Badger Loans is a broker for new direct payday lenders

We appreciate that finding the right payday lender can be difficult. Finding a New Payday Lender even more so. With several companies available, each with different rates and terms and lots of different brokers – it can be hard to find the right one.

Badger Loans was created to offer simple loans in black and white. When you apply online, your details will be matched with 30 trusted and responsible UK lenders and you will be paired with the lender most likely to accept your application and offer the best terms.

Why Choose Badger Loans?

Badger Loans offers a range of flexible products, giving you the choice for how long you would like to borrow for (3 to 60 months) and how much money you would like to borrow (£100 to £25,000).

We offer unsecured loans so there is no collateral required and your loan is subject to status.

We offer customers a quick decision when they apply and they can usually receive funds on the same day they apply. You can repay early at any point and will often save money for doing so. Applying is completely free and will not affect your credit rating. We have access to most of the new payday lenders of 2024 via our lending panel.

Key Features

• Borrow £100 to £25,000
• Repay over 3 months to 60 months
• Working with direct lenders
• No upfront fees
• No damage to your credit score
• No guarantor required
• Same day funding

What Are The Rules For New Payday Lenders in 2024 in the UK?

Since the introduction of FCA regulation in January 2015, the payday loans industry follows a strict price cap that lenders cannot charge more than 0.8% per day. This equals to £24 per £100 borrowed and ensures that customers will never repay double what they have initially borrowed. There is also a cap on default charges so customers cannot be charged higher than £15 for any missed repayments.

From a lender’s perspective, payday lenders have strict requirements with the FCA to prove that they are fit and proper to offer loans. This means undergoing FCA authorisation and maintaining high standards and commitments to responsible lending. We can assure you that at Badger Loans, any partners we work with are fully vetted and authorised to offer loans responsibly in the UK. 

What is the Eligibility Criteria?

• Over 18 years of age
• Full-time UK resident
• Employed (full-time or part-time)
• Can afford monthly repayments
• Valid UK bank account
• Valid email address and mobile phone number

How to Apply with a New Payday Lender in 2024

The application form is completed online via desktop, mobile, or tablet. All you need to do is click on ‘apply now’ to get started. We require a few basic details about you, your income, employment, and bank details so we know where to send funds.

You will be able to choose how much you would like to borrow and how long for. If you have passed the relevant checks, you could receive funds within a couple of hours. That’s if all criteria are met and your bank accepts Faster Payments.

What’s New in 2024?

There are one or two new additions to the lending arsenal for our new year. One of those has been around for a year or two and you may have heard of it. It’s called Open Banking. Open banking aims to give the lender access to your bank account for a limited time and is controlled by you.
The idea is partly to do away with sending in bank statements. However, it’s more so to give a lender a bird’s eye view of what’s really going on in your bank account. That can be very revealing.

For instance, if you like a flutter it may be prudent to shift your online gambling accounts to either another bank account or find another way of funding it because lenders don’t like to see their monthly repayments going on number 4 at Folkestone in the 3.00pm race.

Salary Finance

Another nearly new development for 2024 is Salary Finance. Also newish a year or so ago, this aims to cut many office workers out of the payday and personal loan market. It does this by giving them access to their salary at a given point in the month. It’s like taking a sub from work. An employee can draw up to half their salary during the month and repay it on payday from their wages. There is no interest to pay which is great but as ever there is no free lunch. This is because there’s a drawdown fee charged each time you want to sub a little bit more of your wages.

This can add up to an equivalent hit from an interest rate if used too often. And as ever there’s the danger, ‘used too often’. There is a tendency with these schemes for dependency to arise from the ease of withdrawal to getting into the same debt cycle as a payday loan.
Bosses need to keep a close eye on who’s using the service. This makes sure no one is using it too often and losing half their wages every month to the scheme. As there is no interest it means there is no regulation or oversight from the industry regulator the Financial Conduct Authority (FCA).
That could pose problems for the consumer if they want to complain. Or if they feel they’ve been taken advantage of in some way.

No New Payday Loan Lenders for 2024?

When an industry has a hands-on regulator like the FCA it can leave little scope to be original. Our shopfront is our Homepage of our website. One of the reasons they look so similar is that we are somewhat restricted in what we can say. So there are plenty of new payday loan lenders for 2024. As well as new brokers coming online all the time trying to get a slice of the market.

You may not notice them because of the similarities in what we can all write on our Homepages and inside. Or it may be you just have to look a little further down the rankings to page 6 and beyond if you want a genuinely new lender or broker.

But always check their FCA number to make sure they’re genuine. Maybe even take a look at who’s running the company and some of their other trading names. That’s when you discover the ‘new payday loan lender 2024’ are the same as the new payday loan lender of 2022 and 2023 – they just like being on page 1 for some reason…………….

The Pros and Cons of Using a New Payday Lender

One of the main benefits of using a new payday lender is going to be both their willingness to help. This gets the deal done plus their overriding need to lend money and get up and running. This may mean that some of their lending criteria is more relaxed than others. Certainly for the first 6 months to a year while they build the business. If you genuinely feel you may not be able to afford the loan now then don’t take out the loan. You are only storing up trouble for yourself a little further down the line and it always, always comes.

Genuinely New?

Either borrow less and ensure it’s within your comfort zone for repayments or maybe look at extending the term. This will reduce the payments (but increase the amount you pay overall). Whatever you decide to do you should find that a genuinely new payday lender will probably be more flexible than some of the longer established firms.

Note the use of the word ‘genuine’ in the last paragraph because let’s face it, unless you’ve got the spending power of a Plc you won’t be getting anywhere near page 1 of Google or any other search engine for at least a year if not longer and that means the vast majority of the companies appearing in the organic listings on page 1 of any search engine will not be genuinely new payday lenders.

So, if you want to find a genuinely new payday lender in 2024 go and have a look around pages 8-10 of the search engines. It’s there you may find some genuine newness. Amongst a lot of other things too. There’s some peculiar firms lurking around the lower regions of the rankings. There’s a fair few to be avoided at all costs too.

We hope this helps and you find your way to a genuinely new payday loan lender for 2024. If you would like to know more about New Payday Lenders read our latest blog post all about – New Payday Lenders and a guide for 2024.