London-based Sunny Loans is one of the fastest growing lenders in the UK at the moment. Operated by Elevate Credit International Limited, customers can borrow between £100 and £2,500 and have the option to borrow over 6 or 14 months and repay early at any time.
Sunny are a direct lender that functions completely online so you can visit their website and apply for funds. Your loan can be approved within 15 minutes of making an application and your funds can be transferred to your bank account in one lump sum, 24 hours a day, 7 days a week.
Sunny Loans – How Are They Different To Other Lenders
Sunny offer two very distinct loan products. The main product allows you to borrow between £100 and £950 but the minimum period is 6 months, although you can repay early at any point and it will be cheaper to do so.
Here is a representative payment example: Loan amount £400 repayable over 6 months. Total amount repayable £752.24 in 6 payments of £125.38. Interest 292% p.a.
The second product is known as ‘Sunny Plus’ and allows customers to borrow between £1,000 and £2,500 for a 14-month period but again borrowers can repay early at any time. Since the amount you pay is calculated as a daily interest rate, the less time you have the loan open for, the less you pay.
Sunny therefore gives you the option for a short term or long-term loan and you have the flexibility to repay in monthly instalments and spread your repayments over time. This is a lot easier than a payday loan which requires you to repay the entire loan and interest in one lump sum on your next payday.
Sunny also offer a unique ‘5 day cooling-off period’ so if you decide after 5 days that you no longer want you loan, you can request a refund and you will not be charged anything.
Another unique selling point is that Sunny customers are able to have up to 3 active loans open at any time, provided that they meet the standard credit and affordability checks.
Sunny Loans – What is the Criteria?
To be eligible for a Sunny loan, customers must be at least 18 years old, living in the UK, have a working bank account, mobile phone and debit card. Customers must have a net income of at least £500 per month and be in full-time or part- time employment.
A mobile phone is required so Sunny can get hold of you and also because you need to verify your loan by text. A debit card is essential because this is where your funds are transferred and your repayments are collected.
The Checks Carried Out By Sunny Loans
Since the entire application is processed online, Sunny will request your employer details, sort code and account number and your address history for the last three years. Applicants will be asked to provide details of their income and expenditure and any current financial obligations.
Similar to most competitive payday lenders, customers will be put through credit checks so Sunny can get an idea of your repayment history, debt to loan ratio and how many other loans you have open.
Based on this information above, Sunny will be able to decide whether you are eligible for a loan and also determine how much you are able to borrow.
Useful Information about Sunny Loans
Company Number: 05041905
Interim Permission Number: 594425
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.