New Payday Lenders - Badger Loans

Badger Loans is a broker not a lender.

Badger Loans will NEVER and does not charge any fees either up front or during any part of your loan process. Nor do we call our customers as we are 100% online. If you receive a phone call or any communication from anyone purporting to be from Badger Loans it is highly likely you are being scammed and you should not part with any money. Please always check the firm you are dealing with is licensed by the Financial Conduct Authority and clearly displays their FCA number. Ours is 747140. FCA Register Search >

New Payday
Lenders in 2022

New Payday Lenders

You’ve just typed ‘New Payday Lenders’ or ‘New Payday Loan Lenders 2021’ into your search engine of choice and it’s brought you here. Should you want to apply for a Payday Loan with New Lenders Apply here or feel free to read on!

We would suggest the reason for your choice of search term is the desire to find something new and interesting and not be confronted by the same range of choices from a similar sounding loan company to all the rest.

In order to find a genuinely new payday lender or broker you need to be looking a bit further down the rankings because they won’t be showing up here for another year or two.

Badger Loans is a broker for new direct payday lenders that launched recently

We appreciate that finding the right payday lender can be difficult, 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 40 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 £10,000).

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

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.

Key Features

  • Borrow £100 to £10,000
  • 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 2022 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 and 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 2022

The application form is completed online via desktop, mobile, or tablet and 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 and if you have passed the relevant checks, you can receive funds within a couple of hours if all criteria are met and your bank accepts Faster Payments.

What’s New in 2022?

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 and that’s 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 but more so to give a lender a bird’s eye view of what’s really going on in your bank account and it 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.
Another nearly new development for 2021 is Salary Finance. Also newish a year or so ago this aims to cut mainly office workers out of the payday and personal loan market by giving them access to their salary at a given point in the month. Much 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 because no interest equals 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 and make sure no one is using 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 feel they’ve been taken advantage of in some way.

No New Payday Loan Lenders for 2022?

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 and one of the reasons they look so similar is that we are somewhat restricted in what we can say to you the consumer. So there are plenty of new payday lenders out there 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 and maybe even take a look at who’s running the company and some of their other trading names because that’s when you discover the ‘new payday loan lender 2021’ are the same as the new payday loan lender of 2019 and 2018 – 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 and get 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. However, what this shouldn’t mean on your part is to look at it as an opportunity to game the system just because they’re new. Certainly not if the idea is to hope they’ll look more favourably on your income details. 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. 

Either borrow less and ensure it’s within your comfort zone for repayments or maybe look at extending the term for slightly longer than you originally anticipated as 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.

Take us for example. Badger Loans started out in 2017 as a Home Credit company but quickly decided to leave that market and go into credit broking which brings us here. As we decided to begin with Pay Per Click it didn’t make much sense to also be paying out for Search Engine Optimisation (the business that gets you to the top of the rankings) at the same time as paying Google to advertise on their pages too. After a year went by and the realisation hit us that unless you have unlimited deep pockets you simply can no longer make a profit at PPC in the loan industry, we decided to make one last shift and that was into this space – organic listings. That was September 2019 and it wasn’t until around September/October of last year 2020 that we hit page 1 of Google for the search term ‘new payday lenders’. You get the picture.

So, if you want to find a genuinely new payday lender go and have a look around pages 8-10 of the search engines and 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 and a fair few to be avoided at all costs too.

We hope this helps and you find your way to a genuinely new loan lender for our new year.

Why Apply For A Personal Loan with Badger Loans?

  • Amount between £100-£25,000
  • Term from 12 months to 5 years
  • You need a Personal Loan
  • Good or Bad Credit
  • With or Without Guarantor

Legal Information

Rates from 12.9% APR to 1625.5% APR. The minimum Loan Term is 1 month. The maximum Loan Term is 36 months. Representative Example: £1,000 borrowed for 18 months. The total amount repayable is £1564.59. Interest amounts to £564.59, an annual interest rate of 59.97% Representative APR: 79.5% (variable).

Badger Loans