If you need a loan for an emergency, it pays to shop around and find a lender that works for your needs. In this guide, we’ll be comparing a short-term loan from Sunny and a payday loan from 247Moneybox to help you decide which may be best for you.
What type of loans do Sunny and 247Moneybox offer?
247Moneybox provides payday loans. A payday loan must be repaid within a short time frame, usually a month or less. These types of loans should only be applied for if you are confident that you will have the funds to repay your loan, plus interest, by your next payday.
Paying a loan back in full, with interest, just one month after taking it out can be a lot to manage. This is why Sunny offers short-term loans that are paid back in instalments over an agreed period of time. This allows you to borrow money for an emergency and repay it in a way that fits more easily into your budget, without having to cut back or go without other essentials. Depending on the amount you borrow, we offer payment periods of six-14 months, and if you’re able to repay early, then you’ll save money on interest
How much can I borrow from Sunny and 247Moneybox?
247MoneyBox limit the highest amount new customers can borrow to £200, while the smallest loan they offer is £80. If once you’ve repaid this loan in full, and you want to apply for another loan with them, you could apply for up to £800.
At Sunny, on the other hand, our loans are designed to help you cover the cost of a wide range of emergencies you may encounter. With us, new customers are able to borrow between £100 and £2,500.
What eligibility requirements do I need to be aware of?
Both Sunny and 247Moneybox will only lend to those who are over 18 years of age, are an UK resident, have a regular income and a UK bank account and debit card. Additionally Sunny also asks that you’re able to provide three years of address history, have a valid email address and phone number, are not bankrupt, and don’t have any CCJs, IVAs or debt relief orders. You can find a more detailed list of Sunny’s eligibility requirements here.
Meeting these eligibility criteria is not a guarantee that you will be approved for a loan, but it can help you to avoid an unnecessary application and search on your credit report. At Sunny, we can give you an indication of whether or not you’ll be approved before you apply. We do this by carrying out a soft credit check**, which leaves a mark only you can see on your credit report. If we’re not able to help you, this means your credit score isn’t impacted. If you are likely to be approved and decide to go ahead and submit your application, we will then register a “hard” search on your credit file, which will be visible to you and others who check your credit report and will have an impact on your credit score.
Do Sunny or 247Moneybox charge fees for using their services?
Sunny does not charge any fees. We charge interest on our loans daily, which means that if you repay early you’ll save money on interest. Our customers don’t face any admin fees or transaction fees, and we don’t charge a fee for late repayments. It’s worth noting though that interest will continue to be applied to your account if you fall behind on your payments and we’re not able to speak to you about your circumstances.
247Moneybox also charges daily interest on their loans, but, unlike Sunny, will also charge a late payment fee to customers who fall behind on their repayments. If you are late making a payment, you will have to pay a fee of £15 the first day after the late payment. Interest may continue to be added to your account while it remains overdue as well.
Does 247Moneybox’s name mean I can get a loan 24/7?
No. Despite what their name suggests and although you can submit an application through their website whenever you need to, new customers will only be approved and have their loans transferred to them from Monday to Friday before 5pm. If you apply for a loan after 5 pm, it will be processed the next day. This means there could be a delay in getting the money you need for an emergency situation.
Can I get a loan from Sunny any time of day?
Yes. With Sunny, you can apply for a loan, receive an instant decision and have the money in your account in 15 minutes if approved. We transfer money to our customers’ accounts 24 hours a day, seven days a week. This means no matter when an emergency strikes, you can get the cash you need to cover it.
Sunny vs 247Moneybox
Here, we’ve broken down the key elements of the loans available from each lender so you can quickly and easily see if we offer what you need.
|How much can I borrow?||You can borrow from £100 to £2,500 with Sunny.||You can borrow £80 to £200 as a new customer with 247Moneybox.|
|Fees?||No, there are no fees to pay when you choose Sunny.||If you are late with a payment, a £15 charge will be applied to your account the day after the original payment date.|
|When can I get the cash I need?||You can apply for a loan with Sunny 24/7, all year round. We will transfer the money in 15 minutes, if you are approved.||247Moneybox restricts when it can transfer your money. You can apply any time of day but they will only process your application before 5pm, Monday to Friday. Applications made outside of these times will not be dealt with until the next working day.|
|What is the cooling off period?||You can pay back your loan in five days* without paying a penny of interest. This is in addition to your 14-day statutory right to withdraw.||You can cancel your loan with 247Moneybox in 14 days in line with your statutory rights.|
Comments from Sunny customers
Sunny offers a service that our customers love. That’s why we have an excellent TrustPilot score** and some great testimonials. You can see these below, to help when making your decision.
Looking for a loan?
If you’ve carefully considered your options, compared lenders and feel like Sunny is the best option for your situation, you can apply for a loan with us using the link below.
Need some more time to think?
We’ve created a range of comparison guides that, look at how Sunny compares to a variety of lenders. Feel free to take your time reading around the different comparisons before you make your choice.