Fast, flexible short term loans up to £2500

A ‘short-term loan’ is, as its name suggests, a loan that has a relatively short repayment period. This can range from around as little as a week to a number of months depending on the lender.

This is considered short-term compared to traditional personal loans which usually have a repayment period of a year or longer. Sunny offers access to short-term loans that can be paid over three to thirty-six months.

Applying for a short-term loan will initially dent your credit rating but as long as you repay it on time and in full as agreed, then this could build your credit history and may help your credit rating to improve over time.

It’s worth noting that if you choose Sunny, you will be able to search for a loan with something called soft search. This allows a panel of lenders to take a look at your credit report and determine your likelihood of being accepted for a loan but it does not leave a mark on your credit report.

If you’re looking to get a short term loan, we’ve created this guide detailing why you might choose one, what they involve and why Sunny may be the best fit for you and your circumstances.

A short-term loan can affect your financial situation, especially if you are facing temporary financial difficulties. While it may initially lower your credit score, responsible repayment practices can lead to improvements over time. This makes short-term loans suitable for those needing quick financial relief.

This depends entirely on the lender. The amount of interest you pay is also determined by how much you borrow and how long your repayment period is. Most lenders charge 0.8% interest per day, in line with FCA regulations on the cost of short-term credit.

Selecting an affordable repayment plan that minimises overall borrowing costs is crucial. Ensure that your monthly repayments are manageable to avoid financial strain and the risk of defaulting on your obligations.

A short-term loan should only be used as a solution for a problem that needs resolving fast. This could be a life emergency such as needing to make last-minute travel arrangements in the event of a family or work emergency or to pay for something in the house that needs urgently fixing. It should not be used as a long-term solution to financial needs. If you need any help with your finances, we recommend you seek impartial debt advice from a not-for-profit organisation like Stepchange the Money Helper.

We offer an instant decision on your application from a panel of lenders. Soft credit checks help them decide whether to offer you your loan. If your credit score is low or you have a limited credit history this can affect your chances of being accepted. Take a look at our eligibility page before making an application and read about bad credit and short-term loans in our in-depth guide here.

You can get a loan with bad credit, however, you will find that the amount you are able to borrow may be affected by your credit score and history. We have more information on bad credit and loans here, in our detailed guide.

Your credit score is a number that represents your financial history and takes into account information such as court records, electoral roll information, the number of other searches on your file, addresses you’re linked to, bank accounts, loans, mortgages, utilities and mobile phone contracts. The credit scores provided by Credit Reference Agencies are a good indicator of how a lender will view your application so it’s worth checking this before you apply. Even if some of your history is unfavourable and you have a poor credit score, short-term loans could still be an option for some borrowers.

Applying for a loan at Sunny is quick and easy. You apply online by providing us with details such as your name and date of birth, your address, your bank and employment details, and income and expenditure information. A panel of lenders will then carry out a credit and affordability check. These checks are in place to ensure they aren’t lending someone more than they can comfortably afford to repay. They only take a matter of minutes to complete online.