When you are considering taking out a loan, it is important to fully understand the lender that you are going to be dealing with. The Sunny FAQ is a great place to start.
You may have questions about things such as repayment terms, the amount of money you can borrow or what a lender’s eligibility criteria are.
This selection of Sunny FAQ should help to answer some of the more common questions that you may have about their short term loans.
Sunny FAQ: How much can I apply to borrow?
With Sunny, you can apply to borrow between £100 and £2,500. This is the case whether you are a new or an existing customer.
There are a variety of different repayment terms and interest rates.
You can apply for a loan of any amount but your approval will depend upon your affordability and credit checks.
Sunny may be able to offer you a smaller loan if you are not approved for the original loan amount that you applied for.
Who can apply for a Sunny loan?
In order to apply for a Sunny loan, you must be at least 18 years old. You must also be a UK resident and have:
- a UK bank account and debit card
- a net income of at least £500 per month and a
- mobile phone.
Can I apply for another Sunny loan when I already have one?
Yes. As a Sunny customer, you are able to take out up to four loans concurrently.
You will be able to check your eligibility and apply for further loans through your ‘my account’ area on Sunny’s website.
Sunny will pre-populate the information you have already supplied them with. So you should not need to go through the full application again. However, all applications, including those for further loans, are subject to affordability and credit checks.
When will the money arrive in my bank account?
If your loan application is approved, Sunny will usually send the money to you within 15 minutes.
The vast majority of banks will credit your account within an hour. Yet, if you are concerned about how long the money will take to reach your account once it is sent by Sunny, you should contact your bank. So that they can give you a more precise idea of timings.
How does Sunny collect my payments?
Payments are collected via Continuous Payment Authority (CPA). This is the process by which Sunny will collect your repayments on their due date from your debit card unless you instruct them to do otherwise.
You are able to cancel CPA at any time by either contacting your bank or by getting in touch with Sunny via letter, email or telephone. However, if you do choose to cancel CPA, you will need to make your repayments via another method. This could be by, for example, a bank transfer or you could choose to pay via the ‘my account’ area on the Sunny website. Whatever method you decide on, you will need to make these repayments on or before the date that your repayment is due.
Sunny’s customer support team should be able to provide you with all the details and options on how to make your repayments. Also, they will continue to send you reminders in advance of each due date, to enable you to keep track of your repayment dates.
Is it possible to change my regular repayment amounts?
Yes. You are able to login to your online account and see what your payment schedule options are if you would like to pay your loan back more quickly.
You could save money on interest if you choose to repay more each month, as this will reduce the time it takes to pay back your loan.
Are one-off payments possible?
If you would like to pay off a chunk of your loan, you are able to do so. Simply log in to your online account and select the loan that you want to make this payment towards.
Payment is possible through either the debit card Sunny hold on file for you or through an alternative card.
As interest is charged daily, extra payments could save you money on the interest you pay on your loan. Because you will be paying off your loan more quickly.
I’ve made a payment – how long will this take to appear on my account?
It could take up to an hour for Sunny’s system to reflect your payment and for your loan balance to be updated. Sunny will send you an email when your payment has been successfully received.
What happens if I cannot afford my payments or need to make a late payment?
It is important that you contact Sunny’s customer support team straight away if you are experiencing problems in making payments on time. Or if you anticipate that this might be the case. You can do this by calling 0800 7315 432 or by emailing firstname.lastname@example.org.
Sunny does not charge late fees if you are unable to make your payments on time. Their team will do everything that they can to help you get ‘back on track’ with your repayments. This includes providing you with details of how to get free, independent advice regarding your situation.
Where is Sunny’s customer support based?
Sunny has UK-based customer support.
Sunny is on hand to deal with your queries in their call centre. You are also able to access your account online 24 hours a day, via your mobile, tablet or a desktop computer.
Their phone number is either: 0800 7315 444 or 01284 715 444.
Sunny’s opening hours are 08:30 to 19:00.
Their email address is: email@example.com or you can contact them via Twitter by using @SunnyHelp.