Small loans can be sent today.
Instant quote with a soft search and no fees.
Over 7500+ no-obligation quotes processed daily!
For the money-savvy amongst us, shopping for a cheap loan makes perfect sense. However, simply searching for a ‘cheap loan’ could lead you to a dead end, as the final cost of your loan is dependent on a range of factors. In fact, if you’ve searched for a cheap loan you may have made a mistake, as really, the best loan for you may not revolve around cost.
Here you’ll find all you need to know about cheap loans at Sunny.
When someone refers to a ‘cheap loan’, they typically mean a situation where a lender charges a lower than average interest rate for credit. These are usually granted when a borrower has a good credit history.
Short term loans, compared to some other forms of credit, are not a cheap way to borrow money. However, our speedy application process, the quick funding of our lender partners, and the flexibility to repay early at any time to save on interest can make a loan a cost-effective way to solve an urgent financial need.
In this guide, we’ve looked into cheap loans and what is factored in when you’re looking for the best rate. Read on to find out more.
When you apply for any loan, you’ll need to ensure you are eligible, by which we mean you meet that lender’s lending criteria. Here at Sunny, we have a list of requirements our customers must meet to be able to apply for loans.
You must be:
If all these things are true of you, you can go ahead with your application for a cheap payday loan.
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.
Generally, the cost of the loan you take out – or your ability to get a loan at all – is dependent on your credit history. How much you need to borrow and how long you intend to borrow for will also play a role in this. For example, a lower amount with a shorter repayment period may see you pay less interest, resulting in a slightly cheaper loan. To improve your chances of obtaining a loan in the future, you should make all of your repayments on time and repay the sum you have borrowed in its entirety.
It’s a good idea to shop around before choosing a loan, this can help you find a lender with the best rate for your situation. Look at their interest rates and if they charge fees to determine the overall cost of the loan.
If you have bad credit you may be required to pay more interest because lenders could see you as a risk. Your credit score doesn’t necessarily affect the interest rate a lender will apply to your loan, although if you have bad credit, you may not be eligible to borrow large amounts of money straight away. Whatever your situation, you can still shop around for the best deal available to you, even with a poor credit history, and find the cheapest loan for your situation.