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Life has a way of throwing a curveball when you least expect it, but emergency loans can help you get back on track. You can get an instant decision and have money transferred straight into your bank account on the same day#, if approved. That’s “life support”.
Whether the car needs fixing or a pipe has burst in the bathroom, if you don’t have quite enough left in the bank to cover the cost before payday, an emergency loan can bridge the gap until your wages land. Here, we’ve broken down how to apply for an urgent emergency loan, when you may need one and why Sunny could be the best option.
Like any loan, there are a few requirements you’ll need to meet to be considered eligible to apply. We’ve broken some of these down below:
If you believe you meet the criteria for an emergency loan, click the button below to see more about eligibility and applying.
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.
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.
As part of every application, lenders will run a credit check via one of the three reference agencies – Experian, Equifax, or TransUnion (formerly Callcredit). They 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.
Representative 89% APR