Payday loans are an expensive form of credit, and should only be taken out for emergencies. Whether it’s to pay an unexpected bill or to cover the cost of a new appliance for your home after yours has broken, the money is yours to use. The same applies to short-term loans, these can be used to cover any cost but you typically get longer to pay them back.

This depends on the lender. But payday loans typically have a repayment period of 35 days up to three months. A short-term lender, such as those available through Sunny, however, will allow you to spread this cost further over 3 to 36 months (depending on the amount borrowed), which means you can better manage your budget during a tough financial situation.

It is possible to get a small loan if your credit rating is poor. However, be prepared to pay a little more in terms of interest and to only be able to take on very small amounts. We understand that this isn’t ideal if you’re dealing with an emergency but lenders have a responsibility to only provide loans to those who are able to manage them.

If you’re dealing with an emergency situation, a broker may be the quickest solution. A broker, such as Sunny, will find you the best deal from their panel of lenders, which can save you time in applying with multiple lenders.

Sunny works with a panel of lenders who provide short-term loans that can be paid over a period of 3 to 36 months, depending on the amount borrowed.

Eligibility requirements allow lenders to check and potentially offer loans to those who are more likely able to pay them back. The following criteria for borrowers are typical across most loan providers:

• You must be 18 years of age or older
• You must be a UK resident
• You must have three years evidence of your home address
• You must have a regular income (specific amount varies depending on the lender)
• You must have a bank account and debit card
• You must have an email address and mobile phone number
• You must not be bankrupt or otherwise insolvent