What is a small payday loan?

Small payday loans are usually a smaller amount and are a type of payday loan, which helps you in a time of need before payday to help cover any unexpected costs, paying bills or just to tide you over. These loans are usually £100-£500, but you can apply for a larger amount if need be; at Sunny, we offer loans up to £5,000. But it’s important to note that you’ll need to pay these back within the desired time frame. Usually, a small payday loan is paid back within the month, but with Sunny, we have flexible payment periods from 3-36 months so you can space out payments.

Small payday loan eligibility

Before you apply for any loan, it’s a good idea to check if you are eligible to one. Each lender will have their own set of criteria, but to qualify for a small payday loan with Sunny, you must be:

• 18 years old or above
• A UK resident
• Receive a regular income
• Able to provide evidence of your address for the past three years
• Not bankrupt or otherwise insolvent
• Able to supply details of a bank account and debit card
• Able to provide a working email address and mobile phone number

Meeting these requirements doesn’t guarantee that you will be accepted as your credit score and ability to make repayments are also considered. However, it can give you an idea of whether you’re more likely to obtain a small payday loan or not.

What about small payday loans for bad credit?

If you have poor credit and need to take out a small payday loan don’t worry. You still can receive a loan as we offer bad credit loans and we understand that everyone’s financial situation is unique. Because it’s a smaller amount, you are also more likely to receive it if you have a lower credit score, but you may find that applying for larger amounts will be harder. Just note due to your lower credit score you may also pay more interest so take that into account when applying.

When you apply for a small payday loan you can select the amount and repayment period and direct lenders will run a soft credit check to make sure you’re eligible and can pay it back responsibly. These don’t harm your credit score, so you know immediately if you can get it with a lower credit score Other factors are looked into as well, so having a bad credit score won’t be the sole reason you can’t get a small payday loan.

Can I get a small payday loan with no credit check?

No, the Financial Conduct Authority demands that all loan providers conduct credit checks no matter how little the small payday loan may be. So, if a lender is offering you a small payday loan online with no credit check, they aren’t regulated lenders, and we recommend that you do not use them. If you are worried about being credit checked due to a low credit score, don’t worry as you can still get bad credit small payday loans.

How to get a small payday loan

Taking out any loan is simple and easy, as you can apply online today. As we are a credit broker, we will pass your application to a range of small payday loan direct lenders, who will run a soft check and provide an instant decision. If you are accepted and continue your application, your little payday loan can be in your account the same day#. With instant loans from Sunny, you can get your finances back on track.