£3,000 payday loan

If you are confident you can pay the full amount back, plus the agreed interest, then a £3,000 payday loan could work for you. However, this loan is a very large amount and so an instalment loan may be a better solution if you’re looking for something that more easily accommodates your circumstances. At Sunny, short-term instalment loans come with repayment periods of 3-36 months depending on the amount you borrow, however, you can only apply for amounts up to £2,500.

You can use a payday loan to cover an emergency expense, if you have no access to savings and borrowing from friends or family is not an option for you. Perhaps a very large bill has just come through your door or you need to cover the cost of repairs for something in your home. Even for those with savings, these types of situations can put a strain on your finances but if you have no money put away for a situation like this, then a payday loan could be a way of getting the cash you need fast.

However, it’s very important you don’t take on a payday or short-term loan to cover payment for another loan, this can lead to a cycle of debt that is very hard to get out of. If you’re struggling with debt, take a look at our guide here, that features where you can go to get help.

The main thing to ask yourself is: Can I make the repayment on time and in full? If you cannot pay back the loan within the timeframe and do so comfortably, then an instalment loan via Sunny may be a better option. This allows you to repay your loan over a set period in manageable monthly repayments, which might fit better within your budget.

You should also carefully consider the lender you choose. It’s a good idea to shop around to find the one that works best for you and meets your expectations; look beyond the interest rate, as two lenders who charge the same won’t necessarily both also offer all the features you need.