Payday and Bad Credit Loans at Sunny – 24/7 instant decision up to £2500

What is a payday loan?

The term payday loan is, nowadays, a “catch-all” way to describe short-term, unsecured loans. They are high interest, short-term borrowing options that are there to help when you’re close to payday but need a little extra support before your wages arrive.

Traditionally, when you take on a payday loan, you usually aim to pay it off within a short time frame – once you receive your wages at the end of the month. These days, though, the short-term loans that are often also called payday loans can be repaid over a number of months.

Traditional payday loans and short-term loans are designed to help when your money is stretched. If you choose to apply through Sunny, you’ll benefit from a quick turnaround and no fees beyond interest the interest on the loan. Read on to find out more about payday loans, when one might be right for you, what they involve, and alternatives to them.

Payday loans, like other types of credit, are regulated by the Financial Conduct Authority. This regulation ensures interest rates and fees are kept to affordable amounts, and that loan providers act in a way that has the customer’s best interests at heart.

Eligibility for payday loans

You must be over 18 years old and a UK resident to be eligible to apply for a payday loan. You should also be able to supply an address and bank details and be in receipt of a regular income. When you apply for a payday loan online at Sunny, lenders will perform a credit check on you.

This is nothing to worry about, it simply provides them with more information about your credit history. We will then confirm whether you are accepted or not. If you have a poor credit history, take a look at our guide on bad credit loans to find out more about applying for a payday loan in this circumstance and how to improve your credit score.