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  • Borrow up to £5,000

  • UK Based Lenders

  • Bad Credit Accepted

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  • 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.

    Get Money Now with Payday Loans

    When you’re struck by a sudden emergency in your life, you won’t always have the extra cash in your bank or back pocket to get you out of a tight spot.

    Many of us struggle to get by on regular incomes and just about find enough money to pay the bills each week. Unfortunately, that means that there isn’t a lot of cash left over for emergency savings accounts and “just in case” money when something goes wrong.

    Applying for a standard personal loan when you need to get money now is rarely the right solution. Usually, typical loans from banks and building societies can take days or even weeks to approve. Not to mention all the hoops that you need to jump through just to get a bank to consider you. On top of that, many personal loans will require you to take out cash advances for much more money than you actually need.

    So, what’s the alternative?

    If you need to get cash immediately via a 12 month loan or similar and you can’t afford to wait, a payday loan might be the ideal solution. These short-term cash advances give you access to the money that you need fast, without the unnecessary stress and headaches.

    How to Get Fast Cash with a Payday Loan

    Payday loans have had a difficult reputation in the past. However, the truth is that they’re just the same as any other cash advance you can get from a reputable lender. Just like personal loans and car loans, payday loans are regulated by the Financial Conduct Authority. This means that you should be protected against any unscrupulous activities as long as you apply for your advance with an approved lender.

    Payday loans earn their name because most of the time, you’ll need to pay back the money that you borrow for your emergency on your next payday. However, as consumers search for more flexibility from their loan options, some providers are beginning to offer instalment payday loans too. These allow you to pay the money that you borrow back over a series of weeks or months.

    Payday loans are a form of unsecured lending, which means that you won’t need to put your car or house up as collateral when you’re applying for a cash advance. Additionally, they can be ideal for people who want to borrow money and get out of debt quickly.

    How Are Payday Loans Different to Regular Loans?

    You may be wondering why payday loans are such an effective solution for people who want to get cash now. The simple answer is that these loans are short-term, quick lending solutions that can be delivered quickly and securely within a short amount of time. Some lenders can even give you your money over the weekend and on bank holidays.

    Most of the payday loan providers that offer the option to get cash now will allow you to fill out your application entirely online. This saves a lot of time and can mean that you end up with your money paid into your bank account in the same day you send your request. Most payday loans won’t require the assistance of a guarantor either, which means that there are fewer forms to fill out.

    Some of the features that make payday loans unique include:

    • Easy to access: Most people will be eligible to take out a cash loan as long as they’re over the age of 18 and live in the UK. You’ll also need to show your lender that you have a regular source of income available to you.
    • Shorter terms: You’ll only be able to borrow money for a short amount of time with a payday loan. The idea is that you get cash now and pay it back quickly. Usually, your repayments will either happen in installments, or all at once on your next payday.
    • Smaller loan amounts: Most providers are limited on the amount of money they can give in a short-term cash advance. With a payday loan, you shouldn’t expect to borrow more than £3,000. The most common loan amount is around £500.

    Get Cash Fast with a Short Term Loan

    Because lenders are only giving you a small amount of money, for a limited amount of time with a payday loan, it’s often easier to get cash when you need it most. As with any loan, you’ll have terms and conditions that you need to agree to if you want your loan.

    To apply for your loan, you’ll need a bank account in the UK, and you’ll also have to be at least 18 years old. Additionally, it’s always helpful to have a good credit score. However, one of the best things about choosing to get cash fast with a short term loan, is that even if you do have a bad credit score, you still might be able to get the money that you need.

    Usually, these providers will take other things into account aside from your credit history, such as your current employment and affordability levels.

    Of course, like with any loan, it’s important to think carefully about who the best provider for you might be. Remember that just because you need to get money now, doesn’t mean that you can’t compare your options to get a better deal. For instance, using comparison websites will allow you to check things like APR and fees when you’re applying for a short term loan.

    One thing to keep in mind when you do look at APR levels with payday loans, is that they can seem a lot bigger than they actually are. Remember that the APR rate stands for the average percentage of interest that you would pay for an entire year. If you’re only looking at borrowing money for a very short amount of time, then your APR is going to look more dramatic than usual.

    Comparing Short Term Loans

    Before you rush out and try to get money now from any available provider, it’s important to look carefully at how much you’re going to be repaying on your loan, and exactly what kind of fees you’ll need to pay. The more time you spend comparing your options, the easier it will be to ensure that you don’t make any mistakes with your expenses.

    Remember that the FCA regulates all payday loans today. That means that there will always be a cap on the amount of interest you can pay, and the amount of money you’ll pay on things like late fees too. However, that doesn’t mean that there aren’t different providers out there who can offer better deals. Some short-term loan providers might be able to get your money to you faster than others, while some providers will be able to offer special deals on your interest rates.

    Some of the things that you should compare when you’re looking for a loan include:

    • The APR rate: This can look significantly higher than it would for most other loans, but it gives you a benchmark that you can use for your comparisons.
    • Additional fees: Make sure that you won’t need to pay any extra fees for getting the cash transferred to your bank account.
    • Early repayment fees: if you want to pay back the money faster than your term dictates, will you need to pay more?
    • Late fees: What if you need to roll your payment date over to another day because of a problem with your income?
    • Reviews and testimonials: Are there any reviews online that can tell you what the lender is like to work with.
    • Repayment options: Will you have to pay back everything at once, or can you pay what you owe in instalments instead?

    Make sure that your payday loan provider is capable of giving you the money that you need as quickly as possible too. Some providers will take a few hours to get the money into your bank account, while others will take just a couple of minutes. If you’re borrowing money on a weekend or bank holiday, you’ll need to take this into account when choosing a provider too.

    You Can Get Money Now

    No matter your situation, or what kind of emergency has led to your need for instant cash, there are plenty of options out there for people who need to get cash, without any complicated application forms or lengthy repayment strategies.

    However, it’s important to make sure that you compare your options so that you can ensure that you’re getting the right deal. Don’t think that you need to accept the first loan that you find just because you’re in a rush. Comparing your options will reduce the amount that you need to pay on interest and can also save you money in other ways too.

    You’ll also be able to make sure that the lender you choose is fully capable of giving you all the money you need to borrow. Remember that some payday providers can offer less in a cash advance than others.