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When shopping around for any type of loan, it’s always a good idea to look for lenders that don’t charge fees. This means all you need to account for is that monthly payment and not worry about any additional charges.

The FCA (Financial Conduct Authority) introduced a cap for lender’s fees back in 2014. Now, fees cannot exceed £15 which makes them a little more manageable for borrowers should they incur any.

In this guide, we’ve considered fee free loans, the benefits of them and what to check for when researching a lender.

What fees should I look out for?

At Sunny, we believe that those who borrow money shouldn’t have to worry about additional charges as well. When considering a lender, check that they don’t charge the following fees or if you think they’re the best choice for you, be aware of these potential additional costs.

  • Admin fee – Some lenders have been known to charge administrative fees for setting up your loan or making changes to your details on the account.
  • Late payment fees – There are some lenders that charge around £10 to £15 if your payment is late.
  • Early payment fee – This is a sort of settlement fee should you decide to pay back your loan earlier than agreed. Very few lenders charge this but double-check before you go ahead.

Representative 89% APR

Representative Example: Borrowing: £1000 for 18 months, Total Repayable: £1853.43, Total Interest: £853.43, Interest Rate (Variable): 89.9%. Rates between 9.3% APR and 1721% APR – your no-obligation quote and APR will be based on your personal circumstances. Loan term lengths from 3 to 36 months. Subject to lender’s requirements and approval.

Sunny Loans is a registered trading name of Upward Finance Limited, who is an introducer appointed representative of Flux Funding Limited, who is a credit broker, not a lender. Loan repayment terms are 3-36 month loans.

Warning: Late repayment can cause you serious money problems. For help, go to

No fee loans information hub

Wondering what fees and charges to avoid when taking out a loan? We've answered some of the most important questions below.

  • A late payment fee is issued by some lenders if the borrower doesn’t make their payment on time. It will be charged on top of the loan payment and have added interest on top, so is best avoided.

  • No, if you choose to apply for a loan with Sunny there are no fees to contend with. Our broker partner’s lender panel also will not charge application fees.

  • Before applying with any lender, it’s a good idea to take a look at their FAQ page where such information will be found. Lenders must be upfront about their fees and the amount they charge and what it is applied to should be listed on their site.

More information about no fee loans

If you do decide that borrowing money is the only viable option for you in your situation, a loan that doesn’t come with fees is the best choice. The great news is that with the FCA’s restrictions on how much lenders can charge, borrowers won’t ever have to pay more than £15.

However, while £15 isn’t a huge amount, it’s a good idea to look into lenders that don’t charge any fees at all.

The benefits of a loan with Sunny

As well as no fees to worry about whatsoever, should you decide a short-term loan through Sunny is the best option you'll also enjoy the following benefits as standard.

You could have the money you need in your bank account today# if you are approved for a short-term loan.

We do not charge any fees.

Our broker partner only works with FCA authorised lenders who offer a great level of service to our customers.

Want to apply?

Think Sunny is the best choice for you? You can apply via the button below and learn how much you may be able to borrow with no impact on your credit score. Lenders' soft search function allows them to check your credit report without leaving a mark, allowing them to confirm the likelihood of you being accepted for a loan. Try it out today.

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Representative 89% APR

Terms and Conditions

A lender eligibility check will assess whether you meet their lending criteria. Even if you are eligible, they may still require proof of ID and/or proof of income before they approve the loan.