Emergency loans information hub

Emergency loans are there for unexpected costs and urgent situations, ready to help you pay for your expenses and then you can repay what you’ve borrowed shortly afterwards, once payday rolls around. Here we’ve answered some questions about emergency loans to help you decide if this is the best option for you.

  • We recommend looking into an emergency loan when you’ve exhausted all other financial options – such as borrowing money from a family member or friend, or using savings. Emergency loans are there for the moments when there is no other option, to help you pay for an unexpected expense before payday arrives. Then, once your wages are in your account you can pay back what you’ve borrowed. 

  • It’s important that you only take on this type of loan in an emergency situation when you have exhausted all other options. Should you decide an emergency loan is right for you, then you can use the money to cover that unexpected expense. An emergency situation could be something like the boiler breaking in the middle of winter, the car needing unexpected repairs after an MOT to make it road worthy, or paying an extra charge on a phone bill. These are all expenses you hadn’t accounted for and if you have little or no savings, an emergency loan could be the only option to pay for them. You shouldn’t use one to help with a long-term financial problem, or to repay another emergency loan.

  • Yes, as part of every application we run a credit check via one of the three reference agencies – Experian, Equifax or TransUnion (formerly Callcredit). We do this to ensure you are able to make the necessary repayments, and minimise the chances of you finding yourself in financial difficulty later. We want our customers to get the best deal and to relieve themselves of stress, not to have to handle more later down the line. If your credit score is low, or you have no previous credit history this could affect your prospects of being approved.

  • If you have a low credit score, a number of things may be affecting it. It could be something as simple as not being enrolled on the electoral register, to an outstanding payment you didn’t realise you still owed. It’s a good idea to check your credit report before applying to borrow money. You can do this for free via a service such as Clearscore

More information on emergency loans

Emergency loans are designed to cover the cost of something unexpected. With Sunny, they are available in values from £100 to £2,500, catering for all levels of emergency. And, you can have the money in just 15 minutes once your application has been accepted.

This kind of loan may have a higher APR than a standard personal loan. This is because they are only meant to be taken on on a short-term basis; the idea is that you repay what you’ve borrowed within a few months and ideally even less time – once you’ve been paid. The reason for taking out an emergency loan can vary: they can help whether you need to make last minute emergency travel arrangements or need to urgently replace a valuable item that’s been lost or stolen.

If you need money fast, an emergency loan may be a good choice if you’ve explored other options and haven’t found a solution. Ensure you find the best deal for you and only borrow the amount you need – applying for more money than you require can lead to issues when it comes to paying it back as larger amounts mean higher interest.

Emergency loan example

Here, we’ve broken down the interest, repayment period and the final amount of a range of Sunny emergency loans – so you can determine which may be best for you. Tweak the options to see what suits your needs and to help you with your own calculations around repaying an emergency loan.

Monthly rate
%
Based on a
30 day month
Loan term
Months
The loan term is fixed but you can repay early at any time
The loan term is fixed but you can repay early at any time
Representative example
£ for months
%pa (fixed)
£
£
% APR

How a Sunny emergency loan can help

Sunny is here to offer a lifeline in an emergency if you have an urgent need to borrow money. We know how important it is to feel financially secure, which is why our loans are there to help and also don’t charge fees to ensure you don’t find yourself owing more than you thought. Here, we’ve broken down a few ways Sunny can help you.

  • We understand the urgency of an emergency and can get the money to you fast - in just 15 minutes in some cases.

  • We don’t charge fees - so what you see on your repayment schedule is what you’ll pay. You won’t pay a penny in admin charges and there are no late payment fees.

  • We don’t charge you if you want to repay your loan early - in fact, we think it’s great. As we charge interest daily, if you pay back your loan early, you’ll pay less interest overall.

Comments from Sunny customers

We believe in offering a fair, transparent service and it’s clear our current customers appreciate this. Check out our great reviews below and Trustpilot score** and use these to help you when deciding who to apply to for emergency money.

Got everything you need?

If you feel like you need to get money urgently, then Sunny can help. We provide you with an instant decision, so you know where you stand quickly, and can clear those unexpected payments straight away. If you need any more advice or guidance when it comes to this type of loan, speak to our customer support team who will be more than happy to answer any questions you may have. Alternatively, check out our detailed FAQ section which may have the answers you need.

Apply now!

Representative 1267% APR

Looking for alternative lending options?

All of our loans are instant and can be granted within minutes. However, if you want to know more about emergency money loans for bad credit or instant cash loans then click on the links below to find out more about loans for these circumstances.