Sunny Loans

Introduction to Sunny Loans:

Sunny Loans specialize in what we call today as payday loans. Payday Loans are essentially cash advances that are offered on a short term basis to a customer, usually to be repaid over a short period of time ranging from 2 weeks to 6 months, depending on the lending agency and the type of loan you opt for. These loans usually carry a higher interest rate and certain repayment options can carry an Annual Percentage Rate (APR) of close to 4000 %. Sunny Loans have known to provide a better alternative to the UK’s short term borrowers.

 

Sunny Loans

How is Sunny Loans different from others?

There are several parameters to judge the credibility of Sunny Loans. Let’s discuss some of the most important ones:

No Penalty Fees: What is important to note here is that there is no additional fees that is charged to the customer. No application fees, funding fees and especially no penalty fees if they decide to pay back before the stipulated period of time.

Variety of Loan Options: With a variety of loan sizes available, ranging from 100 pounds to 2500 pounds, we carefully choose the type of loan option that would suit the customer the most. The terms of the loan and the rate will depend on the amount a customer is eligible to borrow. Our aim is to become a one stop solution for all your credit needs.

No Hassle in Repayment: As important as it is to ensure customers pay back the borrowed amount on time, it is equally important to ensure that the customers who wish to pay back earlier to save on interest have an option to do so. They can opt for flexible over payment plans which suit their needs allowing them to repay over a shorter period of time. They also have an option of making a one off payment which could be substantially larger than the other installments without any additional fees or penalties.

Providing constant support to our customers: Sunny loans believe in providing constant support to their customers, ensuring customer loyalty. They have a dedicated team which understands your financial needs and is aware of the volatility of the financial market. In case of a crisis where you are unable to pay a loan, they work with you on the repayment options available and cap interest so that the amount doesn’t accrue drastically while the borrower is working out his finances.

It is important to consider who the people are, who Sunny Loans are reaching out to. Since there has been a certain amount of criticism on the way these lending agencies have been functioning, citing reasons of neglect against improper background checks on their customers, Sunny Loans is striving to make a difference.

·        Almost 30% of customers have a net household income of over 36,000 pounds.

·        61% have attended higher level education.

·        65% have absolutely no savings.

·        55% use loans for living/every day expenses.

The idea behind these statistics is to reveal the customer base we are supplying our services to. Most UK residents have found to save less than 500 pounds, which shows you don’t have to be in dire straits in order to be declined for mainstream credit. There is a reason alternative forms of credit have come into the picture and Sunny Loans has been making that difference by identifying the need to supply these people with alternative sources of credit, so that they can learn to bring the much needed financial stability in their lives.

Some facts we should know:

·        71% of US and UK citizens are piling on their debt.

·        The gap between the upper class and the middle class is increasing, leading to greater financial instability within this segment.

·        The middle class are applying for more debt, and ever since banks have made stricter regulations, their debt pile seems to be increasing.

·        Alternative sources of credit have come to be a source of easy funding and people believe it has helped them out of their financial crisis.

·        Alternative sources of credit are here to stay, as most of the people are finding it extremely difficult to manage their day to day expenses.

This information is taken through recent surveys which have shown the popularity of alternative sources of credit growing.

Sunny Loans have known to provide strict credit checks irrespective of your background or whether you are a regular customer, even if you have an existing loan with Sunny Loan and wish to take out another, you will be eligible for a credit check. This is a practice which is adopted by Sunny Loans alone as many other companies have known to be neglect regular background checks on their customers which has usually resulted in non-repayment of loans and contributed to the cycle of debt.

Sunny Loans is considered to be one of the few lenders that have followed the FCA regulations and are ensuring greater support to their customers. Their methods and practices, including their repayment methods have known to be professional and at the same time, customer friendly. They reach out to customers judging them through a rigorous affordability analysis which automatically acts as a filter for the right kind of applicants.

Most of the lenders usually don’t have a cooling off period or a maximum of a 24 hour grace period, which can sometimes be too less a time span, as the financial situations are unpredictable. Sunny Loans differentiates itself from these lenders by allowing a 5 day cooling off period, without any penalty or interest charge, which  gives the customers breathing space, even if they decide to let the loan go.

Overall View:

Sunny Loans have made a step in the right direction by introducing strict measures in their practices and also certifying the need for better customer satisfaction. They work towards individual progress of their customers, rather than just supplying those loans and this is what has helped them in their endeavor towards overall development. Customers have known to be satisfied with their services and have come being financially more knowledgeable.