Finding the best financial solution might be undulating. Thankfully, you can sign up for funding from Sunny Loans to get you out of a fix. Sunny Loans is a UK provider with lots of financial services to offer.
However, just like any other provider, it has its downsides. In this review, we have explored both the negative and positive sides of Sunny Loans to help you decide wisely.
What is Sunny Loans?
Sunny Loans is a direct lending company located in the UK. It is the trading name of ECI (Elevate Credit International). Financial Conduct Authority (FCA) regulated the operations of Sunny Loans. The company claims to offer financial services to non-prime customers. These are customers that might not be eligible to access loans from other lending institutions.
Advantages of Sunny Loans
- Its support team is UK-based
- Approval happens in less than 15 minutes
- There is an extensive FA section on the website of the company
- Clients get access to up to four loans at the same time
- The application process is very simple
- You have five days to change your mind and return the loan without any interest charged
- There is an online loan calculator to help you calculate the cost of your loan and get the best fit
- There is a payment holiday offered in December
Disadvantages of Sunny Loans
- The company charges a very high daily interest rate
- It has short loan terms and only provides a maximum of six months
- The credit checks are hard and might adversely affect your score
How Does Sunny Loans Work?
Sunny Loans mainly offers its services online and offers loans that range between £100 and £2,500. You won’t have to pay any fees while applying for a loan or making repayments. All you have to care for are the interest rates.
It is possible to avoid extra charges and interests by making early repayments. The company provides a maximum borrowing period of up to six months.
With Sunny Loans, the loan application process is straightforward and works very fast. If you get approved, your loan will be ready within 15 minutes. In case of a buyer’s remorse, it is possible to cancel the loan and surrender the principle within the first fourteen days. It is great that if you surrender the loan within five days, you will not be charged a single penny in interest.
Loan Products Offered by Sunny Loans
The company provides Payday loans that are different from the ordinary definition of this kind of loan. With payday loans, you need to take a loan and repay it in full on your next payday.
Sunny Loans lets users take up loans that are slightly higher than the recommended payday loans. Also, the fact that you can repay in instalments makes it better than the traditional payday loan. In each month, you are required to repay a part of the principle as well as the interest accumulated over the same period.
Eligibility Criteria for Sunny Loans
Before you apply for a loan with Sunny Loans, you need to ascertain that you are eligible for it. Here are the requirements you have to meet to qualify for a loan:
- Have an email address
- Submit to affordability and credibility check
- Provide proof of regular income
- Be a UK resident
- Not be bankrupt
- Be at least 18 years of age
- Have a mobile phone
- Provide accurate details of your residential address over the past three years
- Provide details of your bank account
The fact that Sunny Loans is regulated by FCA makes it a safe platform to get some cash. Since they are a direct lender, your sensitive information will not be shared with a third party. Also, the website utilizes advanced encryption protocol that ensures your data is 100% safe.
Sunny Loans FAQ
Yes, it might affect your repayment holiday. You will make the same number of repayments before if you select the feature. However, there is no due date during the holiday period.
The company runs 24 hours each day, including weekends. Therefore, you can make an application at any time of the day and receive your funds, even over the weekends. You should get your funds in 15 minutes regardless of the time of application.
Yes, this is possible. Sunny Loans lets you apply for up to four loans at the same time. You can make applications as long as you have satisfactory credit and affordability checks.
If your application is successful, the company uses your bank account to deposit funds. They also use your debit card details to collect repayments on due dates.
Any loans that are repayable within the 6 months will not attract any additional costs. However, with shorter repayment periods, you will end up paying more than what you would have paid normally.