New Payday Lenders UK 2022



New Payday Lenders UK | A Guide to Payday Loans (2022)

New payday lenders appear and disappear all of the time, so it can be tricky to understand the different criteria and compare interest rates – particularly when often, payday loans are fairly urgent. 

We’re here to help you understand what exactly payday lenders are, what kinds of loans are available, and how brand new payday lenders might differ from traditional lenders that you might be more familiar with.

In This Payday Lenders Guide:


What is a Payday Lender?

What Regulations Do New Payday Lenders Follow in the UK?

Who can apply for a payday loan?

How can I get a payday loan?

The Process of Getting New Payday Loans With Badger Loans

Am I more likely to be accepted by a brand new payday lender?

What is the difference between a payday lender and a broker?

An intro to Badger Loans – a broker panel of over 40 lenders

Where can you get help and advice with payday loans?


What is a Payday Lender?


Whether you’re borrowing from an established or a new payday lender, the format will likely be the same. Payday loans are short-term, high-interest loans. The terms ‘payday lender’ and ‘payday loan’ refer to the typical situation in which someone would take out a loan of this type. It’s often a small amount, just before payday that can be repaid fairly quickly.


What Regulations Do New Payday Lenders In the UK Need to Follow?


Like all other loan companies, new payday lenders will have UK regulations that they have to adhere to. This is to protect those taking out these short-term loans.

In 2015 the Financial Conduct Authority (FCA) brought in additional protections for short-term borrowers that any new payday lenders would have to apply. This ruling was brought in for high-cost short-term credit, also known as HCSTC.

Legislation included:

  • Price caps on high-cost short-term credit options (Short term/Payday Loans) to ensure that borrowers were paying no more than 0.8% in interest and fees per day
  • Capped default fees at £15 to protect borrowers struggling to repay their payday loans
  • A limit to how many times a payday loan could rollover
  • More firm guidance on affordability and financial warnings


Who Can Apply For a New Payday Loan?


Payday loans from both established and new UK payday lenders will have similar requirements for applicants. This is to protect the borrower and also to ensure that lenders are not lending to those who would be in great financial hardship or vulnerable if they took out a short-term loan.

Typical requirements for applicants include:

  • All applicants must be over 18 years of age
  • Applicants should be full-time UK residents
  • Any applicant should be employed (full-time or part-time) in order to maintain repayments
  • The applicant should have a valid UK bank account
  • Applicants should have a valid email address and phone number


How Can I Get A Payday Loan?


Payday loans are available through a number of channels. The difficulty comes in knowing which loan products are the most suitable for you, and understanding the criteria that will make you eligible.

For this reason, many choose to use services that can help alleviate that problem. Companies like ourselves can put you in front of a panel of UK payday lenders without you having to apply to each individually. This can be beneficial in terms of both the turnaround for you to access the funds, and it also reduces the impact these repeated searches will have on your credit score.

The Process of Getting New Payday Loans With Badger Loans


  1. Firstly, decide on the loan amount you need. 
  2. After that, fill in a short form on our website,
  3. Next, we will use this information to search for new payday loans in the UK.
  4. Await your decision – this is usually a quick process but if your circumstance is more complex, it can take longer than usual.
  5. Finally, if you are accepted, you can receive your loan the same day.


Am I More Likely To Be Accepted By New Payday Lenders?


The simple answer to this question is not necessarily. Most new UK payday lenders are likely to be more firm (unless of course, they are linked to a large, well-funded lender.) Payday loans are considered to be a fairly high-risk product and therefore are more cautiously rolled out by newer companies.

If you’re unsure about whether you will be accepted, your best option is likely to be to apply via a broker (like us!) and you’ll be presented to a large panel, which will increase your chance of acceptance with minimal impact to your credit score.


What is the Difference Between a New Payday Lender and a Broker? 


Generally, a UK payday lender and a broker are essentially different parts of the process. A broker will help you to find and access new payday loan products, and the lender is the one actually providing the funds. 

Typically, for payday loans, a broker like Badger Loans will receive a commission directly from the lender so their service is free to you as the one taking out the payday loan.

The agreement and repayment terms that you have will then be with the lender directly, and once you have that agreement in place the broker is rarely involved.


Badger Loans, New Payday Loan Broker


Badger Loans offers access to a range of flexible loan products, giving you the choice of how long you would like to borrow (3 to 36 months) and how much money you would like to borrow (between £100 and £5,000). 

We offer unsecured loans so there is no collateral required and your loan is subject to status. You can also use a guarantor loan which can offer more security for those with bad credit histories.

Here’s why so many of our customers choose to get new payday loans through Badger Loans:

  • Borrow between £100 and £5000
  • Repay over 3 months to 36 months
  • Working with direct lenders
  • Zero upfront fees
  • Doesn’t damage your credit score
  • No guarantor required
  • Same day funding


Where Can You Get Help If You Need Advice On New Payday Loans (UK)?

Firstly, before you take out a loan, you should ensure you are able to repay it. If you are finding it hard to repay your loans, here are some great resources and organisations that can help.

Loans Advice Channels:


Citizens Advice

Money Helper




Useful Blogs, Videos and More:


Money Saving Expert