Sunny loans review

Sunny, one of the most well-known short term lenders, entered into administration in June 2020 and immediately ceased offering new loans to customers. If you're considering a payday loan, there are alternative options.

No reviews yet. Write a review

Sunny went into administration on June 29th 2020 and immediately stopped lending or taking on new customers. Existing customers of Sunny are being advised to continue to make repayments on their loans in the usual way. We’ve kept this page live for historical purposes. Product information relates to the loans Sunny was offering shortly before it collapsed.

For alternatives to Sunny, see our comparison tables of payday lenders.

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.

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?

1 - 7 of 7
Name Product Available Amounts Monthly repayment Total payable Link
Lending Stream Instalment Loan
£50 to £1,500
Go to site
More Info
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.
The Money Platform Short Term Loan
£250 to £1,000
Check eligibility
More Info
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Go to site
More Info
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1293.3% and total payable: £454.37 in 3 instalments of £151.46.
Mr Lender Short Term Loan
£200 to £1,000
Go to site
More Info
Representative example: Borrow £300 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,256.4% and total payable £552.00 in payments of £122.00, £110.00, £98.00, £86.00, £74.00, and £62.00.
With this loan your monthly repayment decreases over time. Our 'Monthly repayment' above is a representative figure designed to help compare lenders side by side.
Moneyboat Short Term Loan
£200 to £1,500
Go to site
More Info
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
Fund Ourselves (Welendus) Short Term Loan
£100 to £1,500
Go to site
More Info
Representative example: Borrow £200 for 121 days at a rate of 211% p.a. (fixed). Representative 505.7% APR and total payable £286.26 in 4 monthly payments of £71.57.
CASH4UNOW Short Term Loan
£150 to £1,000
More Info
Representative example: Borrow £200 for 4 months at a rate of 292% p.a. (fixed). Representative APR 1307% and total payable: £332.00, in 4 payments of £83.00.

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
The Money Platform Short Term Loan
QuidMarket Short Term Loan
Mr Lender Short Term Loan
Moneyboat Short Term Loan
Fund Ourselves (Welendus) Short Term Loan
CASH4UNOW Short Term Loan

Sunny loans overview

With no application, admin, or late payment fees, Sunny short term loans were straightforward and transparent, but very expensive.

Sunny payday loans weren’t actually “payday” loans, in the true sense. Along with many other similar lenders, Sunny 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 would make a repayment each month, which paid 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 offered flexible loan amounts between £100 and £2,500, it also set your loan term based on how much you borrow, which could limit your flexibility when it came 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

How did a short term loan from Sunny work?

Once you’d chosen the size of your loan and filled in your personal details, Sunny would assess your application, running a credit and affordability check. Having bad credit didn’t necessarily mean your application would be declined. If your application was approved, Sunny aimed to get your cash to you within 15 minutes.

Your monthly repayments would be taken via a Continuous Payment Authority (CPA), on a regular basis, on an agreed day of the month. You’d pay interest of up to 0.8% each day on the loan.

How much did Sunny short-term loans cost?

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 1,617%.


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

Total cost: £2,842.81

What were the different repayment options?

Unlike other short-term lenders, Sunny set 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 was fixed based on how much you need to borrow, you also had 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

Sunny Loans Eligibility

You should only have applied for a Sunny loan if you were certain you will be able to make the repayments, and you met 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.

Sunny is no longer taking loan applications due to the company entering into administration.

How do I apply for a loan from Sunny?

Historically, if you’d decided on a loan with Sunny, you would first of all check your eligibility on the site. You’d need to give some basic details about yourself, including three years of address history. If the verdict was that you’d stand a good chance of being approved, you could opt to apply for the loan you have in mind. If accepted, you could have received your money within 15 minutes.

Were Sunny loans safe?

Sunny was the trading name of Elevate Credit International Limited and authorised and regulated by the Financial Conduct Authority. Under these regulations, your personal data would 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.

Could I change my loan?

Sunny offered a very respectable level of flexibility. You could repay early at anytime and only pay interest for the days on which you borrow. You also had a cooling-off period in which you could cancel the loan (you would be charged interest for the days when you had the funds though).

Sunny also allowed existing customers to take up to four loans at the same time (probably not a great idea). However, these would 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

Bottom line

Like most short-term lenders, Sunny provided convenient loans with quick turnaround and short repayment terms. While Sunny offered a wider range of loan amounts compared to some of its competitors, your repayment schedule was 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 was likely to be one of the most expensive forms of borrowing available and should only have been 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.

More guides on Finder

  • Loans like Sunny 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.

Go to site