Types of Loan

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Wondering what the difference is between a text loan and a short term loan? We’ve considered these types of loan and more within our in-depth guides below. There are many reasons why you may need to borrow money, whether your boiler is on the blink or you’ve been issued an unexpected bill and these determine the types of loan you apply for.

Get clued up on everything from no guarantor loans and how they work to what to consider if you need a quick turnaround on your borrowing.

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.

Eligibility for a loan

Across the industry, lenders must consider if a potential customer is eligible for one of their loans before they can accept their application. It’s also a good idea to consider your own eligibility before you apply to ensure you aren’t rejected and your credit rating isn’t impacted.

The good news is that all of the lenders on our partner’s panel offer something called soft search, which means they can review your credit report and determine if you’re likely to be accepted for a loan without impacting your credit rating. Then, if you’re happy to go ahead they’ll review your report and make a note on there.

In most cases, to be deemed eligible for a loan, you must be at least 18 years of age, a UK resident, not bankrupt, have a stable income and also access to a bank account and debit card.

More about Sunny

At Sunny, we want to ensure you have all the information and guidance necessary to make an informed decision when you need to borrow money. Take a look at our guide on online loans to learn more about how the loans industry has changed and how to apply for a loan online. We’ve also considered payday loans in detail and how these work.

Short-term loans are our bread and butter here at Sunny, so you’ll find an in-depth guide considering what this type of loan is best used for and what to consider before you hit apply. Many people require loans for emergency situations, so be sure to take a look at our instant loans and need money now guides for further guidance.

Got everything you need?

Feeling clued up when it comes to the types of loans you can apply for? When you’re ready, you can apply for a short-term loan at Sunny using the button below.

Apply today

Representative 89% APR

How a Sunny loan can help

Here at Sunny, our aim is to help you tackle unexpected expenses quickly so that you can get back to the important things in life. That’s why we believe bad credit loans may be the best choice for those who need credit now and have been turned away by their bank or other credit providers.

Get the quick loan you need, in minutes

Apply for ar loan and receive an instant decision from our partners panel of lenders, even with bad credit.

We never charge fees

You don’t need to worry about those extra fees. There are absolutely no application fees and no admin fees.

Save on interest if you repay early

Choose to repay your loan over 3 to 36 months to suit your budget.