Sunny Loans

Warning: Late repayment can cause you serious money problems

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Representative APR

This article is not intended to contain information about, or advertise, products offered by us but is intended to contain information, give opinions or discuss generally available products/services.

Author: Internal 

Editor: We asked some of our staff to research other lenders and write an article about them. The information in this article came from publically available sources as was available at the time the article was researched. Readers should be aware that this article does not contain 'insider knowledge' of the company researched and that they policies and processes may have since changed.

Payday loans in general are something you should avoid unless they are really need. Since they are usually easy to get, you are seduced into believing that it is just as easy to pay it back. However, once you have the payday loan, you will realize that it charges more per month than a credit card might for a year. 

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However, if you have tried all the alternatives and have no other choice but to take a payday loan, you should know that, like all industries, there will be some offering 'better' terms than others. What 'better' means is there are some businesses that do not seek to take all your money from you. As now there are rules and government regulations that have worked with payday lenders to cap interests and fees, you will find that lenders will be offering better deals.

Lenders can now only charge up to 80p interest per £100 per day. This means that if you borrowed £100 for 30 days, you should never pay more than £24 for the interest. You also cannot be charged more than £15 in total for late fees (Not a maximum of £15 PER late fee, byt £15 total for all late fees). Lastly, you should never have to pay back more than double of what you borrowed to start. If you borrowed £100, in the end, with all interest, fees and charges added together, you will not pay back more than £200.

Sunny Loans is a popular payday lender in the United Kingdom. Even though it is hard to call any payday lenders a good deal due to high interest rates of payday loans, Sunny Loans does try to keep their costs down and help their clients.

If you borrow £100 from Sunny Loans for one month, you will have to pay back £124. Sunny Loans also allows you to pay early, and this means you will be paying less in the end as you pay by day. You can also choose a loan length of up to six months.

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Sunny Loans is also regulated by the FCA and have signed up for the Good Practice Charter. The Good Practice Charter is a voluntary industry code that is a set of guidelines provided for responsible lending. Among many things, the code commits Sunny Loans to not pressure someone to enter or extend their loan agreement and promises to tell you how the loan works and the total cost of the loan. It also tells you where to get debt help if you are in a financial difficulty.

In essence, Sunny Loans is doing its best to help you get out of debt and into a financially stable point of your life. As you are considering to take out a payday loan, it is important that you have a larger goal in mind of how you will be living a debt free life. Sunny Loans helps with its online advice and even has videos and money tips to help you along the process.

Choosing a Payday Loan with Sunny Loans

Choosing a payday loan can be a difficult task. As no payday loan will ever be completely beneficial for you, it is hard to go about choosing one. However, there are companies that are better than others.

First, you should decide if you can take one of the alternatives to payday loans.

One alternative is to check with friends of family if they can help you out. These loans are normally interest free and they might be more flexible if you financial difficulties continue. 

If you can, try and use an existing credit card that you have. You should only use this option if you are sure you can pay everything back. This is often interest-free if you pay it back in full in the same month which will make it cheap and an easy alternative to payday loans. Remember, only take this option if you can clear the card by the end of the month. Otherwise, you will start paying interest. Also, cash withdrawals will cost you a fee and interest so only use your card.

If you must choose a payday loan, go for one that has a low APR, and allows early repayment. Sunny Loans is an example of a company in the UK that is a responsible lender. They aim to give you complete control over your financial situation and to get you out of the stage you are currently in at the moment. They follow the three caps that the Government has enforced by only charging 80p interest per £100 per day, meaning you should not pay more than £24 in interest for every £100 you borrow in 30 days. You also will not be charged more than £15 for a late fee, and you will never pay back more than double of what you borrowed. These rules are set to help you succeed, and Sunny does much more than that.

Sunny Loans also assesses your situation of what you can afford to repay, and will give you the amount requested based on that. They offer fixed sum instalment loans anywhere from £100 to £2,500. You can choose to pay back at anytime, and if you are early in payment, this will save you money.

You can repay quickly through your debit card, and you can make any additional payments without a penalty through an online account. If you can afford to, you can even make regular overpayments to quickly pay off your debt.

Sunny Loans also offers financial advice on their website with helpful videos and blog posts. They are dedicated to helping their clients succeed financially. You can even receive statements by email, get text message updates, and view your balance and payments online. This way you are always in the loop and will be completely in charge of your financial life to change it for the better.