When it comes to finding the right loan for an emergency situation, you want the process to be fast, smooth and simple. That’s why it pays to do some research beforehand to ensure you know where to go in tough circumstances.
In this guide, we’ve taken a look at New Horizons, a broker specialising in short-term loans. They work with a range of lenders to find loans for their customers. We’ve considered how Sunny, a direct lender, compares, and what each offers those looking for a short-term solution for a last minute expense. Read on to find out more.
What type of loan can I get from New Horizons and Sunny?
Sunny and New Horizons both specialise in short-term loans. However, there are some key differences between the ways the two operate:
Sunny is a direct lender. This means we process your application directly and if approved, you’ll receive your money without delay. You won’t be unsure of any terms or fees as these are all explained directly on our website and our team are on hand every step of the way to answer any questions you may have.
New Horizons is a broker. This means they collect your application information and then share it with their panel of lenders to find one that suits your needs. Each of the lenders on their panel will review your information and decide if you are eligible for a loan. Those who are prepared to make a loan will be shared with you so that you can choose the best lender for your needs. Dealing with a broker rather than going direct to a lender can make the process slower. Once you’ve selected your lender from the options given by the broker, you may have to provide further information to the lender to complete your application, and then will be subject to their application processing timelines. This may not work for you if you need money quickly for an emergency situation.
How much can I borrow from Sunny or New Horizons?
Sunny offers short-term loans from £100. Our short-term loans can be repaid over six to 14 months depending on the amount you borrow. Meanwhile, the lenders on New Horizons’ panel offer loans between £50 and £2,500, with repayment period from three to 18 months. The exact amount you can borrow and the repayment period available will depend which ender you choose from their panel.
Will there be a credit check?
Yes, whether you choose to find a lender through New Horizons or come to Sunny directly, you will be subjected to a credit and affordability check during the application process. These checks are designed to make sure that you can comfortably afford to make the payments and can repay what you borrow.
At Sunny, you can check your eligibility for a loan with us and get an indication of whether or not we will approve your application before you apply. We do this by carrying out a soft search** on your credit file. This is also known as a quotation search. This is a type of credit check that does not leave a footprint on your credit report, and therefore doesn’t impact your credit score.
If you’re likely to be approved and decide to submit your application then we will carry out a hard credit check, which registers a search record on your credit report that will be visible to other companies who may search your credit report.
New Horizons offers something similar. They use what they call Soft Credit Match technology. Each lender on their panel carry out a soft credit check, and then report back to New Horizons who can then share the list of lenders that are most likely to approve you for a loan.by.
Once you select a lender, you will then be subject to further credit checks and eligibility assessments that they carry out. This may include a hard credit check. As with all hard credit checks, this leaves a record on your credit report that will be visible to others who search it, and may impact your credit rating.
It’s important you understand what checks and assessments your application will be subject to, as well as understanding any other terms and conditions of your potential agreement with your chosen lender before you submit your application.
Can I get a loan if I have bad credit?
Yes, you can apply for a loan either through New Horizons or with Sunny directly if you have a poor credit rating. Having bad credit will reduce your likelihood of being approved, and may limit the amount of money you are able to borrow It can also mean you’re only eligible for loans with a higher interest rate. If you’re able to take steps to improve your credit history and boost your credit score before applying for a loan, then this can help to increase the number of options available to you when you borrow money.
|How much can I borrow?||Our short-term loans are available in amounts from £100.||The lenders on New Horizons’ panel offer loans from £50 to £2,500.|
|How long will it take to receive my money?||You’ll receive your loan in 15 minutes if you are approved.||New Horizons also claims it can transfer your loan in 15 minutes but this will depend on the lender you choose.|
|Are there any fees?||No, Sunny doesn’t charge any fees – never have and never will!||New Horizons will not charge you any fees, but the lender they match you with might, so it’s important to check this before committing.|
|How long do I have to pay my loan back?||You can spread the cost of a short-term Sunny loan over a period of six to 14 months.||The lenders on New Horizons’ panel offer repayment periods from three to 18 months, but exactly how long you have to repay will be determined by which lender you choose.|
|Can I pay back my loan early?||Yes – and you can save on interest too!||This depends on the lender you are matched with.|
|Can I find out if I’ll be approved before I apply?||Yes, Sunny carries out a soft search*** of your credit report to indicate how likely you are to be approved before you submit your application, without impacting your credit score.||New Horizons offers Soft Credit Match Technology to pair you with a lender who is likely to approve you. This doesn’t affect your credit score.|
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.
Need a short-term loan?
Having compared Sunny and New Horizons, do you believe that a loan from a direct lender like Sunny is best for your needs? Use the button below to start your application and receive an instant decision with no impact on your credit rating.
Want to know more?
We’ve compared Sunny’s short-term loans against a number of lenders. Take a look at our in-depth comparison guides below.
*** 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.