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A £1,000 loan may be exactly what you need to cover the cost of an expensive emergency. Here at Sunny, lenders offer short-term loans up to £2,500 with a repayment period of 3 to 36 months to help you spread the cost of that emergency expense.
Short-term, £1,000 loans are a great alternative to the traditional credit products from payday lenders. They offer a little more flexibility and a little less stress when it comes to paying back what you’ve borrowed. The longer repayment term means that each payment you make should fit into your budget.
Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.
Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
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 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 partner’s 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.
Representative 89% APR