Short term payday loans with no fees

You do have other options and we recommend that you consider these before applying. You could speak to friends and family and seek support from them, use a 0% interest credit card or even a short-term loan such as those available through Sunny that can be paid back over a longer period of time.

Most payday lenders offer payment periods of 35 days but some offer up to three months. It depends on who you choose to apply with.

A short-term instalment loan offers a much longer repayment period. Sunny’s broker partner, for example, works with a panel of lenders whose loans can be used for an emergency cost in amounts from £100 to £2,500 and these can be paid back over 3 to 36 months, depending on the amount borrowed.

We know that time is of the essence in an urgent situation and most lenders claim they can transfer the loan within the hour if you are approved.

The main difference is that a payday loan will likely need to be paid back within a month, while a short-term loan can be paid back over a longer period of time. Both loans should only be used to alleviate a short-term problem, not to deal with longstanding financial issues.

When choosing a lender there are a few things to look out for: they must be FCA registered and approved, they should offer a loan in the amount you need and at an interest rate you can afford repayments on and ideally there should be no fees to worry about or contend with during your time with them. Take a look at our range of guides on the lenders out there, that could help you work out who may be best for you.

Before you apply for any type of credit, it’s important you check the eligibility criteria for the lender you want to borrow from. Each lender has a set of requirements borrowers must meet before they can be considered.

At Sunny, for example, our broker partner’s lenders require our customers to be 18 years of age or older, UK residents, not bankrupt or otherwise insolvent, with a regular income and to have access to a bank account and debit card. Meeting these requirements doesn’t guarantee you will be accepted for a loan, as credit and affordability checks give lenders a clearer picture of your financial history, however, they’re a good start.