very useful insights.

    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.