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.
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).
With no application, admin, or late payment fees, Sunny short term loans are straightforward and transparent but can be expensive, like most short term loans.
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 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 | £5,000 |
| 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 assesses 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 depends on how much you 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 can 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 it 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 any time 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.
If you need to cash a cheque, it may take up to 3 days to clear it with a bank. Cheque cashing services give you immediate access to your money.
What’s the difference between a continuous payment authority, a direct debit and a standing order?
QuidMarket offers an instant decision on loans of up to (or £2,500 for returning customers) and once approved, you can expect the money in your account on the same day. QuidMarket will consider you for a loan even if you have a bad credit history. Find out how other lenders compare.
If you need to borrow cash quickly and tend to use a prepaid card for regular spending, you may be looking to get a payday loan transferred to your prepaid card.
The Money Platform is a peer-to-peer (P2P) lending platform that matches investors with borrowers and provides loans of up to £2,500. But at it’s core, is it just another short term lender?
Anico Finance is an online lender providing personalised, transparent, short-term loans of £50–£2,500 to help cover and spread the cost of an unexpected financial shortfall. Read the full review and compare its rates and eligibility criteria with a range of lenders.
Wageme is an online platform providing flexible and transparent short term loans of £50 to £2,500 for unforeseen financial shortfalls.
If you’re thinking about applying for a one month payday loan, use our guide to learn more about short term borrowing and compare rates from a range of UK lenders. Fast and simple repayment calculation and comparison of available amounts and eligibility requirements.
There are reputable payday loan lenders out there. But watch out for scams that prey on those who need quick cash.
A 1 week payday loan can give you the cash you need until your next paycheck. Learn how it works, what to watch out for, and compare lenders.