Sunny (Sunny.co.uk) is a UK-based short-term lender that provides a multitude of financial products. The company’s most popular product is its payday loan. Sunny boasts that it is different from all other providers because it uses a system of transparency, fairness and honesty. The company lists its terms on its site so that new borrowers will know exactly what they will have to pay. Additionally, Sunny gives its borrowers a five-day period during which they can change their minds about the cash advance. The company is one of the only short-term lenders to make such a fair gesture.
APPLICATION REQUIREMENTS:
Applicants will have to fulfill three requirements before they can apply for short-term loans with Sunny. First, all applicants must be over the age of 18. Secondly, applicants must have a United Kingdom address. Thirdly, applicants must have a valid United Kingdom bank account with an attached debit card. The UK bank account should be open for at least 90 days, and it should be clear of negative transactions. Negative transactions include insufficient funds transactions and account overdrafts. The company recommends that an applicant have a stable source of income and a healthy disposable income amount.
LOAN AMOUNT AND CHARGES:
A new applicant can apply for a short-term loan that is between £100 and £1000. The person can request to borrow the money for a period of three to 30 days. A £100 loan for a term of 30 days would cost the consumer £28.99 in interest. A £500 loan for 30 days would close the consumer £144.99 in interest.
PROCESS:
The application process is quite simple for a Sunny loan. The consumer would first complete a brief online application. The company will provide an instant decision, and it will deposit the funds into the borrower’s account within 15 minutes. The borrower can spend the funds as he or she desires, and the company will deduct the payment from that person’s bank account debit card on the scheduled payment date.
PAYMENT:
The borrower can choose a repayment plan that best fits his or her situation. Sunny tries to schedule the repayments by the borrower’s pay dates. The borrower can select the single repayment option or up to three payments. Sunny is different from other lenders because it does not charge its customers hidden fees and charges. Every step of the borrowing process is straightforward and honest.
