Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk | Representative APR 89.9%
Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk

Payday loans from £100 to £2,500

Here you’ll discover all you need to know about payday loans for bad credit

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Here at Sunny, we don’t offer traditional payday loans but we do provide access to short-term loans in amounts from £100 to £2,500 to suit every need. Whether you need to get something fixed or pay an unexpected bill, there’s a payday loan to help.

What is a payday loan?

The term payday loan is, nowadays, a “catch-all” way to describe short-term, unsecured loans. They are high interest, short-term borrowing options that are there to help when you’re close to payday but need a little extra support before your wages arrive.

Traditionally, when you take on a payday loan, you usually aim to pay it off within a short time frame – once you receive your wages at the end of the month. These days, though, the short-term loans that are often also called payday loans can be repaid over a number of months.

Traditional payday loans and short-term loans are designed to help when your money is stretched. If you choose to apply through Sunny, you’ll benefit from a quick turnaround and no fees beyond interest the interest on the loan. Read on to find out more about payday loans, when one might be right for you, what they involve, and alternatives to them.

Payday loans, like other types of credit, are regulated by the Financial Conduct Authority. This regulation ensures interest rates and fees are kept to affordable amounts, and that loan providers act in a way that has the customer’s best interests at heart.

Eligibility for payday loans

You must be over 18 years old and a UK resident to be eligible to apply for a payday loan. You should also be able to supply an address and bank details and be in receipt of a regular income. When you apply for a payday loan online at Sunny, lenders will perform a credit check on you.

This is nothing to worry about, it simply provides them with more information about your credit history. We will then confirm whether you are accepted or not. If you have a poor credit history, take a look at our guide on bad credit loans to find out more about applying for a payday loan in this circumstance and how to improve your credit score.

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.

Payday loans information hub

Many people have differing ideas of what a payday loan is. Here, we’ve answered some of the most common questions around this money product to help you better understand what they are and when you might need one.

  • When you apply for a loan at Sunny, you’ll receive an instant decision. This confirms your likelihood of being accepted for the loan or not – Lenders use soft search, which means they check your credit report without leaving a mark. If you are approved for your loan, you will receive confirmation of the amount and when this will be paid into your bank account. Lenders strive to transfer all loans that have been accepted on the same day#.

  • Many people in the UK – 35% of households according to the Money charity – don’t have enough savings to cover an unexpected cost. This is where a payday loan can come in. These loans can be used to bridge the gap between an unexpected expense and payday. They are usually for small amounts and come with high-interest charges, so you would only take one on in an emergency and if you are confident you will be able to repay shortly after.

  • Payday loans are suitable for people from all kinds of credit backgrounds. Even if you have a lower credit score, you may still be eligible to borrow with a payday loan. However, if you have poor credit history, you may find that you cannot borrow as much as you perhaps would like, and may face higher interest rates because of this.

  • Yes. As part of their commitment to responsible lending, lenders carry out credit and affordability checks on all applications submitted. This assists with fraud prevention and also ensures they only approve applications from people who we believe will be able to repay what they borrow. You can learn more about credit checks and how lenders use the information provided by Credit Reference Agencies (CRAs) by visiting the “Your Privacy” section of our website.

  • Sunny is a loan introducer. Working with one of the UK’s largest brokers, we provide access to a market-leading panel of lenders to help customers find the best loan for their circumstances. We do not charge any fees for our services and can help even if you have been declined elsewhere.

  • In the past, the interest and fees on payday loans were unregulated and some companies placed very high-interest rates on these products. This led to people finding themselves owing a lot more than they initially budgeted for. Here at Sunny, we strive to offer “life support” to those who need it. This is why we, our broker partner or their lenders never charge fees on payday loans and encourage you to repay early to save money on interest wherever possible.

  • Applying for a loan is very straightforward via our simple online application, which delivers a decision in minutes. If your loan is approved, the money you borrow can be sent to your bank that same day.

More information on payday loans

Payday loans can also go by the name of ‘payday advance’ or ‘cash advance’ loans. They are usually taken out to cover emergency expenses and unexpected payments. An unforeseen car repair or a boiler breakdown may be a costly but crucial job. They are generally best suited to a situation where you need money straight away and you are confident you will be able to pay it back on payday. However, it’s advised to only take out a payday loan when completely necessary. It’s also important you try to avoid taking them out on a regular basis, as they are not designed as a solution for a long-term borrowing need.

At Sunny, we consider payday loans essential life support to people faced with unplanned or emergency expenses.

If you are considering a payday loan, we recommend waiting to apply until you know the exact amount you want and have compared various lenders, to be sure you’re getting the best deal.

How a Sunny loan can help

We believe in being honest, transparent, and fair throughout the whole loan process and we aim to act as a lifeline for our customers. Our broker partner works with responsible lenders who are authorised and regulated by The Financial Conduct Authority. This means that if someone is having trouble making their repayments, the lenders will work with them to help them get back on track.

If your payday loan is approved, the money can arrive in your bank account on the same day#.

We do not charge any fees so you will repay only the amount borrowed plus interest.

Most lenders give you access to an online portal that allows you to manage your payments.

Looking for alternative lending options?

Browse our range of loan guides below. Each one is designed to help you find the right solution for your needs and financial situation. Should you need further guidance, you can also see our frequently asked questions section.

Loan Types

Terms & Conditions

Lender eligibility check will assess whether you meet their lending criteria. Even if you are eligible, they may still require proof of ID and/or proof of income before they approve the loan.