Sunny Payday Loans
One of the UK’s largest short term loan providers, Sunny has customers right across the UK and is a trading name of Elevate Credit International Limited.
Sunny is a member of the CFA (Consumer Finance Association). It offers loans from between £100 to £2,500.
What are Sunny's USPs?
They claim the following USP’s
No application fees
You will only pay daily interest on the money you borrow
Range of loans
The range is between £100 and £2500 and there are a variety of loan terms available
You can overpay your loan by selecting the flexible overpayment plan and are allowed to make one off additional payments
Money tips section
The company is keen to point out that they provide all customers with money tips and advice ensuring that they help people manage their finances better
Sunny are also keen to promote the fact that you will never pay more than 0.8% per day and will never pay more back more in interest than the amount of loan you originally took out. If you also get into trouble the company say they will cap your interest whilst your problem is being resolved, so you don’t accrue interest whilst you are in difficulty
Changing your mind
The company gives you 5 days to change your mind
The Application Process
Applications for a loan with Sunny have to be received through their website. You will need to have to hand your employer details, bank details (including sort code and account number), as well as three years of address history. You will be asked for details of your income and expenditure information, including any current financial obligations, to ensure you can repay the loan. Credit checks are carried out on you and you will need to realise that a footprint will be left on your credit file when you apply.
The application process is paper less however in some cases there may be a need to verify information via email or mobile.
You will get the decision back in minutes. Once you loan is approved then the cash is in your bank account within 15 minutes. If your bank accepts Faster Payments, then you may have access to the money straight away, but it depends on how quickly your bank processes deposits. Most banks operating Faster Payments will credit your account within an hour. Your bank should be able to advise you more precisely as to when it will credit your account.
Repayments are taken from your bank account each month. This is called CPA (Continuous Payment Authority).
To apply, you must be at least 18 years old, a UK resident and have a UK bank account and debit card. You must also be employed, with a net income of at least £500 per month, and have a mobile phone.
Can you have more than one loan at the same time with Sunny?
Yes, you can have up to three loans at the same time using the Apply Now button within your My Account. Each new application however is assessed on its merits, credit and affordability credits are carried out afresh each time.
How Much Can You Borrow?
You can apply for between £100 and £2,500. Each loan is for a fixed term but you can repay early by taking out a flexible overpayment plan.