Sunny is a direct lender; this means we provide loans and set the terms for our customers. Working with a direct lender can be preferable, as you receive an instant decision straight from the source, there is no waiting around and any queries can be made directly.
Payday Pixie is a broker. This means that once you submit your application, they will take your information to their panel of lenders to find one who is able to lend to you. While this is usually a quick, automated process, it can take time. Once matched with a lender, you may need to supply additional information and will be subject to their application processing timelines.
If you choose to borrow a short-term loan from Sunny, you can apply for £100 up to £2,500. You can borrow from £100 up to £2,000 from a lender who works with Payday Pixie, so a little less than what we offer our customers which could impact what expenses you can cover.
With Payday Pixie, you can borrow up to £2,000. However, it’s important to note that Payday Pixie isn’t a direct lender. Instead, they collect your application information and use it to find a lender who meets your needs. You will then be redirected to that lender’s site to complete your application by providing any additional information they require from you, finalising the details of your loan and signing your loan agreement. What you’re able to borrow will ultimately depend upon the lender that you’re matched with.
It’s worth noting that the kind of loan we provide here at Sunny is not a payday loan: we don’t expect you to repay it in full on your next payday. Instead, you can spread the cost out over six to 14 months to repay in affordable instalments. The amount of time you have to repay your loan will depend on the amount you borrow.
If you choose a loan with Payday Pixie, then because they’re a broker, how long you have to repay your loan depends on what repayment terms the lender you are matched with has to offer. As they work primarily with short term loan providers, you will usually be required to pay back your loan within seven to 90 days.
If, when you are matched with a lender, you aren’t confident that the repayments they’re suggesting are affordable for you, then you can still choose not to accept the loan offer. It’s important that you’re sure you can make your loan repayments without having to skip paying for other essentials like your household bills or grocery shopping.
If you are accepted for a loan with Sunny, we can transfer the money borrowed into your bank account in as little as 15 minutes. This means you can sort out any emergency the very same day and rest easy in the knowledge that you’ll be repaying your loan in affordable instalments.
If you apply for a loan through Payday Pixie, then you could have the money in your bank account the same day or the next working day, depending on the lender you’re matched with. Once approved by one of their lenders, funds can be transferred in 15 minutes.
If you choose to take on a loan with Sunny, you won’t pay a penny in fees. All you need to pay back is the agreed loan amount, plus interest. We don’t charge a fee for late payments, but interest will continue to be added to your balance if you fall behind.
Payday Pixie doesn’t charge any fees for its service, however, it’s worth checking if the lender they find for you does. Some lenders charge a late payment fee if you fall behind on your repayments. This fee is set at a maximum of £15 by the Financial Conduct Authority.