There’s no two ways about it, using a short-term loan can be an expensive way to borrow money. Short-term loans are not suitable for covering a long-term need for credit and shouldn’t be used over long periods of time. But, they can be a useful way to handle the cost of an unexpected emergency so that you’re not left short for other essential outgoings. If used carefully and with consideration, they can still be an affordable option.
Here, we’ve looked into the fees on a Sunny loan, the interest you’ll repay and whether there are any additional charges when you take on a loan with us.
Does Sunny charge any fees?
To help keep things simple, we don’t charge any fees – for admin costs, for late payments, or for anything else. We pride ourselves on offering a simple loan option to help you out in emergencies, and part of that is making sure that you always know where you stand with regards to how much you need to pay back. In addition, we can indicate how likely you are to be approved before you apply, and if approved, cash can be transferred to you within 15 minutes of approval.
All you’ll have to repay is the amount you’ve borrowed, plus interest. Sunny adheres to the Financial Conduct Authority’s (FCA’s) cap on the price of high-cost, short-term credit. So, the total you’ll repay, including interest, will never exceed twice the amount you borrowed.
Do Sunny charge early repayment fees?
No. If you want to pay off what you’ve borrowed earlier than you originally agreed with us, then that’s great! With some types of credit, you can be penalised if you want to repay your balance early, but this isn’t the case with Sunny. Because we charge interest daily, if you repay early, you’ll pay back less in interest.
Do Sunny charge for late payments?
No, we don’t charge late payment fees, no matter how late your payment gets. However, interest will continue to be added to your balance for the days you’re overdue, which means you will end up paying back more overall. If you find that you’re unable to keep up with your payments, we encourage you to speak to our dedicated repayments team for help.
Do you have to pay any admin charges when setting up a loan with Sunny?
No, there are no admin charges. We’ll set up your online account and repayment schedule for you, so all you need to do is make your payments on their due dates. We’ll even remind you they’re coming up a few days in advance. Simple!
At Sunny, we believe in offering life support – a helping hand when the chips are down. We try to make our products simple to understand and manage and we’ll provide you with all the information you need about your loan up front. Once you’re approved, you’ll have access to an online account area, where you can keep track of your payments and access all your loan information at any time. If you need any assistance with your account, our customer care team are available to help you throughout the life of your loan and beyond.
We’ll need a Rep APR on this page because it’ll count as a financial promotion for mentioning interest rates and for comparing a short-term loan favourably to other types of credit (around there being no early repayment fees, unlike some other types of credit)
Sound good? Apply for a loan today
With Sunny, you can get your hands on the emergency cash you need 24/7 and apply online from your computer, laptop, tablet, or smartphone. If, having carefully considered that borrowing is the right choice for you, then click the link below to find out more about our loans and apply today.
More reading material
Looking for a little more information around Sunny and our loans? We have some more guides available to read below.