As with many decisions, it’s sensible to shop around to find the best deal before you make a choice. When looking for an emergency loan, you may want a repayment schedule that allows you to repay your loan in an affordable way, as well as looking for the best interest rate. There are a number of alternative lenders out there who are able to help when you need a loan to cover an unexpected or emergency expense. In this guide, we take a look at how a short-term loan from Sunny compares to a similar loan from Lending Stream.
Both Sunny and Lending Stream offer cash for an emergency situation, but each lender works slightly differently. Here, we’ve broken it down to help you decide who might be the right lender for you.
Eligibility to borrow from Lending Stream vs Sunny
The basic criteria that you must meet to be eligible to apply for any loan is usually similar between lenders. At Sunny and Lending Stream you need to meet the below criteria to be eligible to apply:
- You must be 18 years old or over
- You must be a UK resident
- You must have a regular monthly income: Lending Stream require you to have a monthly income of at least £400, and Sunny require your income to be at least £500 per month.
- You must have an active bank account with a debit card.
At Sunny, we can give you an indication of whether your application will be approved or not before you apply. We do this using a soft search** of your credit report. This kind of search allows us access to some of the information contained in your credit report, but does not leave a visible footprint. Only you will be able to see the record of our search, other lenders or organisations who may search your credit report will not be able to see this. If you are likely to be approved and decide to go ahead and submit your application, then we will carry out a hard search of your credit report, which leaves a footprint that will be visible to other lenders, as well as our affordability checks.
Do Lending Stream or Sunny charge fees?
At Sunny, we don’t charge any fees – which means you won’t pay a penny in admin, application or late payment fees. All you will ever pay back is the amount you’ve borrowed, plus interest. It’s worth bearing in mind that while we don’t charge a late payment fee, if you do fall behind on your payments then interest will continue to be added to your account.
Lending Stream also don’t charge application or admin fees, but they do charge a £15 fee if you make a late repayment. Late payment fees may not seem like something you need to worry about at the point you apply for a loan and can’t imagine not paying your loan back on time. But if you do find yourself in difficulty further down the line, being charged a late payment fee can make a big difference to you. So, even though you hope you’ll never be in that position, it’s worth looking at whether your chosen lender charges a late payment fee, and what it is, just in case.
How much can I borrow with Lending Stream or Sunny?
At Sunny, as a new customer you can apply to borrow between £100 and £2,500, with repayment terms from six to 14 months depending on the amount you borrow. With this loan range, you can handle a number of different emergencies that life could throw at you, and repay what you’ve borrowed in a way that fits into your budget without leaving you short for other essentials. If you’re able to repay early, then you can, and we make it easy for you to do this through your online Sunny account. If you do repay early, then you’ll save money on interest.
Lending Stream offer loans up to £800 for new customers and up to £1,500 for returning customers. At Lending Stream, you will have six months to repay your loan. It is possible to repay early to save money on interest, too.
Does Lending Stream offer a cooling off period like Sunny?
Both Sunny and Lending Stream allow you 14 days to cancel your loan, in line with your statutory right of withdrawal. However, using this option means repaying what you’ve borrowed, plus interest that has accrued for the time you had the loan. So, as well as your statutory right of withdrawal, Sunny allows you five days to change your mind* and return what you’ve borrowed without paying any interest. If, in the first five days you have your loan, you change your mind and would like to use this option to cancel your loan, simply give us a call.
Sunny vs Lending Stream at a glance
Here, we’ve created a quick-glance table that compares key elements of loans from both Sunny and Lending Stream to help you make your decision.
|How much can I borrow?||New Sunny customers can apply for between £100 and £2,500.||Lending Stream offer up to £800 to new customers, and a maximum of £1,500 to returning customers.|
|Can I find out if I’ll be approved before I apply?||At Sunny, we carry out a soft search** on your credit report, to give new customers an indication of whether or not their application would be approved before they submit it. This doesn’t impact your credit score.||No. With Lending Stream, you must submit your application to find out whether or not it can be approved. This application will show on your credit report.|
|Are there any fees to pay?||No. Sunny doesn’t charge any application or admin fees, and also doesn’t charge late payment fees to those who fall behind on their payments.||Although Lending Stream don’t charge admin or application fees, they do charge a £15 fee if you are late making a payment.|
|What happens if I need to cancel?||Sunny give you five days to change* your mind about your loan and pay it back interest-free. Simply give us a call. Beyond this, you can use your statutory right to withdraw to cancel your loan within 14 days.||You can cancel your loan within 14 days in line with your statutory right to withdraw. You will need to repay what you’ve borrowed, as well as any interest that has accrued.|
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.
Ready to apply for a loan?
If, having compared Sunny and Lending Stream and your other borrowing options, you feel that Sunny is the best choice for you, then you can start your application today. Click “Apply Now” below to try out our loan calculator and get started.
Looking for more information?
Want to know more about loans from Sunny? We offer short-term loans for a range of situations, take five to read our guides below for more information on everything from applying for a loan with bad credit to what cash loans are.
*You have 5 days to change your mind and you won’t pay a penny in interest. Usage cap: this feature is capped at three times in any rolling 12 month period. This does not affect your 14 day statutory right of withdrawal.
**Soft search is currently only available to new customers. Our eligibility check will assess whether you meet our lending criteria. Even if you are eligible, we may still require proof of ID and/or proof of income before we approve the loan.