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When we borrow, many of us are keen to pay back what we owe as quickly as we can. However, a 3 month payday loan may not turn out to be as manageable as you might first think.
Instead, spreading payments over a 6 month period, with the option to repay sooner if you’re able to, may be preferable – and this is where a short-term loan through Sunny can come in.
A panel of lenders offers short-term loans that are designed for emergency situations when you have an urgent expense to pay for, but you’ve exhausted all other borrowing options.
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 typically reserved for emergencies and when you’ve exhausted all your other options to get your hands on the funds you need to cover a last-minute expense. While some payday lenders still expect the loan to be repaid in full as soon as you’re next paid, many now offer longer short-term loans that can be paid over or 3 months or more.
You may prefer this repayment period as it allows you to spread the cost but still pay off the loan in a relatively short amount of time. However, bear in mind that although you’ll pay less interest overall with a 3 month loan each monthly payment will be higher than a loan spread over 6 months. So, repaying over 6 months, while more expensive overall, may fit better with your budget and circumstances and so be your preferred choice.
Our partner’s panel of lenders offers short-term loans from 3 to 36 months, with the term available depending on the amount borrowed. A six-month loan is manageable for many people, allowing them to space out the repayments and get a handle on their other expenses alongside paying back what they owe. If you want to pay back sooner than you are contractually required to, though, you can select a shorter repayment schedule as part of the application process, or later through your online account. You can also make additional payments at any time to repay your balance more quickly.
Yes, a longer repayment period means more interest is applied to your loan. However, it can make repaying what you owe manageable as the cost is spread out. You can save money in other ways though. You may want to consider a lender that charges interest daily so that if you repay early, you will pay back less overall.