£1,000 Loans available at Sunny

Payday loans are a short-term solution with a very short repayment window. You will need to pay back the amount borrowed on the date(s) agreed with the lender to ensure you don’t have to extend your repayment period with a rollover or fall behind on your payments, and more interest is accrued.

Interest rates for payday loans vary depending on the lender; some may charge more than others, but all are in line with the interest caps laid out by the FCA, which regulates payday and short-term loans. Borrowing of this type is an expensive form of credit that may be appropriate for short-term financial needs but is not appropriate for longer-term borrowing or if they are in financial difficulty.

An emergency expense may have arisen but perhaps you don’t have the option to use savings or borrow from friends and family. In this case, a payday loan could get you the funds you need to cover the cost.

This depends entirely on the lender you choose but if you opt for a short-term loan via Sunny, you could have the money in your account soon after your application is approved.

Before applying for a loan with any lender or broker, there are a few things you must check first.

• It’s a good idea to check that the price for the loan is the only price you pay and make sure you understand and can afford any additional costs. Some lenders charge for late payments or even add admin fees to the cost of borrowing, so it’s best to look for one that doesn’t have fees.
• Check that the lender or broker is authorised by the Financial Conduct Authority (FCA) and appears on their register of approved firms. This means that the FCA has reviewed their practices and has authorised them to provide regulated services.
• Applying with a broker. Applying for a loan through a broker means that you are searching multiple lenders to ensure you get the best deal. Remember, you should never pay any fees when applying for a loan.

It is possible to get a loan if you have bad credit but usually, this will be for smaller amounts. Before you apply for a loan, take a look at your credit rating and carefully consider if you will be likely to be accepted. If you apply for too many loans and are rejected, this can have a negative impact on your credit rating.

Sunny, however, offers access to something called soft search, which means you can put in an initial application to determine how much you’ll likely be able to borrow and this won’t be noted on your credit report. Soft search allows our panel of lenders to access your credit report, to determine how much you are likely able to borrow and they won’t leave a marker behind that could impact your credit score.