For example, if your car unexpectedly breaks down, you may find yourself struggling to pay the repair bill. In this case, taking out a payday loan is one way to cover your emergency expenses.

What's the difference to other loans?

The key difference from other types of loans is that payday loans tend to last a short period, only about one or two weeks, to be repaid upon you getting your next wage. Due to their shorter length, there will be a higher APR and a relatively small credit limit.

When do I use payday loans?

The proper time to use such a loan could be in examples like the car repair bill above, but really can apply to any situation where you know you'll have the money you need in your next wage, but you need it straight away. It wouldn't be advisable to take out a payday loan over and over again to cover a recurring charge, nor would it be a good plan to use it on something unnecessary. Only use a payday loan for a sudden necessity or emergency.

How is Sunny better than a payday loan?

However, there are other short-term loan options that provide further benefits above a standard payday loan. Sunny's payday loan alternative is a line of credit. We provide a clear pricing structure with flexible repayment options so that you can understand and customise your loan for your personal situation. Our line of credit gives you immediate access to an entire credit limit, which is unlike a payday loan in that you choose how much to take. You can load portions of your limit into your account, and draw more if needed. At the end, if you haven't used the full line of credit, you only pay interest on the portion that you've actually used. Better still, our loan can be paid in instalments that you select, not just one lump payment at the next payday. With 24/7 availability and cash sent within minutes of application approval, Sunny's loans are a great alternative for solving your short-term cash needs.

How do Sunny loans work?

Honesty, transparency, and fairness are deeply engrained in Sunny's core business, which is why we've designed our loans to be as straightforward and flexible as possible. Below are some of the most important points regarding Sunny loans. We encourage you to compare our loans to other short-term lenders.

  • Our loans have no fees, guaranteed.

  • We give you 5 days to change your mind and repay the principal with no fees and no interest — you can do this once per month, no questions asked.

  • Applying takes about 4 minutes and delivers an instant decision.

  • If approved, the cash you borrow is sent to your bank within 15 minutes.

  • Take the whole amount at once, or small amounts up to your credit limit as needed — it's up to you without requiring a new application.

  • You only pay interest on the amount from your line of credit that you actually use — use less, pay less.

  • Sunny Tips guide to finance management allows you to take tests to lower your interest rates.

  • Sunny's Flexipay™ allows you to change your payment schedule along the way.

Get your finances sorted

With so many lenders and loan types to choose from, it's important to efficiently research your options. We encourage you to view our lending guide articles to help you in the decision-making process, and use Sunny Tips to clear the clutter and get your finances sorted beyond just your next payday.

Very Bad Credit Loans

How to Fix Very Bad Credit

Credit Bureaus report late payments in terms of 30 days, 60 days and 90 days. Obviously, being past 30 days late is a huge problem for a lender. So, assume for a moment that your bill is already 30 days late. It will appear on a credit report as 1X30, meaning it was 30 days late one time. What you don't want to happen is letting it get to 60 or 90 days late. This is devastating to your credit score. Also, if you have missed a deadline on a payment, but it hasn’t reached 30 days yet, do everything in your power to pay it prior to that 30-day-late mark. If you are 29 days late, the credit bureau won’t report it as a late payment. Very Bad Credit Loans

Always pay more than the minimum balance on all credit cards. Paying the minimum is a two-fold problem. First, to credit bureaus, it appears that you are struggling to meet your bills. Second, because of the way credit card companies compound interest, it makes it nearly impossible to pay off even small balances in less than 25 years, when paying the minimum. So, the credit bureau will see this as a debt that may never go away. Consequently, your ability to improve credit scores will be limited, as long as you're paying just the required minimum.Very Bad Credit Loans

Keep mortgage loan-to-value low. If you put very little money down on your home, you have little value in the property, so it appears more as a debt than an asset on a credit report, which hinders your power to improve credit scores. Try to add enough money each month to equal a whole extra payment at the end of each year. This will rapidly decrease your mortgage and make you look good, in terms of managing your debt, because the balance-to-limit will be low on a large debt.Very Bad Credit Loans

Bad credit can affect more than just our ability to borrow money. It can influence our chances of landing a job or renting an apartment. To understand what bad credit is how it's measured and ultimately, how to repair it requires understanding how our financial system measures our credit.Very Bad Credit Loans

It turns out that measuring our creditworthiness -- how likely we are to repay our debts -- begins with something called a credit score. People with bad credit have low credit scores.

What is a Credit Score?

To borrow money, you'll need to understand how lenders look at you. And to determine whether they'll lend to you, lenders, like banks and credit cards, use a scoring system.

A credit score is a number that lenders use to quantify how risky a borrower you are. The standard credit score is also called a FICO Score, named after the Fair Isaacs Corporation who created the standard formula.Very Bad Credit Loans

Credit scores typically range between 300 and 850 (the higher a score, the better). Recent laws have ensured that people can access their own credit reports every year for free.

Credit scores are made up of a variety of factors to determine how likely you are to pay back a loan:

- Payment history (35%): Lenders want to see whether you've paid back other loans in full and on time.Very Bad Credit Loans

- Amounts owed (30%): Lenders may view people who carry a lot of debt as risky -- less likely to pay back new loans.

- Length of credit history (15%): You'll get a higher credit score when you have more experience managing debt. Lenders like to see a long history of responsible borrowing.

- Types of credit in use (10%): This part of the equation looks at what type of credit a person has: credit cards, installment loans, mortgages, etc.

- New credit (10%): Applying for a lot of new loan applications in a short period of time is considered a greater credit risk and lowers credit scores.Very Bad Credit Loans

 

Very Bad Credit Loans

Very Bad Credit Loans

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