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).
Sunny payday loan
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Sunny loans overview
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
How did a short term loan from Sunny work?
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.
How much did Sunny short term loans cost?
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%.
Pros and cons of Sunny loans
Pros
Flexible loan amounts
Quick turnaround
No ongoing or additional fees
Cons
High rates
Locked loan terms
Sunny Loans Eligibility
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.
How do I apply for a loan from Sunny?
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.
Are Sunny loans safe?
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.
Can I change my loan?
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
The verdict
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.
Frequently asked questions
Sunny’s lenders need your employer details, bank and debit card details (including sort code and account number), as well as 3 years of address history. Additionally, they’ll want to see details of your income and expenditure, including any current financial obligations.
You can check the status of your application with Sunny by logging in to your online account. In some cases, Sunny will need more information from you and will contact you via email.
If you have any questions about the application process, you can contact Sunny’s Customer Support Team on 0800 0485781, which is open from 8:30am to 7pm. You can also email Sunny at customerservice@sunny.co.uk.
Yes. Lenders carry out credit and affordability checks on all applications submitted.
If you choose to proceed with the loan application, then like all responsible lenders, they’ll run a full credit search with a credit reference agency (CRA).
Applying for a Sunny loan leaves a footprint on your credit file. Before applying, you can use the eligibility checker to see if you’re eligible for a loan.
Although Sunny charges no fees for late payments, late repayments can cause serious damage to your credit score.
Following approval, the lender normally sends the money to your nominated account within 15 minutes. Most UK banks credit this to your account within 1 hour.
Sunny’s applications process runs 24 hours a day, 7 days a week, including bank holidays.
Sunny is part of Upward Finance Ltd.
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