Customer Service - 9.5
Speed of paying out loans - 9.4
Application Process - 9.7
Cost of Loan/APR - 9.5
Summary : Innovative and flexible, Sunny have come up with a fantastic loan product that cannot be ignored.
Who are Sunny?
Sunny is a new type of finance – never before seen in the UK, Sunny offer the very first ‘No Fee Guarantee’ loan in the UK. There are 2 different loans available with Sunny which are explained in more detail below.
Sunny are one of the UK’s largest short term and payday lenders with a national presence. They are based in London and Suffolk and are owned by the US finance giant Think Finance. Sunny are authorised and regulated by the Financial Conduct Authority and are a direct payday loan lender – they are the ones that will lend you the money.
Read on for more information about Sunny and their loans.
Essential Loan Information
- This loan is suitable for those with poor, average or good credit
- The maximum loan for a 1st time customer is £1000
- Loans are funded 7 days per week
- There are NO application fees
- There is NO fee to transfer the loan to your account the same day
- The minimum age to apply is 18 years
- The loan term for a payday loan is up to 30 days and for a line of credit it is 5 months
Why choose Sunny?
- There are no hidden fees at all with a Sunny Loan
- You can lower your interest rate by repaying on time and watching their money management videos
- They are the only lender to offer a ‘No Fee Guarantee’ – there are no late payment or default fees, ever
Loan Types Available
Sunny offer payday loans from £100 to £1000 and from 3 to 30 days. You can repay your Sunny loan at any point within 5 days and you will not be charged any interest at all – this again is a UK first. Your loan must be repaid in full on your next pay date.
Flexible Line of Credit
Sunny also offer their customers a flexible line of credit. When you apply for this product, you will be given a credit limit up to £1000 (depending on your score). With a line of credit, you can use as much or as little of your credit as and when you need it, and you only ever pay interest on the amount you’ve borrowed. You have up to 5 months to repay your loan and you can request further loans up to your credit limit as many times as you need to. Your line of credit account will never close, it will always be available to you when you need it.
The loan application process is completed online and a decision will be given to you instantly. There is generally no need to provide any documents such as bank statements. Sunny, like nearly all other payday lenders, may look to verify your employment via a discreet phone call to you at work – they will never disclose where they are calling from or why they are calling.
How are you protected?
Sunny are members of the following trade bodies;
- Authorised and regulated by the Financial Conduct Authority
- Members of the Consumer Finance Association
- Members of the Consumer Credit Trade Association
- Members of the PCI Security Standards Council
There are currently no special offers, promotions or voucher codes available
What happens if I do not repay Sunny on time?
Sunny are the only lender to offer a ‘No Fee Guarantee’ meaning that they will not charge you anything for missing a payment. However, your responsibility is still to ensure the loan is repaid and they will work with you to settle your debt. If you continue to avoid repayment, external collection practices may be used which may involve additional fees and charges.
Using Payday Loans and other Short Term Loan products
Do’s and Dont’s
- Only ever borrow the amount you need, never more
- Ensure you understand the risks of using this type of credit – you can read more here
- Make sure that you have taken into account the repayment that will be due on your next payday
- Shop around on our website to ensure that this lender offers the best product for your own circumstances
- Take out a loan if you know that you will be unable to repay on time
- Be dishonest in your application
- Over commit yourself with payday loans, if you already have existing loans, seek professional advice here
Places you can get free Debt Support and Advice
If you would like to know more about how we score and review our Payday Loan Lenders, please click here: Reviews – How they are put together
It is extremely important that you understand the risks of using Payday Loans. We want to ensure that you are fully aware of the commitment you are making and the consequences of non-payment. We have put together a series of articles we strongly recommend you read prior to applying for a Payday Loan.
Please click here to see them all: Essential Information, Guides & Resources