Same Day Loans for 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.

    Getting a Loan With Bad Credit

    Have you ever been struck by a financial emergency that you need to deal with straight away?

    Perhaps your dog is sick or injured, and you need to pay for an emergency vet until you can get the money back from your insurance provider. Maybe you need to find the cash to pay someone to tow your car to the nearest garage after you’ve blown a tyre or heard your engine dwindle to a stop in the middle of the highway.

    When disaster strikes, same day loans can give you the versatility, you need to get back on your feet as quickly as possible. With same day loans, there’s no need to worry about waiting weeks or months for your loan application to be approved. Instead, you can get yourself back to normal in no time.

    Unfortunately, if you haven’t had the best history with your finances in the past, you might find that something called a bad credit rating stops you from getting the same day loans and deals that you need.

    The good news is that same day loans exist for people with bad credit too, to ensure that even people with a less than perfect credit score will always be able to access money in an emergency.

    What is Bad Credit and How Does it Affect Same Day Loans?

    Whenever you apply for a loan or credit card, your lender or provider will need to check your credit score to determine what your history with money is like. Your credit score is basically a culmination of all the information that credit agencies have collected about you over the years. Over the years, as you use credit to pay for things, take out loans and apply for cards, you’ll leave marks on your credit rating.

    Usually, credit scores range between 300 and 850, though the exact number that you get will depend on what kind of agency you’re looking at. Every time you default on a loan or fail to make payments on time, your credit rating drops a little lower. The smaller your score, the harder it will be to get a loan or financial support when you need it most.

    Importantly, you can even end up with a bad or “poor” credit score if you’ve never taken out a loan before. This because the credit agencies won’t have any evidence that you’re capable of paying money back on time. This is why some debt can be referred to as “good debt.”

    A poor credit score reduces your chances of getting the best deal for any loan. Some providers will refuse to give you a loan altogether if your score is low enough. Fortunately, bad credit same day loans are there to help when you need money fast, and you don’t have the best credit rating around.

    What are Same Day Loans for Bad Credit?

    Same day loans for bad credit are emergency lending solutions designed to give you access to cash quickly when you’re dealing with a sudden expense. For instance, if you have a flat tyre that you need to pay for immediately, you can apply for a same-day loan online and get the cash into your bank account within twenty-four hours or less.

    Some of these cash advances are even available within an hour of the company accepting your application. These special loans also offer the additional benefit of giving you the option to access money without an excellent credit rating. Importantly, bad credit providers don’t give as much weight as other providers to your credit history when they’re deciding whether to give you a loan or not. Instead, they look at things like your current ability to pay back a loan based on monthly income and existing commitments.

    Crucially, providers of cheap payday loans for bad credit will still need to check your credit history. The Financial Conduct Authority or “FCA” demands that all loan providers check credit scores before they offer money to a customer. However, with these providers, there’s less of a chance that your credit background will stop you from getting a loan.

    How to Get a Loan With Bad Credit

    One of the best things about same day or payday loans for people who suffer from bad credit is that they’re incredibly easy to apply for. Most of the time, you can complete the entire application online. All you’ll need to do is fill out a couple of forms that ask basic questions about your income, how much money you want to borrow and so on.

    Remember, it’s always worth checking the eligibility requirements on a loan before you begin your application. Any rejected loan can leave a black mark on your credit history that makes your situation even worse. Most of the time, bad credit loans are specifically designed for people who have a bad credit background. This means that you may only need to meet a few basic requirements to be accepted.

    For instance, most of the same day loans for bad credit available on the market today are designed for anyone over the age of 18, with a regular income and a UK bank account. You may also need to be a long-term resident of the United Kingdom to apply.

    Additionally, keep in mind that before you submit your application, you should always check if the repayment terms suit you. Some same-day loans and short-term loans are designed to be paid back on the day that you receive your next lot of wages. On the other hand, there are also loans available that can be paid back through a series of smaller instalments.

    How to Compare Same Day Bad Credit Loans

    A lot of people assume that when they need money within 24 hours or less, they don’t have time to compare their options and ensure that they’re getting a good deal. However, this doesn’t have to be the case. Just like any other kind of cash advance, same day loans are available from many different providers. Even if you have bad credit, you can find plenty of companies willing to give you a loan. Each of these companies may offer different interest rates, fees, and other things to consider.

    Although it’s worth noting that all short-term and payday loans are now capped and regulated by the Financial Conduct Authority, there can still be differences from one provider to the next. When you need same day loans, and you have a bad credit history, make sure that you take the time to compare the lenders available, looking at things like:

    • How much money you can borrow from each provider
    • The terms available for your loan (Do you need to pay it all back at once, or can you choose instalments?)
    • Additional fees: Will you have to pay for the money to be sent to your bank account. Are there extra expenses to consider if you need the money on the weekend?
    • Reputation: Some same day loan providers will have reviews you can read from other customers to find out what it’s like to borrow from that company

    It’s also a good idea to look at the website of your provider to find out whether they’re compliant with all the right FCA regulations. It’s always good to have peace of mind when you’re applying for any kind of loan.

    How Can You Use Same Day Loans?

    Loan of this nature are available to use however, and whenever you need them.

    These short-term cash advances are designed for people who need to access cash fast. They eliminate the problems and confusion commonly associated with traditional loans. What’s more, same day loans are paid back so quickly that you can make sure that you’re out of debt as fast as possible.

    Pay your same day loan back on time and according to the terms of your advance, and you might even find that your credit score begins to improve dramatically too.

    One of the biggest benefits of same day loans is that you don’t have to worry about meeting with an advisor and discussing the reason for your borrowing at length. The lenders that offer same day loans know that you’re in a rush, so they make the application process as straight forward as possible.

    Get Loans with Bad Credit

    When you need money to pay for an emergency, a bad credit rating can be like a storm cloud hanging over your head. Fortunately, with same day loans specially designed for those with poor credit histories, there’s nothing to worry about. You’ll be able to get the money you need into your bank account quickly and use it to pay for whatever you need.

    Just remember that you don’t need to settle for anything just because you’re in a rush. Comparing your options will ensure that you get the deal that you need for your short-term loan. You don’t have compromise on a great offer so that you can unlock the speed that you need. See what you can accomplish with bad credit loans today.

    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.