Lender in Focus 10.1: Sunny overview and history

Sunny overview and history

Sunny overview and history

As an FCA-authorised credit broker, we at CashLady work with a panel of leading lenders to find the best short term loan for you. Different lenders often have different criteria. That is for; lending, repayment terms, and for the services they provide. Sunny is just one of those partners.

Using our lending partners, we are able to help people access the short-term funding they need. Often to help them overcome unexpected, temporary cash-flow obstacles. One of our partners able to provide short-term and instalment loans is Sunny.

Sunny are a UK based company who typically offer credit solutions from £100 to £2500, up to a term of 14 months. They have an ethos of transparent terms, meaning there will be no hidden or punitive fees. They aim to provide products which are ‘transparent, fair, and flexible’.

In this series, we take an in-depth look at Sunny, what they do, and how they operate.

Who are they?

Sunny are part of Elevate Credit International Limited. They are regulated by and registered with the Financial Conduct Authority and have been since 2015. They are a UK based company with a headquarters in London, and a UK based customer service centre. Their company number is 05041905.

They are contactable through their website at https://sunny.co.uk/, via email, telephone, and even Twitter.

Sunny’s ethos

Sunny, and Elevate Credit International Ltd, provide financial solutions to non-prime borrowers. Through their company, they are able to arrange short-term credit and instalment loans to people who need cash but have been refused by their bank.

Borrowers can change their minds about any short term loan or instalment loan by paying back the loaned amount in full within 5 days. Within the statutory 14 days cooling off period, all loans (plus any interest) can be paid back in full.

As a responsible lender, they carry out stringent credit and affordability checks. That is, before approving short-term loans. They are committed to ethical lending practices and not providing credit to people unable to pay back the amount borrowed.

Sunny have a very high Trust Pilot rating of 8.9 out of 10 (over 1,500 reviews).

Who can borrow from Sunny?

To take out a short term loan or instalment loan with Sunny, you will need to be aged over 18. Along with being a UK resident, have a regular income of over £500 per month, have a UK bank account and debit card, and have a mobile phone.

You will need to provide details of your employer and three years’ worth of address history. As well as more details about your regular expenditure and financial obligations. This is so Sunny can assess your capacity to pay back the amount loaned to you.

What loan products do they provide?

Sunny provide short-term loans and instalment loans on a flexible basis. They can lend anything from £100 to £2500 up to a maximum of 14 months. Within these limits, you can choose how much you’d like to borrow and the term you’d like to borrow it for.

Early repayment is welcomed. You can pay back a little extra each month, or make a one-off payment, which will reduce the interest and the amount you will repay in total. You are provided with an online account so you can access your information and see how much you owe. Also, you can increase your regular monthly payments, or make a one-off repayment.

Customers can have, subject to eligibility, up to four loans at the same time.

How does Sunny work?

You apply to this financial lender through their website or via telephone. It should take a few minutes to complete an application.

Once you have applied to Sunny for a short term loan, your application will be assessed straight away. Sunny will carry out credit and affordability checks, and once approved, you can have the funds put into your UK bank account with 15 minutes.

Each application is assessed individually. Every application you make will leave a record on your credit file. Sunny process loan applications 24 hours a day, 7 days a week, including bank holidays.

how sunny works

They do not charge a fee for applying, or for admin, or even charge late fees. Repayments are through Continuous Payment Authority, which is commonly referred to as a CPA. This is a regular repayment made via your debit card.

Interest is calculated daily, so making extra repayments even a day early will reduce the total you repay overall.

How can Sunny help?

Sunny can help you access finance when your bank or other lenders are not willing or able to lend to you. Sunny specialise in granting short term loans and instalment loans to UK residents who need cash quickly. Yet, they do it in a responsible way, only lending to those who are in a position to be able to make the necessary repayments. Applications are assessed on an individual basis and if they are unable to offer you your full request, they may be able to lend a lower amount instead. Until you apply with all the required information, you will never know.

Sunny are an experienced financial service provider. They can also give useful advice to those experiencing financial difficulties. Their blog is a great resource for money-saving advice and tips. Such as this article about how to get your personal finances in order so you can save up for the fun you can have in the summer. Also, these top tips for managing your money as a couple.

How to discover more about Sunny?

You can follow Sunny on Twitter at @wearesunny and @SunnyHelp, where they share their own useful content and can answer any queries.

Their website is a great resource and is also where you can apply for your instalment loan or short term loan. Please visit https://sunny.co.uk/. Here they run a live chat service in case you have any questions for them. They also have a repayment calculator so you can get an idea of how much you will need to repay when you take out a short term loan with them.

Sunny ran a series of TV advertisements recently. You may recall one with a broken down bike, on top of a broken down bike recovery vehicle. That was on top of a broken down van, on top of a broken down truck, on top of a broken down vehicle carrier, all being pulled by a man on roller-skates.

You can watch this (and others) on YouTube at Sunny TV commercial

How do CashLady work with Sunny?

CashLady is an authorised UK credit broker, helping UK customers to find the right loan provider for their needs.

Using a single form, customers complete their details online and submit their application. Sunny are one of the lenders we work with.

If Sunny review your application positively and decide to progress the application, we will pass your details to Sunny. They will then be in touch directly to take you through the next steps before completion.

You may need to undergo a credit check before your loan is fully approved, but you will be advised of this before any credit check is completed.

Final thoughts

You might wonder what the advantage of having CashLady look at your circumstances first are. By then matching you up with the best lending partners for you, it increases your chance of being accepted by the right lenders. It also has less impact on your credit records.

We can’t always guarantee that your application will be accepted by Sunny, or any of our lending partners. Yet in our experience in short term loan brokerage, it can reduce your efforts in getting yourself approved for the short term finance you need.