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.
Based on a
30 day month
The loan term is fixed but you can repay early at any time
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.
Representative 1267% APR