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Sometimes, you may believe that borrowing money is the only option available if you need to deal with an emergency expense. However, before you fill in any applications it’s important you consider all possible routes and ensure you’re making the right decision for your needs.
A £2,000 payday loan may feel like the right choice in such a situation. You can get your hands on the cash you need quickly and then pay back the loan within a month. However, payday loans for a high amount such as £2,000 can be tricky to pay back in such a short space of time – especially with interest added.
So, before you do anything, read on to learn more about payday loans for £2,000, and what you need to think about before you go ahead.
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.
No, and we recommend you consider all other potential borrowing options before taking on one of these. Using savings, borrowing from friends and family or selling a high-value item you no longer need can all help you pay for an emergency expense. An installment loan – like the short-term loans available via Sunny – is also another option if you’ve exhausted other possibilities.
A loan of this size can be used for a number of reasons, from purchasing a new car if yours is no longer driveable to emergency costs for your home such as a new boiler. How you use your payday loan is up to you, but you should only take one on if it is completely necessary.
This depends on the lender, however, most payday loan providers allow you up to 35 days to pay back what you have borrowed. However, with a loan of this size paying this back in a month’s time and with interest on top can stretch many people’s finances. We recommend instead, considering an installment loan. This allows you to spread the cost of your borrowing over a longer period of time – if you choose Sunny, our broker partner’s lenders offer repayment terms between 3 and 36 months.
When you apply for a loan, your credit rating will be impacted. However, if you continue to pay back what you’ve borrowed on time and in full then this will improve again. This is why it’s important you apply with confidence, knowing that you can pay back what you borrow to ensure you don’t incur any late payment markers on your credit report.
More and more lenders have now moved towards offering short-term loans, with longer repayment periods. However, there are few who offer a large amount such as £2,000.
Representative 89% APR