Lender in Focus 10.2: Sunny advantages

Sunny advantages

Sunny advantages

Sunny offers consumers the opportunity to apply for fast, flexible short term loans. CashLady takes a closer look at the Sunny advantages.

Sunny advantages include flexible loans

Both new and existing customers can apply for loans of between £100 and £2,500.Sunny offers a variety of rates and terms.

Sunny offers a variety of rates and terms.

Your interest rate and the repayment term of your loan will depend on how much you want to borrow.

For loans of between £100 and £1,000, the loan term will be fixed at 6 months.

If you would like to borrow between £1,100 and £1,500, your loan term will be 7 months.

For those who wish to borrow between £1,600 and £2,000, you will be looking at a 9-month loan term. A

A 14-month loan term is available for loans that are over £2,100 (up to the maximum £2,500).

Interest is charged daily and is capped at 0.8% per day.

You can take out more than one Sunny loan

Existing Sunny customers are able to have up to four loans at the same time. Through your online account, you will be able to check your eligibility and apply for further loans.

The process of applying for another loan is much quicker. Sunny will pre-populate your application with the information you have already given them. This means that you will not have to go through the full application again.

However, all loan applications (including applications to take out further loans) are subject to affordability and credit checks.

Save on interest if you repay early

With Sunny’s short term loans, how long you have to repay depends on how much you want to borrow.

As interest is charged daily, if you choose to repay your loan early, you could save money on the total interest repayable on your loan.

You can make these one-off payments by logging into your online account.

You can change the regular repayment amounts

Customers can choose to pay more each month to reduce the amount of time it takes them to pay off their loan. This can save you money on interest.

You can do this by logging into your online account and checking your payment schedule options.

Get your cash within 15 minutes of approval

If you are approved for a loan with Sunny, you could receive the cash into your account within 15 minutes. Most people will get a decision straight after completing Sunny’s online application form.

Sunny never charge fees

Sunny only charge interest on the money that you borrow.

There are no admin fees, application fees or late fees.

Sunny advantages include applications processed 24/7

Sunny processes applications 24 hours a day, 7 days a week. This includes bank holidays.

If your application is approved, no matter what time of day or night, Sunny will transfer the cash to your bank account within 15 minutes.

If additional documents are required, it may take longer for your application to be approved.

Application form

New customers are able to apply for a short term loan through Sunny’s online application form.

The application form consists of four pages.

At the top of the first page, you will be asked how much you would like to borrow.

Customers are able to pre-fill in some parts of their application form. They can do this by connecting with Facebook, Twitter, Instagram or LinkedIn.

Assuming that you haven’t connected Sunny with your social media account, you will then need to complete the ‘About you’ section. This includes information such as your name, date of birth and number of dependents.

You will also need to provide Sunny with your contact details and then create a password for your online account.

The second part of the application form requires you to disclose your employment status. As well as your income and monthly household expenses. You will need to inform Sunny of expenses including your rent/mortgage, your transport costs and your food costs.

Sunny application form

As part of your income information, you will need to let Sunny know when you are paid and confirm your next pay dates.

The third section of the application form asks for your bank account and debit card details. You will also need to confirm your mobile number by entering the validation code you should have received via SMS.

At the end of this section, you will be required to tick that you have read and consent to Sunny’s privacy policy and data policy.

You can then submit your application.

Most people receive an instant decision, informing them whether or not they have been approved for a loan.

Who can apply?

In order to be eligible for a Sunny loan, you must be a UK resident and have a UK bank account and debit card and be at least 18 years old.

You should also have a mobile phone and a net income of at least £500 per month.

Credit searching

As a responsible lender, Sunny will carry out affordability and credit checks on all applications they receive. This not only ensures that Sunny only approves applications from people who they believe have the ability to repay what they borrow but also assists with fraud prevention.

Sunny provides customers with information about the Sunny data usage policy through the Your data section of their website. Customers can also find more information about credit checks in the ‘Your data’ section.

Sunny is unable to inform customers if they will be accepted for a loan before they apply. This is because each application is assessed on an individual basis and Sunny takes a number of different factors into account. It’s important to remember that when you apply for a loan, this will leave a footprint on your credit file.