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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.
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 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.
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.
Representative 89% APR