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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.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
30% off the interest of an approved loan
Representative example: Borrow £350 for 8 months at a rate of 204% p.a. (fixed). Representative APR 575% and total payable: £572.80, in 8 payments of £71.60.
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Experiencing an unforeseen cash shortfall? Sunny believes it has the answer. With no application, admin, or late payment fees, Sunny short term loans are straightforward and transparent, but very expensive.
Sunny payday loans aren’t actually “payday” loans, in the true sense. Along with many other similar lenders, Sunny has opted 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 offer flexible loan amounts between £100 and £2,500, it also sets your loan term based on how much you borrow, which can limit your flexibility when it comes to repaying the loan.
| Product Name | Sunny Loan |
|---|---|
| Available Amounts | £100 to £2,500 |
| New customer maximum | £2,500 |
| Loan terms | 6 months to 14 months |
| Maximum APR | 1,617% |
| 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 | Elevate Credit International Limited |
| FCA registration number | 673771 |
| Go to site More Info |
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 does not necessarily mean your application will be declined. If your application is approved, Sunny will aim 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. You’ll pay interest of up to 0.8% each day on the loan.
The cost of your loan will depend on how much you need to borrow and the rate you receive. Sunny short-term loans have a representative APR of 1266%.
Loan amount: £1500
Loan term: 7 months (with monthly repayments)
Interest rate: 244% pa
Representative APR: 824%
Total cost: £2,842.81
Unlike other short-term lenders, Sunny sets your repayment term depending on the size of your loan. The more you borrow, the longer your loan term.
While your loan term is fixed based on how much you need to borrow, you also have the option of repaying your loan early at any time.
You should only apply for a Sunny loan if you’re certain you will be able to make the repayments, and you meet the following criteria:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Min. income | £500 per month |
| 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. |
If you’ve decided on a loan with Sunny, first of all check your eligibility on the site. You’ll need to give some basic details about yourself, including three years of address history. If the verdict is that you’d stand a good chance of being approved, you can opt to apply for the loan you have in mind. If accepted, you could receive your money within 15 minutes.
Sunny is the trading name of Elevate Credit International Limited and authorised and regulated by the Financial Conduct Authority. Under these regulations, your personal data will be shared with credit reference agencies 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 will be charged interest for the days when you had the funds though).
Sunny also allows existing customers to take up to four loans at the same time (probably not a great idea). However, these will each be subject to credit and affordability checks. Remember, short-term loans are for unexpected costs and are not a long term solution. Before taking a loan, make sure it’s enough to cover your costs, but also affordable.
| 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 7315 444 |
| Go to site More Info |
Like most short-term lenders, Sunny provides convenient loans with quick turnaround and short repayment terms. While Sunny offers a wider range of loan amounts compared to some of its competitors, your repayment schedule is fixed based on the size of your loan, and this can have a big impact on how much you pay in interest.
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.
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