Sunny provided “a more flexible and transparent alternative to payday loans”. They operated with no application, admin, or late payment fees, which means that they were very simple to apply for. They offered flexible loan amounts between £100 and £2,500, with the customer being able to set the loan term based on how they wanted to borrow much you borrow.
Like similar lenders (MyJar), Sunny borrowers would have had to repay each month, which would have paid off part of the capital (the original amount borrowed) as well as the interest accrued.
Sunny’s process was simple and they were proud to showcase that they charged no fees, however, that didn’t mean that that borrowing from them was as bright and sunny as their brand image!
In 2014, Sunny put in place a number of changes to address problems with their approach to clients, following involvement by the Financial Conduct Authority. There have also been several rulings of criticism against Sunny, by the Advertising Standards Authority’ for misleading wording, in relation to giving customers the ability to “repay early without penalties” and also for not clearing displaying the “APR prominently” in their TV advert, again misleading consumers.
In June 2020, Sunny Loans entered administration, after they became the “latest lender to fold at the hands of tougher affordability checks and a surge in compensation companies from claims management companies”
Money Saving Expert also reported on Sunny going into administration confirming, that the lender would “no longer be offering new loans“.
Sunny had around 50,000 customers on its loan books and offered short-term loans between £100 and £2,500.
Even though the loan company has collapsed, it is still possible to claim against Sunny for your loan, if it was irresponsibly lent or mis-sold. Some situations and examples of a loan that has been irresponsibly loaned, are shown below:
The Reclaim Experts specialise in helping our customers to receive Loan Refunds for a variety of loans including Guarantor Loans, Payday Loans (short term) and Doorstep Loans. In simple terms this is claiming back money that you, the borrower, are entitled to, due to your leader not making the necessary checks before they gave you the loan.
If you have borrowed a loan from Sunny and found that you were unable to pay the loan you could be eligible to claim compensation. Start your claim or get in touch with the experienced Reclaim Experts team who will guide you through the process. Visit this page to see whether you could be eligible to make an unaffordable loan reclaim.