Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk | Representative APR 89.9%
Warning: Late repayment can cause you serious money problems. For help moneyhelper.org.uk

Considering a small payday loan? Learn more about them here

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Payday loans are typically needed when you’re just a few days away from your wages landing in your bank account and an emergency expense has arisen that you need to deal with. Small payday loans of £100 to £500 are common but it’s important to bear in mind that you will need to pay these back within a small time frame, plus interest.

 

For many people dealing with an emergency, a short-term loan is a preferable choice. Not only do they allow you to get your hands on the cash you need quickly but the payments can also be spread over a longer period of time. This means you can factor them into your budget and not worry about finding the money so soon after taking the loan out.

Representative 89% APR

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.

Small payday loans information hub

Considering a small payday loan? Take a look at our Q&A below to learn more about this type of borrowing and what to look into before going ahead.

  • 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’s partner, will find you the best deal from their panel of lenders, which can save you time in applying with multiple lenders.

  • Sunny’s broker partner works with a panel of lenders who provides 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

More information about small payday loans

Small payday loans and short-term loans should only be used when you have no other option. If you’re dealing with an urgent expense, there are some things you can do first before applying to borrow money. These include using savings, selling a high-value item you no longer need or speaking to friends and family and asking if you are able to borrow money from them. You should consider a small payday loan or short-term loan when none of these options are available.

 

You should also look into the payment period available and the interest rate, to ensure you’re choosing a product that is cost-effective and that you can manage.

Ready to apply?

If you are ready to apply, you can do so via your computer, tablet or smartphone 24 hours a day. You will get an instant decision on your application and if you are approved by one of the lenders on our broker partner's panel, you could receive the money today.

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Representative 89% APR

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