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An emergency cost can feel like a major setback if you have no savings or other means of covering the expense.
If you’ve been confronted with an emergency expense of £1,500 or more, you may be worrying where you’ll find the funds you need to pay it in time. It’s possible you might not be able to cover the expense and still have enough left for your regular bills and other essential costs.
This is where a £1,500 payday loan might come in.
However, while this loan will help you deal with the emergency expense when you need to, it’s important to bear in mind that you’ll still need to pay back the full amount plus interest quite quickly afterward, once payday comes around. Despite the immediate relief, this can still be tricky for many people to manage.
This is why a short-term loan, for the same amount, maybe a better option. You can pay back a £1,500 loan over a period of 3 to 36 months, making the whole process much more manageable. Here, we’ve taken a look at what to consider when researching a loan for this amount.
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.
This type of borrowing may be required for a number of reasons. You may need to cover the cost of an urgent home repair or perhaps you’ve received a large bill – whatever the reason, a payday loan may feel like a good solution because you can receive the cash you need fast.
It’s very important to weigh up your options before taking on a loan for a large amount. Ask yourself these questions:
Here at Sunny, we don’t consider ourselves to be a payday loans company, but our broker partner does work with a panel of lenders who offer short-term loans for life emergencies. Providing loans from £100 to £2,500 to cover every type of emergency expense.
If you have bad credit it is still possible to apply for and obtain a loan, but you may struggle to be accepted for larger amounts. Take a look at our bad credit section of the site which features guidance on how to improve your credit rating and what to do if you have bad credit but need to borrow.