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  • 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.

    How to Get Cash Now: 15 Common Online Loan FAQs That Can Help

    When you need to get cash now, there are some important considerations to make. You will want to get all of the information you can before going forward. We will provide you with answers to some of the most common questions about quick loans. This will allow you to make an intelligent and informed decision. Nobody should ever borrow any amount of money before thinking everything through very carefully. The more careful you are, the more likely you are to come out on top in the end.

    1. How Soon Can I Obtain the Funds I need?

    If you get approved for a fast online loan, you can get your funds within an hour after the application process is complete. This will allow you to pay for whatever important expense you have. This is pretty amazing, especially when you compare it to a bank loan, which takes an average of 1-2 weeks. The money will be transferred into your current account electronically, which will save you some time.

    1. Where do I go to get my Loan?

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    Apply Online

    The Internet is going to be your primary resource if you need to get cash now. There are many private lenders that have websites for you to apply on, even if you are a student. While there are some other options available, this one is by far the most convenient. You won’t have to drive or go anywhere to obtain the loan you need.

    1. Is Getting an Online Loan Actually Safe?

    You won’t have to worry about the safety or security of the information you submit on lenders’ websites. They use standard encryption methods to protect all data that is transmitted through their site, including your personal and financial details. It is incredibly unlikely that you will experience any problems whatsoever.

    1. What is the Maximum Borrowing Amount?

    One of the great things about short term loans online is that you can borrow smaller and larger amounts. These days lots of lenders allow people to borrow anywhere from £50 to more than £5,000. If you have adequate income, the sky is the limit. You won’t be allowed to borrow any more than you can afford, which is actually a good thing. Relatively new FCA regulations on these loans prevent private online lenders from approving applications of people with inadequate income.

    1. What is the Application Process Like?

    Applying for an online loan can be done within just minutes, so you won’t have to spend a significant amount of time doing this. The application you fill out is going to be on the lender’s website. You will receive an immediate decision after submitting your application, so there is no long waiting period.

    1. Do Online Lenders Run Credit Checks?

    Yes, you can expect the lender you apply with to run what is known as a “soft search” to get a general sense of what your credit is like. If you accept the offer that the lender presents you with, they will run a full credit check. Keep in mind that it is still possible to get approved if you have a low credit rating. Unlike banks and credit unions, most of these lenders do not absolutely require applicants to have superb credit.

    1. Is There Anything I Can’t Use an Online Loan for?

    You will be able to spend the money you receive from an online loan anyway you want, provided you go through a private lender. These lenders don’t ask questions about how you plan on spending the funds you request like banks or credit unions. This makes these loans a lot less of a hassle to obtain in the first place.

    1. Who Should Apply for an Online Loan?

    Many people can potentially benefit from obtaining an online loan, especially those who need to get cash now. Because you can get approved and receive funds so quickly, this loan option is ideals for covering emergency expenses. This can be anything from car repairs to paying your mortgage. These loans can also be helpful for those who have been turned down by their bank due to a low credit rating. If your credit is getting in the way of acquiring a short-term online loan, this is an option you should keep in mind.

    1. How Do I Pay Back My Loan?

    Paying back your online loan is very simple and straightforward. You will either pay back the full sum of the loan in one lump payment, or in a series of instalments. Some lenders offer both of these options, so you’ll want to consider which one to choose. You could possibly get up to three pay periods to pay back the amount you borrow.

    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.

    Repayment via instalments is usually used for larger borrowing amounts, but this is not always the case. There will be a specific date that you must pay the loan back by. If you fail to do this, you’ll have to pay late fees. Your credit will also suffer as a result of this, which is just the last thing in the world you want to happen.

    1. What are the Requirements for Obtaining an Online Loan?

    There will definitely be some requirements for obtaining an online loan that you need to meet before you can get cash now. You’ll need to provide the lender with some type of photo ID to prove that you are a UK citizen and you’re over 18. These lenders will also require you to have a current account at a bank or credit union. Make sure that you meet at least these requirements before filling out any applications. This is very important if you want to save yourself as much time as possible.

    1. Will Getting an Online Loan Hurt My Credit?

    Despite what some people believe, getting an online loan will not actually hurt your credit. The only way that your credit rating will significantly decrease is if you don’t pay the loan back on time. The credit check that the lender is going to run on you will cause your score to drop, but only a tiny bit. Simply obtaining one of these loans will not cause any noticeable or lasting damage.

    1. Is Approval Guaranteed?

    There is no lender who can honestly claim a 100% approval rate for all applicants, but these loans are very easy to get in general. You shouldn’t expect to be approved, because that leaves too much room for mistakes. Some people who apply for online loans do get denied, but your chances are much higher than with bank loans. This is a big part of the reason that these loans have risen in popularity so much in recent years.

    1. Are There Any Downsides of Getting an Online Loan?

    While there aren’t many downsides to obtaining an online loan, you have to make sure you really need one. Some people make the mistake of borrowing money they don’t really need, which inevitably leads to regret later on. Only a very small number of people who get these loans have issues paying them back by the due date. These are usually people who didn’t take enough care in choosing the right lender, or they made some other mistake. Being careful about getting an online loan can go a long way towards protecting you.

    1. What Fees Will I have to Pay?

    The first thing you need to know is that your loan will come with an interest rate. This is money that you will have to pay on top of the principal amount. Since this rate is different from lender to lender, it is imperative that you explore your options. If you want to save a maximum amount on your loan, this research is crucial. Some lenders charge other fees on these loans, though they are usually fairly small. As you are searching for the right lender to borrow from, make sure that you get this information. Finding the right lender can mean keeping your fees to a minimum so you don’t have to spend as much on your loan.

    1. What Should I Consider Before Getting an Online Loan?

    Before you go ahead and get an online loan, you should consider which lender you are going to borrow from and how much you need. Both of these things will affect how much you pay for your loan in total. Make sure that you know the exact amount you need, as you will be required to submit this information on the application. You should also take a look at your credit report and score to see where you stand with your credit as a whole.

    Anyone who needs to get cash now should be fully aware of online loans and what they have to offer. It can be a great way to get fast money when you are in a financial bind of some kind. Whatever you need the money for, this is a borrowing option that can be of great help.