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On 29th June 2020 Elevate Credit International Limited was placed in administration and ceased all new lending activity

Who are Sunny?

Sunny is a trading style of Elevate Credit International Limited. They market themselves as a provider of “fast and flexible loans” providing short-term loans to customers with an emphasis on providing a fair service. Sunny have been operating in the UK since 2004 and are one of the most recognisable short-term loan providers in the UK.

Sunny Loans

What sort of loans do Sunny offer?

Sunny allow applicants to apply for loans valued between £100 and £2,500.

How long do I have to repay a Sunny loan?

Sunny customers can choose to repay loans back between 1 month and 6 months.

What interest rates am I likely to be charged?

Sunny’s advertised Representative APR is 1266.00%, with a daily interest charge of 0.80%.

As an example of how much interest you could pay on a loan, if you borrowed £100 for 6 months you would pay back a total of £198.75 across 6 monthly instalments of £33.13. This would be based on a fixed annual interest rate of 292% and the above APR.

How do I apply for a Sunny loan?

There some basic eligibility standards you will have to meet before applying for a Sunny loan. This requires you to be:

  • Aged 18 or above
  • A UK resident
  • In possession of a UK bank account and debit card
  • Receiving an income of at least £500 each month
  • The owner of a UK mobile phone number

You can apply for a Sunny loan by completing the application form on the website. They will ask for employer details, full bank details and three years of address history. Sunny also require income and expenditure information to ensure you can afford to repay the loan without struggling financially.

Can I repay the loan before the 6 months are up?

Customers can repay the loan in full at any time or make a payment larger than their expected monthly instalment. Sunny state that no additional fees will be applied if you wish to pay off the full loan early.

Are there any late payment fees?

Sunny state there are no fees charged for late payment.

How quickly will the money arrive in my bank account?

One the loan has been agreed Sunny state the money will normally be sent within 15 minutes. It usually takes an hour to clear in most banks, but this may vary.

How does their 5-day money back guarantee work?

If you wish to return the full loan within 5 days of borrowing the money, this can be done without having to pay additional interest. It also gives you the option to change your mind without losing any money. It can be used by Sunny customers a maximum of three times a year and can only be completed by contacting the customer service team by phone (more information below). Please bear in mind that the footprint on your credit file will not be removed even if you decide to return the money.

Are Sunny regulated by the FCA?

Sunny is one of the trading names for Elevate Credit International Limited, who have been regulated by the FCA since 22/2/16. Read full details on the FCA register.

What are the Sunny customer service details?

To contact Sunny by email use help@sunny.co.uk.

For phone enquiries you can call 0800 7315 444, Monday to Friday between 8.30am and 7pm, and on Saturdays and Sundays between 9am and 4pm.

Is there any online account or app for me to manage my loan?

Sunny do not offer an app but customers will be given their own account to manage their loan online.

Can I find Sunny on social media?

Twitter: @wearesunny

What do customers say about Sunny?

Sunny have over 6,950 reviews on Trustpilot (as of March 2020) producing an 'Excellent' rating of 4.3/5.

Sunny summary

Sunny are a direct, short-term provider of loans for working people. They offer the option to pay back the loan in full without charge within 5 days of receipt, should you change your mind.

The representative APR stands are 1266.00%, with a daily interest rate of 0.80%, and loan values between £100 and £2,500 available that are spread across fixed terms between 1 and 6 months.

To apply for a Sunny loan the company asks that you are:

  • At least 18-years-old
  • A full UK resident
  • The owner of a UK bank account and inked debit card
  • Taking home a monthly income of at least £500
  • In possession of a UK mobile phone number

There are no late payment fees and funds are typically transferred within 15 minutes. Sunny are regulated by the FCA (under Elevate Credit International Limited) and have an ‘Excellent’ rating of 4.3/5 on Trustpilot.

Representative 49.9% APR

Representative Example

Amount borrowed: £1200 for 18 months
Number of repayments: 18
Interest rate p/a: 49.9% (variable)
Each repayment amount: £90.46
Total amount repayable: £1628.28

Warning: Late repayment can cause you serious money problems.
For help, go to moneyadviceservice.org.uk

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