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 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.
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 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 |
| Link | More Info |
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.
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
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.
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.
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:
| 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. |
| Link | More Info |
Sunny is no longer taking loan applications due to the company entering into administration.
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.
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.
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 number | 0800 7315 444 |
| Link | More Info |
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.
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