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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 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.
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:
Representative 89% APR