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All about cash loans

What are cash loans?

Cash loans are quick income boosts for a borrower who promises to repay the money with interest on a set due date. There are many sorts of cash loans, from traditional bank loans to payday loans, and each one has a unique purpose.

Short-term cash loans give quick assistance to you during financial emergencies, whether they are car repairs or unexpected dental bills. With Sunny, cash can be deposited to your bank account within 15 minutes of your application being approved so that you can pay your obligations straight away.

How do cash loans work?

Cash loans work through an application process. You fill in an application and agree to terms and conditions, such as pay date, amount of payments, interest rate to be paid and more. The lender runs a background check on you, assessing your credit history, employment records and the like. If you are approved, the lender will write you a cheque, issue you physical cash, or directly deposit the loan into your account.

The money is yours to use, and regardless of how much of it you spend, you'll be required to pay back the total amount plus interest at the end of your loan period.

Get up to £2,500 in
15 minutes of approval

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Choosing the right cash loan

Of course, different lenders offer different types of loans, so be certain the company you borrow money from offers what you need. If you need immediate access to cash, a bank loan may not be the right choice as their approvals process may to be longer than an online lender who uses IT platforms to speed up the approval process. By the same token, if you need to borrow a large sum for a long period of time, ensure that the borrowing limit and length of term both meet your needs. Please remember high cost, short term credit (like Sunny) is an expensive way to borrow and is not suitable for borrowing over long periods.

Don't forget the secondary features of different loans outside of their basic structure. Not all short-term cash loans, for instance, are built the same. Some have flexible pay dates, some have rigid terms. Reviewing these factors carefully can get you the best benefits and the best cash loan.

How does Sunny work?

We've found that loan agreements often have confusing pricing and hidden fees, so we made it simple by providing all of our loan details upfront. We believe that your agreement should be easily understood and flexible to your unique situation. Here are a few details about our loans that make all the difference:

  • Our loans have no fees, guaranteed.
  • We give you 5 days to change your mind and repay the principal with no fees and no interest. You can do this once per month, no questions asked.
  • If approved, the cash you borrow is sent to your bank account within 15 minutes.
  • Sunny's flexible overpayment plan allows you to pay more each month if you wish, meaning you repay earlier and save money in interest.