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Payday loans are considered to be a short-term solution, designed to be paid off once your wages arrive. However, it is possible to cover the cost of an emergency but spread out the payments over a relatively short period with a 6 month loan through Sunny.
This can help you cover the cost of the emergency in a way that works with your budget, as you’ll make affordable payments each month rather than strain your finances by making a single, large payment only a matter of days or weeks after experiencing an unexpected expense.
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.
It could be a more manageable option for many people, as it spreads the payments over a longer period. However, it’s worth noting that you will pay more overall in interest, so while it may be more manageable month-to-month, it isn’t necessarily a cheaper option.
Most lenders use something called Continuous Payment Authority to collect your payments. This means they collect your payments using the card details that they hold on file for you, on an agreed date each month, instead of your bank setting up a direct debit. Before a lender takes payment from you, you’ll usually get a reminder from them a few days before to let you know when the payment will be taken, and how much it’ll be.
The amount you pay in total for your loan depends on how much you borrow. However, interest on 6 month loans is capped at 0.8% of the amount borrowed per day. Because lenders often charge interest daily, if you pay back early you’ll pay less in interest overall.