Payday Loans

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

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Whether you need to get something fixed or pay an unexpected bill, there’s a loan to help.  If you need to borrow for an emergency expense, it’s important you do your research before completing any applications. That’s why we’ve created our payday loan hub, featuring in-depth guides offering further information on this type of loan and details on how Sunny can help.

What is a payday loan? 

A payday loan is essentially a short-term, unsecured loan. These loans are high-interest 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, more and more people are turning instead to the type of loan offered via Sunny – a short-term loan that can be paid in instalments.

Take a look at our guides below on payday loans. These consider what to do if you aren’t accepted for one when one might be right for you, what they involve, and alternatives to them.

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

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 product to help you better understand what they are and when you might need one.

  • 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. Any credible lender will perform credit and affordability checks on those who apply with them. At Sunny, as part of our commitment to responsible lending, all of the lenders that our broker partner works with will carry out thorough credit and affordability checks on all applications submitted to us. This assists with fraud prevention and also ensures they only approve applications from people who they believe will be able to repay what they borrow. You can learn more about credit checks and how we use the information provided to us by Credit Reference Agencies (CRAs) by visiting the “Your Privacy” section of our website.

  • Sunny is a loan introducer and works with a broker partner who is authorised and regulated by The Financial Conduct Authority (FCA). We don’t consider ourselves to be a payday loan company. Rather, we offer access to short-term loan options that provide more benefits than a standard payday loan. When you apply for an alternative short-term loan you can rest assured our partner will find you the best loan for your circumstances from their market-leading panel of lenders.

  • Applying for a loan at Sunny is very straightforward via our simple online application, which delivers a decision in minutes. If your loan is approved, the money you borrow could 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 to be a solution for a long-term borrowing need.

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.

Eligibility for a payday loan

The eligibility requirements differ across payday lenders but typically you will be expected to be:

  • A UK resident
  • Aged 18 or above
  • Receiving regular income
  • Not bankrupt or otherwise insolvent
  • Able to access a bank account
  • Able to give details of a working email address and mobile phone number

Of course, meeting these criteria doesn’t mean you will be immediately accepted for a payday loan. Your credit rating will also play a part in the lender’s decision so it’s a good idea to carefully consider your situation and check the lender’s requirements carefully before applying.

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How a Sunny loan can help

Sunny is different from some other loan companies because we charge no extra fees. This means there are no application costs and no administration fees. All you are expected to pay back is the original loan amount, plus interest.

We believe in being honest, transparent and fair throughout the whole loan process and we aim to act as a lifeline for borrowers.

Apply today, get your money in minutes

If your payday loan is approved, the money will arrive in your bank account today#.

You'll never need to worry about extra fees

We do not charge any application fees or administration fees.

Apply even with bad credit

Even if you have been declined elsewhere or have a low credit score, our broker partner can still help.

Got everything you need?

We hope this guide has helped when it comes to deciding on a loan option for you. Payday loans are a good choice for those who need emergency cash but are confident they can make repayments. However, should you need further guidance, take a look at our full guides section.

Apply for a short-term Sunny loan today

Representative 89% APR

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