Sunny is the trading name of Upward Finance Ltd, an introducer appointed representative (IAR) of Flux Funding Limited, a credit broker, not a lender. Flux Funding Limited is regulated as a credit broker by the Financial Conduct Authority (FCA).
For alternatives to Sunny, see our comparison tables of payday lenders.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
With no application, admin, or late payment fees, Sunny short term loans are straightforward and transparent, but like most short term loans, can be expensive.
Sunny payday loans aren’t actually “payday” loans, in the true sense. Along with many other similar lenders, Sunny opts to offer an alternative to traditional payday lending (where you’d borrow over a very short period of time, and make a single repayment on your payday). With a Sunny loan borrowers make a repayment each month, which pays off part of the capital (the original amount borrowed) as well as the interest accrued so far.
Payday loans are a bit of a dirty word, so it’s no surprise that lenders would want to distance themselves from them. However borrowing over longer periods usually works out more expensive overall, despite smaller individual repayments.
While Sunny offers flexible loan amounts between £50 and £2,500, it sets your loan term based on how much you borrow, which can limit your flexibility when it comes to repaying the loan. Repayments terms are between 3 months and 36 months.
| Product Name | Sunny Loan |
|---|---|
| Available Amounts | £50 to £2,500 |
| Representative APR | 89% |
| New customer maximum | £2,500 |
| Loan terms | 3 months to 36 months |
| Maximum APR | 1,721% |
| Soft search eligibility check | |
| Funding speed | Sunny says it processes applications 24 hours a day, every day, and usually transfers funds within 15 minutes of approval. In some cases, for larger loans, funding may be the next working day. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| Parent company | Upward Finance Ltd |
| FCA registration number | 806333 |
Once you’ve chosen the size of your loan and filled in your personal details, Sunny will assess your application, running a credit and affordability check. Having bad credit doesn’t necessarily mean your application will be declined. If your application is approved, Sunny aims to get your cash to you within 15 minutes.
Your monthly repayments will be taken via a Continuous Payment Authority (CPA), on a regular basis, on an agreed day of the month.
The cost of your loan would depend on how much you needed to borrow and the rate you receive. Sunny short-term loans had a maximum APR of 1,721%.
You should only apply for a Sunny loan if you’re certain you’ll be able to make the repayments, and you meet the following criteria:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Applications from self-employed considered | |
| Additional eligibility notes | You must not be bankrupt. You must have a bank account and debit card, a mobile phone and a working email. |
First things first, check your eligibility on the site. You need to give some basic details about yourself, including 3 years of address history. If the verdict is that you stand a good chance of being approved, you can opt to apply for the loan you have in mind. If accepted, you’ll receive your money within 15 minutes.
Sunny was the trading name of Elevate Credit International Limited until they fell into administration in 2020. Now Sunny is the trading name of Upward Finance Ltd, an introducer appointed representative (IAR) of Flux Funding Limited, a credit broker, not a lender. Under these regulations, your personal data is shared with credit reference agencies (CRA) and fraud prevention agencies.
In terms of financial security, short-term loans such as those offered by Sunny can cause financial stress, especially if you don’t make your repayments on time.
Sunny offers a very respectable level of flexibility. You can repay early at anytime and only pay interest for the days on which you borrow. You also have a cooling-off period in which you can cancel the loan (you’ll be charged interest for the days when you had the funds though).
| Option to change repayment date | |
|---|---|
| Repay early at any point | |
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding | |
| Multiple loans allowed at the same time | |
| Phone number | 0800 0485781 |
Like most short-term lenders, Sunny provides convenient loans with quick turnaround and short repayment terms. As with any short-term finance option, a Sunny loan is likely to be one of the most expensive forms of borrowing available and should only be considered as a last resort.
Sunny.co.uk is a popular provider of fast, flexible, short-term loans online. But it isn’t alone – here are lenders offering a similar service to Sunny.