Sunny loans review (original) (raw)

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.

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

Cons

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 tick
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.)

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

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Izzy Thomas is a senior associate publisher at Finder specialising in credit-based products including credit cards, business loans and personal loans. Izzy has a Masters in Publishing and a Bachelor of Arts in International Business Management. See full bio

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