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.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Sunny Loan | 2013 (ceased trading 2020) | Instalment loans | More info |
 |
Lending Stream Instalment Loan | 2008 | Instalment loans | Go to site |
 |
Moneyboat Short Term Loan | 2011 | Instalment loans | Go to site |
 |
QuidMarket Short Term Loan | 2011 | Instalment Loans | Go to site |
 |
Mr Lender Short Term Loan | 2009 | Instalment loans | More info |
 |
Conduit Short Term Loan | 2012 | Instalment loans | Check eligibility |
Touting itself as a payday loan alternative, Sunny was one of many companies filling the gap left behind by Wonga (after the high number of complaints and compensation claims brought it down) until it followed suit in June 2020. With Sunny, borrowers could typically expect a quick decision with no impact on credit scores, and no fees but a high APR.
Many lenders like Sunny are now moving away from traditional, less-than-one-month payday loans to offer instalment loans of up to a year or longer. That can be handy – letting borrowers spread the cost of a hefty outlay into lots of small payments – but it usually works our more expensive overall. Always aim to keep your loan as short as possible, but make sure you can afford the repayments.
Like the other lenders we feature with similarly chirpy names, Sunny was authorised and regulated by the Financial Conduct Authority registration (it was a trading name of Elevate Credit International – registration number 673771).
Lending Stream (visit site) is a direct lender (not a broker), which, like Sunny, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £1,000 less than Sunny was offering just before it ceased trading (although for new customers the maximum is £800) but with a lower representative APR of 1,333%. As with Sunny, you can repay early at any point.
Lending Stream 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.
Next up, Moneyboat (visit site) is also a direct lender, which, like Sunny, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £1,000 less than Sunny offered (although for first-time users the maximum is £800) but with a higher representative APR of 939.5%. You can repay early at any point.
Moneyboat 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.
QuidMarket (visit site) is another direct lender, which, like Sunny, offers instalment loans – but of up to £1,500 over terms of up to 6 months. That's £1,000 less than Sunny but with a lower representative APR of 1,297.6%. You can repay early at any point.
QuidMarket representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1297.6% and total payable: £454.37 in 3 instalments of £151.46.
Mr Lender (read review) is a direct lender which, like Sunny, offers instalment loans – but of up to £1,000 over terms of up to 6 months. That's £1,500 less than Sunny (although for new customers the maximum is £500) but with a lower representative APR of 1,245.8%. Unlike Sunny loans, Mr Lender loans come with decreasing monthly repayments. You can repay early at any point.
Mr Lender representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,245.8% and total payable £367.40 in payments of £81.33, £73.23, £65.13, £57.33, £49.24, and £42.14.
Finally, Conduit (check eligibility) is our last direct lender, which, like Sunny, offers instalment loans – but of up to £1,500 over terms of up to 18 months. That's £1,000 less than Sunny but with a lower representative APR of 217.5%.
Conduit representative example: Borrow £500 for 39 weeks at a rate of 111.03% p.a. (variable) with a 3% variable admin fee of £15. Representative APR 217.5% and total payable: £756.78 in 39 weekly payments of £19.02.
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