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There are only a few payday lenders out there who offer loans up to £3,000. This is a very large amount to borrow and repay once payday arrives, and most people would not be able to repay this loan in one lump sum. At Sunny, lenders offer short-term loans from £100 to £2,500 and these can be paid back over a period of 3 – 36 months depending on what you borrow to make even the most expensive of emergency expenses that little bit more manageable.
If you need to borrow around £3,000, then taking a payday loan for this amount should be your last resort. First, look to savings if you have them, or see if you can borrow money from a friend or family member on more flexible and cost-effective terms. Here, we’ve taken a deep dive into £3,000 payday loans, what they involve and what to consider if you need one.
Eligibility for a £3,000 payday loan
Eligibility depends entirely on the lender, as they each have their own set of criteria. However, most will ask that you are at least 18 years old, a UK resident and are not bankrupt. At Sunny, lenders also require that you:
If you want to know more about eligibility requirements, take a look at our list below. However, it’s worth noting that even if you meet these requirements, this does not guarantee that you will be accepted for a loan: all applications are subject to a credit and affordability assessment.
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.
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.