Sunny Loans | www.sunny.co.uk Reviews
About Sunny Loans (Closed)
Elevate Credit International Ltd entered administration in June 2020. This put an end to the road for Sunny who had emerged as one of the UK’s leading instalment brands, but they were unable to defend mounting complaints. Closure had resulted from mis-sold loans and it was reported that of Sunny’s 700,000 customers, that 500,000 had been affected. It wasn’t long before www.sunny.co.uk was down. Redirects went to a specific page on www.ia-insolv.com. This belongs to Interpath Advisory that is the renamed restructuring practice of KPMG that was sold to H.I.G. Capital. The actual compensation process did get messy here. Payout was low at 3.21p in the pound heading to 40,000 that claimed. Sunny’s loan book was sold to Perch Capital.
Whilst the UK business has ceased, Elevate Credit Inc lives on. Their Stateside brands include Elastic, Rise and the Today credit card. The Group had collectively surpassed 2.2 million customers and so a larger share has always been on the American side. To provide some background info on the UK business, Sunny was introduced to the market in 2013, although this was as a rebrand of 1 Month Loan who started out in 2004. This change came when Elevate Credit (was Think Finance) acquired the operation of the Fortress Group. They did for a short time also trade locally as Quid, but this project was later discontinued. Sunny’s growth had been boosted by investment in TV and web advertising.
Sunny’s product itself had set levels that ran as £100 to £1000 (6m), £1100 to £1500 (7m), £1600 to £2000 (9m) and £2100 to £2500 (14m). They did at least clearly promote the ability to settle up early. A unique feature handed customers with 5 days to back up if they changed their mind. For this, you could call to return the loan without any interest or fees. They were also open 7/7, charged no late fees and offered promo discounts. The promo chopped down £274.44 per £300 (6m) to £168.50. They did rate quite well at 86% on Trustpilot from around 7000 reviews. A wave of negative reviews during their closure however knocked this down a little.
Rivals & Similar Lenders Like Sunny
Sunny’s main competitor across recent years had generally been Lending Stream for instalment terms. Satsuma Loans was another of note although they are also now closed for business. There isn’t really any such dominant force in the sector today. Market share has become very sporadic across the 10 leading brands who on last check all had Alexa ranks under 1 million. Most of these do charge high interest though with the exception of Drafty and Tappily that would be available if you’re credit score is good enough to make the grade. It may be best to look away from the most popular sector brands and look for flexibility and value that can be found for instance at Fair Finance and Kabayan Finance.
Final Check @ www.sunny.co.uk: July 11th, 2021