Sunny Loans

Written by:

Cara Bradley

5 minutes mins read

Updated: 2nd July 2024

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Are you looking for information about Sunny Loans? Sunny Loans is no longer trading as a direct lender.†

Little Loans is a credit broker and would be happy to help you search for a suitable loan for your circumstances. You can use Little Loans to search for a loan between £100 and £10,000 with no impact to your credit score.*

*If we match you with a suitable loan and you decide to make a full application directly with the lender, you’ll be required to undergo a hard credit search. Hard searches will remain on your credit file for up to 12 months and will affect your credit score.

Why choose Little Loans as your Sunny Loans alternative?

• Little Loans work with a large panel of lenders offering loans from £100 to £10,000.
• Depending on how much you apply to borrow, you could spread the cost of your loan between 3 and 60 months.
• We, and all the lenders we work with, are authorised and regulated by the Financial Conduct Authority (FCA).
• We don’t charge any fees for our credit broking service.
• All quotes are no-obligation.
• You can check your eligibility before you apply.

Who was Sunny Loans?

Sunny Loans was a direct lender of short-term and payday loans in the UK. Sunny Loans was a trading name of Elevate Credit International Limited and were authorised and regulated by the FCA.

What happened to Sunny Loans?

In June 2020, following a large number of complaints regarding mis-sold loans, Sunny Loans went into administration.

Can I still make a claim against Sunny Loans?

The deadline for submitting a claim with Sunny Loans expired in January 2021. It is no longer possible to make a claim.

Are there any alternatives to Sunny Loans?

Searching for a loan can be confusing and it can be difficult to know where to start. Let Little Loans do the hard work, so you don’t have to. We can search our panel of trusted lenders to try and find a suitable match for you, based on your personal circumstances.

Who can search for a loan at Little Loans?

You can use Little Loans to search for a loan if you:

• Are over the age of 18;
• Have a UK bank account and valid debit card;
• Are a UK resident; and
• Have a regular source of income paid directly into your bank account.

I have bad credit – what are my chances of being approved for a loan?

Little Loans welcomes people with all credit scores to search for a loan; however, having poor credit history could make being approved for a loan difficult. A small number of lenders on the Little Loans panel are willing to consider applications from those with poor credit, although you should bear in mind that bad credit loans often come with higher interest rates.

Improving your credit score could increase your chances of acceptance and unlock more desirable interest rates.

How can I improve my credit score?

Fortunately, there are an array of ways to work towards a better credit position.

• Pay your bills on time.
• If you have a credit card, be sure to stay well within your credit limit and, if possible, try to pay more than the minimum repayment amount due each month.
• Register to vote.
• Ensure that the information on your credit file is correct and up to date.
• Avoid using your credit card to withdraw money from cash machines.
• Limit the amount of hard searches on your credit file – undergoing too many in a short period of time could result in a decline to your score.

How does the Little Loans process work?

Our application form can be completed entirely online, meaning that you can search for a loan at a time and place that suits you.

1. Decide how much money you need to borrow and how long you’d like to pay it back. Fill out our straightforward online application form.
2. We’ll run a soft search on your credit file; this should take no longer than 60 seconds.
3. If you’ve been matched to one of our lenders, you will be redirected to their website, where you can find out more about the loan, including your interest rate and repayment terms.
4. If you decide to go ahead with the loan, you will undergo some further checks with the lender, including a hard credit search. A hard credit search will be visible on your credit report and will affect your credit score.
5. If the lender is happy with the outcome of their checks, you’ll be sent a loan agreement. Take the time to carefully read through the terms and conditions before deciding if this is the right loan offer for you.

If I’m approved how quickly will I receive the money?

Every lender has their own payout timeframe. Some of the lenders on our panel could send your funds the same day your application is approved.
Remember, the time it takes for the money to appear as available in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.

I’m struggling to make my repayments; what can I do?

If you feel as though you’re going to miss an upcoming repayment, you should contact your lender as soon as you’re able to. They will appreciate the fact that you’ve reached out and explained your situation and will be happy to discuss your options with you.

I’m worried about money; where can I get help?

Money worries will affect so many of us at some point in our lives, and it’s important to remember that you’re not alone, and that help is available.

Free, confidential, and impartial advice can be found on sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.

† Sunny Loans was a direct lender that went into administration in 2020. The domain name Sunny Loans was then sold.

Sunny is a registered trading name of Upward Finance Ltd who are an introducer appointed representative of Flux Funding Limited, who are a credit broker, not a lender.

Sunny Loans the direct lender and Sunny Loans the credit broker are two separate entities.

This article is from May 2024; all information was correct at the time of writing.