A little bit more about the brighter day lender
Credit intermediary not a lender. Representative Example: Amount of credit: £1000 for 11 months at £102.22 per month. Total repayment of £1226.64. Interest: £226.64 Interest rate: 47.5% pa (fixed). APR rates range from 9.3% APR to 102.5%.
Struggling to Find Sunny Loans?
Don’t worry; you are not alone. The UK lender that operated through the brand “Sunny” has ceased trading and has since exited the market. The company that owned the once-popular loan brand, “Elevate Credit International Limited,” went into administration on 29 June 2020. Although able to generate a gross profit until the end, it is thought that historic mis-selling complaints were the reason for their collapse. Parts of the intellectual property (Domain Names, Trademarks etc) that once belonged to Elevate have since been acquired by another company, and the site has since been relaunched.
Short History of Sunny
The company (Oasis Financial Services Limited) would start out as a small family run UK regional lender in 2004. The company would see a number of name changes over the years. In 2012 the company would eventually sell to an American investment company. It is under this parent company’s guidance that would eventually lead to the Sunny we knew.
The “Sunny” brand first obtained its consumer credit license (594425) on June 3, 2013. At the time, the company was called Think Finance (UK) Ltd, with “Sunny” being their trading name. Sunny’s first loan was completed almost a month later, on July 1, 2013.
Controversial APRs
Our research has shown that when they launched in 2013, their maximum loan value was just £500, with a Representative APR of 1,971%. While short-term loan APRs are often a misrepresentation of the true cost of a Payday Lenders gross profits, in this case, as the loan was to be completed over a full year, the annual rate does appear to show criticism to be warranted. Their loan products were bordering on extortionate and frighteningly expensive.
Sunny’s RAPR example was based on a borrower borrowing just a loan of £350 over 12 months, with each repayment costing £105.65 per month, resulting in a total repayment of a whopping £1267.80. This resulted in the product costing £917.80 in interest alone.
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| If approved, can I borrow over 1, 2 or 3 repayment periods? | Yes* |
| What is the standard fee for fast funding? | Free |
| How much can new customers borrow? | Up to £1500† |
| How much can returning customers borrow? | Up to £2000† |
| What is the maxium total amount repayable for an 90-day, £300 loan? | £216.00 |
| What is QuickQuid's advertised representative APR? | 47.5% |
Memberships
Sunny was at one time a member of the CCTA (Consumer Credit Trade Association), the trade body that worked with the UK Government to roll out workable changes within the industry.
QuickQuid v Sunny
Historically, QuickQuid has always been cheaper than Sunny. We’d like to think that we have continued that custom into the era of new ownership. The way our system is set up is that we attempt to place our applicants with the cheapest lender first. By letting our preferred lenders compete for applicants, our customers can get the best offer from a number of lenders just by completing one application. Whilst this may not mean much right now, if we do our job correctly, it will result in you paying less each month in repayments.
Improved Acceptance
Because we work with a wide range of lenders, the chances of an application being approved are much greater than if we were to place the potential borrower with just one lender. More decisions equal more chance of being accepted.
Soft Checks
All of the lenders on our panel will only perform a soft credit check. This means that your credit record won’t be affected by multiple hard searches.
No Fees
Neither we nor our lenders will charge any upfront fees for our service. If we can successfully place you with a lender,
Alternative Payday Lenders
Sunny FAQs
An Honest Look At A Former Competitor
Do I still have to repay my old Sunny Loan?
Technically, yes. The administrators of Elevate Credit International Limited sold the loan book to a number of third-party companies. Sunny offered its last loan in 2020, which is around 4 years ago. The maximum time a lender can chase an unsecured debt in the UK is approximately 6 years. The creditor also has to show that they have actively pursued that debt during that time. In our opinion, it’s unlikely that creditors will have spent money doing that. It’s also worth remembering that while lenders have 6 years, this clock can be reset if a borrower starts to make an arrangement and small repayments.
Technically, yes, it needs to be repaid. In reality, it wouldn’t be something we would be chasing if it were us.
We’d urge borrowers to get some independent advice before speaking to anyone claiming to be collecting debts on behalf of Sunny.
What’s the most I can borrow from Sunny today?
Sunny is now a broker, rather than a lender, like most customer-facing finance brands today. It’s common. With Sunny, you can apply for a loan up to £2500 spread out over 3 years.
Could Sunny go bankrupt again?
Highly unlikely. The way Sunny is now structured means that the customer-facing brand that holds all the intellectual property is separated from the lenders. Lending is now so tightly controlled that this won’t happen, but even if loans were ever to be mis-sold again, it wouldn’t affect the customer-facing brands unless they were blatantly.
When will Sunny payout on mis-sold Loans?
Our understanding is that the liquidators have now officially wound up Elavate Credit International Limited. The administrators (KPMG UK LLP) would only have done this if they were ready to make settlements with former customers.
If you haven’t already had a settlement from KPMG, we believe that it would be almost impossible to now make a claim.
