6 Month Loan

Think you might need a 6 month loan? Sunny can help! Read on to discover all you need to know about 6 month loans

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Payday loans are a short-term solution, designed to be paid off once your wages arrive. However, a 6 month loan through Sunny can help you to cover the cost of an emergency, while offering the flexibility to spread out the payments over a relatively short period to allow for smaller repayment amounts.

Opting for a 6 month loan can help you cover any unexpected costs in a way that works with your budget. Spreading the repayments over a slightly longer period allows you to make smaller, more affordable payments each month, rather than straining your finances by making a single, large payment only a matter of days or weeks after experiencing an unexpected expense.

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.

Sunny 6 month loans information hub

Want to know more about alternatives to 6 month payday loans? We’ve answered some common questions below.

  • A loan over 6 months 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 overall.

  • 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 your loan back early, you’ll pay less in interest overall.

More information on loans over 6 months

When you apply for a 6-month loan through Sunny, flexible lending options mean that you can repay your short-term loan over a 3 to 36 month period. This means you can choose to spread the cost of your borrowing over a period that works for you and your budget.

Three months is the minimum repayment period available with a loan through Sunny, although you can usually repay early using the options available in your online account to save on interest.

Eligibility for a 6 month loan

Before applying for any loan, it’s important that you check to see if you are eligible first. Meeting a lender’s eligibility criteria doesn’t guarantee you’ll be accepted, but it’s a useful starting point to help you understand how likely you are to be accepted for a loan.

If you don’t meet a lender’s eligibility criteria, then knowing this upfront can help you to avoid unnecessary hard searches on your credit record, as multiple hard searches on your credit file over a short period of time can negatively impact your ability to be approved for credit.

However, utilising an eligibility checker before applying only uses a soft search on your credit file, which has no adverse effects on how a lender will see you as a potential customer.

To be eligible to apply for a 6-month loan, you must:

  • Be at least 18 years old
  • Be a UK resident
  • Be able to supply your address history for the past three years
  • Have a working email address and a mobile phone that you can be reached on
  • Have a regular income
  • Not be bankrupt or otherwise insolvent

How can a 6 month loan from Sunny help you?

Sunny is here to help if you suddenly find yourself with unexpected costs that you need to cover quickly. Here, we’ve highlighted some benefits of a short-term 6 month loan.

You can get your cash fast. If approved, lenders can transfer your loan to your bank account today#.

We don’t charge any fees, so you’ll know exactly what you have to repay upfront, no surprises.

You can check in on your account any time online with your lender. This means you can always ensure you have the cash ready in time for your next scheduled payment date.

Feeling confident about Sunny’s 6 month loans?

If you feel a 6 month loan is the best choice for you then hit the apply now button below and receive the cash you need for an emergency today.

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Looking for more information on short-term lending options?

Want to know more about short-term loans and the circumstances when you may need one? Take a look at our in-depth guides below.

Loan Guides