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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.
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.
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 www.moneyhelper.org.uk.
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.
Representative 89% APR