Sunny loans review March 2020

Channelling retro Californian vibes, Sunny has become one of the most well-known short term lenders of the post-Wonga era, with its fee-free, fast and flexible loans. But is that all enough to make up for the high interest rates?

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Warning: Late repayment can cause you serious money problems. For help, go to

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 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 568% and total payable: £572.80, in 8 payments of £71.60.

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Compare Sunny loans against other short-term lenders

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56. Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Satsuma Short Term Loan Personal Loan
Sunny Loan

Sunny loans overview

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 NameSunny Loan
Available amounts£100 to £2,500
New customer maximum£2,500
Loan terms6 months to 14 months
Maximum APR1,617%
Soft search eligibility check
Funding speedSunny 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 optionsMonthly
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Repay early at any point
Parent companyElevate Credit International Limited
FCA registration number673771
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How does a short term loan from Sunny work?

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.

How much do Sunny short-term loans cost?

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 maximum APR of 1,617%.


Loan amount: £1500
Loan term: 7 months (with monthly repayments)
Interest rate: 244% pa
Representative APR: 824%

Total cost: £2,842.81

What are the different repayment options?

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.

  • 6 months for loans amounts of £100-£1,000.
  • 7 months for loans amounts of £1,100-£1,500.
  • 9 months for loans amounts of £1,600-£2,000.
  • 14 months for loans amounts of £2,100-£2,500.

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.

Pros and cons of Sunny loans


  • Flexible loan amounts
  • Quick turnaround
  • No ongoing or additional fees


  • High rates
  • Locked loan terms

Am I eligible for a Sunny loan?

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:

ResidencyUK resident
Minimum age18
Min. income£500 per month
Applications from self-employed considered
Additional eligibility notesYou 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?

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.

Are Sunny loans safe?

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.

Can I change my loan?

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 number0800 7315 444
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More Info

Bottom line

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.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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