Sometimes, you need to borrow a small amount of money to cover an emergency expense. Perhaps it’s been a particularly expensive month and a large bill has cropped up at the last minute, or your savings have been eaten up to cover a larger life event. Whatever the reason, you do have options.
At Sunny, we think of our short-term loans as life support to those who need it, providing much-needed funds that can help to cover a range of emergency situations. However, as with any big decision, it’s a good idea to do your research to ensure you’re making a considered decision, and choose a provider that works for you and your situation.
This is why we’ve created this guide, which compares the main features of our short-term loans with those offered by another lender you might be considering, to help you decide what is best for you. We’ve compiled a series of these, and you can read up on the others and weigh up all your options here.
In this article, we’ve looked into the online payday loans broker Payday Pixie and how their offering compares to Sunny’s.
Are Sunny and Payday Pixie direct lenders?
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.
How much can I borrow from Sunny or Payday Pixie?
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, as advertised on their website. 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.
How long do I have to pay back a loan with Sunny or Payday Pixie?
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 repayments in affordable instalments over six to 14 months. 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.
Am I eligible to apply for a loan from Payday Pixie or Sunny?
Many lenders have the same basic eligibility criteria, such as the age you must be to apply and where you must live. We’ve taken a closer look at Sunny and Payday Pixie here and have broken down the requirements for each:
- You must be 18 years old or above
- A resident of the UK
- Have a working bank account and debit card
- Have a regular income
- Be able to provide details of your addresses for the past three years
- Have a working email address and mobile number
You can read our full list of eligibility requirements here.
Payday Pixie eligibility
The lenders on Payday Pixie’s panel may have their own eligibility requirements, but these eligibility criteria provide a useful guide as to what their lending partners will be looking for as basic requirements.
- You must be at least 18 years of age
- A UK resident
- Have a regular source of income
- Have a bank account to transfer funds into
How fast can I get the money I need transferred into my bank account?
If you are accepted for a loan with Sunny, we can transfer it 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.
Do Sunny or Payday Pixie charge fees?
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 and 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 to find out if the lender they find for you does. Some lenders that Payday Pixie might match you with 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.
Sunny vs Payday Pixie
Here, we’ve answered some of the most common questions people have around loans and how Sunny and cashasap.co.uk compare.
|How much can I borrow?||You can borrow from £100 to £2,500.||The broker works with lenders that offer payday loans from £100 to £2,000.|
|Are there any fees to take into consideration?||No, there are no additional charges or fees when you take on a loan with Sunny.||Payday Pixie doesn’t charge fees but it’s worth checking if the lender you’re matched with does before going ahead.|
|How do I make payments?||We use Continuous Payment Authority (CPA) to take your payments from the card registered to your Sunny account on the date agreed.||Your payments will be collected automatically, but the method used depends on the lender Payday Pixie match you with. It’s best to check before you sign your loan agreement.|
|How can I apply for a loan?||You can apply online 24/7, any day of the year, using a computer or laptop, tablet, or smartphone.||You can complete an application with Payday Pixie online from your computer, tablet or smartphone.|
|Will applying affect my credit score?||Not necessarily. We use a soft search** to give you an indication of whether or not you’d be approved before you submit your application. If you decide to go ahead and apply, then we will register a hard search on your credit report, which will impact your credit score.||Payday Pixie also performs an initial soft search to match you with a lender without impacting your credit score. The lender they match you with may then carry out a credit check of their own, which may impact your credit score.|
|How fast can I get the cash I need?||We can transfer your loan in just 15 minutes, if you are approved.||Payday Pixie’s panel of lenders may also be able to transfer your funds in 15 minutes of submitting your application with the lender you’re matched with.|
|Is there a cooling off period?||Yes. As well as your statutory right to withdrawal, you have five days to change your mind and you won’t pay any interest*.||You have the standard 14 days to cancel your loan and repay it along with any interest accrued. Individual lenders on Payday Pixie’s panel may offer different cooling off periods.|
|Are you a direct lender?||Yes, Sunny is a direct lender of emergency loans.||No, Payday Pixie is a loan broker. This means they work with lenders to find you a loan that suits your needs.|
Comments from Sunny customers
We pride ourselves on our excellent TrustPilot rating. Take a look at our TrustPilot reviews** and score below to help when making your decision on who is the right lender for you.
Think Sunny is the right lender for you?
If you prefer to know you’re dealing directly with the company you wish to borrow from, then Sunny could be the better choice for you. If you’ve considered your options and you’re ready to apply for a short-term loan today, hit the button below to choose your loan amount and get started.
Want to know more?
We’ve written up comparison guides on a wide range of lenders, offering a fair analysis of what each of us offer and what to consider. Take a look at some of these 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.