If your queries are about sunny loans, like sunny loan contact numbers, login details about loan claims , refund policies then this article is going to be very helpful for you.
Table of Contents
Who are Sunny Loans?
Sunny Loan is a UK-based direct lender and a trading name of Elevate Credit International Ltd. The company is registered in Wales and England and is based in Eastcastle Street, London.
The company is authorized and regulated by the Financial Conduct Authority (FCA). Elevate claims to have been “founded on a heritage of data and innovation linked to fair lending practices.”
In this context, the company lends to non-prime customers who would otherwise not have access to its services. Its ultimate goal is to “create a financial future that is fair for all.”
Pricing is transparent, and the platform uses advanced technology and analytics to lower the interest rates borrowers pay.
Pros and cons of Sunny Loan financing
Advantages
- After funding, you have five days to change your mind and repay the loan without interest.
- There is a support team in the UK
- There is a comprehensive FAQ section
- You can use our online loan calculator to estimate the cost of your loan and find the deal that suits you best
- Simple application process
- Fast approval and funding in 15 minutes
- Payment vacation in December.
- Up to four loans at once, with verification of affordability and ability to repay
Disadvantages
- Lenders perform a rigorous credit check that affects your score.
- Loan terms are relatively short, up to 6 months.
- A maximum daily interest rate is charged
How do Sunny Loans loans work?
Sunny Loans offers its services online and grants loans from 100 to 2,500 pounds. There are no fees for applying for a loan, and there are no fees for repayment either. You only have to pay the interest rate up to the legal limit.
In addition, there is no fee for early repayment, which has a beneficial effect on interest savings. As a rule, you can take out a loan for up to six months.
Applying for a loan is easy, and if approved, you can get your loan in as little as 15 minutes.
One of the highlights of this loan is that if you are not satisfied with your purchase, you can cancel the loan and repay the principal within 14 days. The icing on the cake is that you don’t have to pay a dime in interest within the first five days.
Credit check
Before you apply for a loan on the platform, you can estimate the cost using an online calculator. This is a handy tool that will let you know the interest rates without affecting your credit score. However, your final interest rate may differ from this estimate.
As a responsible lender, Sunny Loans performs a credit check before approving your loan. This confirms your identity and also shows your past record with money.
Regardless of whether this is your first loan on the platform or a subsequent loan, lenders will always perform this check. Before going through the entire application process, they may conduct a “soft search” to get an indication of whether you are likely to be eligible.
The soft search does not affect your credit score and does not leave a visible mark on your credit history. If you feel you are likely to be approved after this search, you may proceed with your application.
When you apply for credit, you will have to perform a tedious search that will affect your score. Note that this search takes into account the number of recent queries on your report. A high number indicates that you are in trouble and therefore may not be able to pay the loan.
If your loan application is approved, you will receive a repayment plan. You will also be given access to an online account area. You can use it to keep track of your upcoming payments and balance and make additional payments if you wish.
Interest rates and repayment
Lenders are kind enough to send you a reminder before the due date so you can organize your finances and keep up with repayments. They use a Continuous Payment Authority (CPA) to collect payments.
With a CPA, they can collect payments directly from your bank account using the debit card information you provide when you apply. This is different from direct debit, which must be approved by your bank and incur a fee if you don’t have enough funds.
If you don’t want to use the CPA, you can cancel it at any time. Instead, you can pay by phone, by online banking, or with an online account on the platform.
Through this online account, you can also change your payment schedule and shorten it to lower the interest. You can also increase the number of your repayments through the “Payment Options”. However, to reduce the repayment amount, you must contact your repayment representative.
You can reduce the total amount of interest by making a one-time payment, either through your online account or by phone. Once you have made a payment, the automated system will send you a refund email with your current balance. This can take up to an hour. So allow time for additional transactions, such as refunds.
December refund holidays
An interesting feature of Sunny Loans is the December repayment break, which has been carefully planned as December can be a difficult economic period. If you need to make a repayment between December 14 and 31, you can postpone it.
To use this option, you must select this option when you apply for and use the new repayment plan. You will not be able to use this option at any time after you have applied for or received your loan.
What kind of loan products do Sunny Loans offer?
Sunny Loans offers some of the best payday loans that differ from the traditional definition of this type of loan. With a payday loan, you typically borrow a small amount of money and pay it back in full on your next payday.
However, with the Sunny Loans alternative, you can borrow a slightly larger amount than the average payday loan offers. In addition, repayment can be made in installments over a period of time. Each month, you can repay a portion of the principal and interest that has accrued during the period.
Eligibility criteria for Sunny Loan financing
In order to receive a loan from Sunny Loan, you must
- You must be a resident of the United Kingdom
- You must be over 18 years of age
- Provide proof of regular income
- Proof of residency for the last 3 years
- Bank account details
- If you have a cell phone
- You must have an email address
- Must not be bankrupt
- Credit score and affordability check
Information that the borrower must provide for a Sunny Loan
This is the information we need from you when you apply for a loan.
- Personal information
- Contact information
- Bank account details
- Workplace details
- Debit card details
- Address history for 3 years
- Details of income and expenses, including current financial obligations
What is the cost of borrowing from Sunny Loans?
These are the costs associated with taking out a loan with this lender.
- Typical APR – 1.281
- Maximum annual percentage rate of charge – 1.617
- Application fee – Zero
- Administration fee – No
- Late payment fee – No
- Prepayment fee – Zero
- Daily interest rate – 0.8
Typical example
- Loan amount – £100
- Term of the loan – 6 months
- Monthly installments – £31.91.
- The total amount of repayment – £191.48
Is it safe to take out a loan with Sunny Loans?
Yes, Sunny Loans is regulated and authorized by the FCA. They are a direct lender and therefore do not share your sensitive information with third parties. Moreover, the website uses advanced encryption protocols to protect users’ data.
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Oliver is a professional blogger and a seasoned business and finance writer. With a passion for simplifying complex financial topics, he provides valuable insights to a diverse online audience. With four years of experience, Oliver has polished his skills as a finance blogger.
