What is an online loan?
Simple as it may seem, an online loan means more than a loan you procure online. By their nature, online loans are often both applied for and granted much more quickly than traditional loans. No extensive interview process, no walking into the office, just a simple credit check and the decision that follows. This type of loan usually will be of a short-term variety, unsecured (meaning no collateral), and is for relatively small amounts (sometimes up to £2500).
How do online loans work?
The application process for an online loan is managed entirely on the lender’s website. Selecting your options is as easy as using a built-in tool like our slider to determine how much a loan may cost you. Once you have completed the online application, we make an approval decision (usually within 4 minutes), and we deposit the money directly into your account, in most cases in less than 15 minutes. Most online loans include management tools, allowing you to set up direct withdrawal from your bank account on payment dates, and access to an online account so you can keep an eye on your balance.
Choosing the right online loan
Analysing your online loan options is not as complex as you might imagine — you just need to know what to look for. Many people just compare APR, but there are a number of other factors to consider. For example, what fees may potentially be incurred? What is the maximum amount a new customer can borrow? How easy is it to repay early? The answers to these and many other questions all influence which loan meets your specific needs. Explore your loan options here.
Choosing the right lending company
It is far easier these days to compare many different lenders to one another than it has been in the past. However, you need to compare more than the primary features of your potential lender — the secondary benefits are just as important. These are things like flexibility on pay dates, easy early repayment options you control, and helpful money tips.
How do Sunny loans work?
At Sunny, we believe in honesty, transparency, and simplicity in all aspects of life — loans are no exception. Our loans are clear from the start so you know what you are agreeing to, and our easy flexible over-payment plans allow you to repay early, either by making regular over-payments or by making one-off additional payments to fit with your personal financial situation, so you can save money. Here are a few of the most important points about our online loans:
- Our loans have no fees, guaranteed.
- Our application is quick, simple to complete and delivers a decision in minutes.
- If approved, the cash you borrow is sent to your bank account within 15 minutes.
- We give you 5 days to change your mind and repay the principal with no fees and no interest. You can do this once per month, no questions asked.
Restore your financial health
Financial stability is essential to your long-term success, and earning it reduces stress and improves your life. The road to monetary recovery is not always easy, but we are happy to help you through the process. Start your journey towards financial stability with a few of our budgeting tips.