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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 89% APR

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.

3 month loans information hub

Taking out a short-term loan, or any loan for that matter, is not a decision to take lightly and it’s a good idea to look into alternative options before you apply. To help, we’ve answered some of the most common questions around borrowing for an emergency and what sorts of things you should consider.

  • 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.

More information on alternatives to a 3 month payday loan

A 3 month payday loan may work for some but not for others. Via Sunny, lenders offer short-term loans that help you to cover the cost of emergencies now and pay for them over time without putting a strain on your finances.

When looking for any loan, especially in an emergency, it’s important you shop around to find the best one for you. We recommend you compare and apply through direct lenders to make sure you choose your lender and get the best loan for your circumstances. Take a look at our guides section on the various other lenders on the market to help you compare and find the right one for you.

Eligibility for a short-term loan

To be deemed eligible to access alternative to a 3 month payday loan, you must:

  • Be a UK resident
  • Be at least 18 years old
  • Not be bankrupt or otherwise insolvent
  • Have a regular income
  • Have a working email address and mobile phone
  • Be able to supply your bank account and debit card details
  • Be able to provide history of your address for the last three years

How Sunny can help

We understand that an emergency can strike when you least expect it, leaving you uncertain of where you’ll find the funds to cover it. That’s why our partner and their lender panel make short-term loans as easy to understand and manage as possible, so you have one less thing to be unsure about. Take a look at the range of great features of emergency loans below.

If approved, you could have the loan amount transferred into your bank account today#. That means no waiting around and no further worry about that emergency.

There are no setup fees or admin charges and you will receive an instant decision on your application.

With flexible repayment terms available with most lenders, you can repay to suit your budget at a time to suit you.

Got everything you need?  

Ready to apply for a short-term loan and spread the cost over 3 to 36 months? Hit the apply now button below and receive the funds you need to cover an emergency today.

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Looking for alternative lending options?  

Want to know more about short-term loans and when to consider one? Take a look at our other in-depth guides below around loan terms and types of loan to help you make your decision.

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