The need for instant gratification is reshaping consumer behavior and influencing product and service creation and delivery. For example, in the credit sector, Sunny Loans has been rapidly gaining popularity due to their ease of access. The beauty of these types of loans is that they are so easy to access that you can practically sign up for one over the internet and apply for a loan without stringent formalities.
Sunny Loans is an online lending service that has its head offices in London. It is owned by Elevate Credit International Ltd. The Financial Conduct Authority (FCA) handles its regulatory oversight and it claims to use a blend of legacy lending practices as well as innovative data handling. Sunny Loans also claims that it has a high level of transparency and that it uses advanced analytics and technology to achieve low-interest rates, thus reducing the burden for borrowers while also undercutting the competition.
How do sunny loans work?
The minimum Sunny loan you can borrow is £100 while the maximum amount is £2,500. The maximum interest that a Sunny loan can attract per day is about 0.8%. there are no other charges as part of the platform’s efforts to remain attractive.
The application process
The process is relatively easy and it starts with visiting the lending platform’s website. Once there, click the “Let’s Get Started” tab, after which you will be presented with the loan options which are in tiers. Note that each loan extends for a maximum duration of 6 months. Once you click on the loan tier that you want, then continue with the application.
You will then be taken to a page where you will be required to provide personal information which includes your name, phone number, and email address. You will also be required to provide bank information, employment information, expenditure, and income information. Applicants must provide a credit and affordability check. They also have to provide proof that they receive a regular income. Only UK residents have access to Sunny loans and applicants must also be of legal age above 18 years old.
Sunny Loans alternatives
Sunny loans are great but not everyone can access them. For example, a person who lives outside the UK cannot secure a Sunny loan but if they still want similar loans, there are some other options available. One of the best Sunny Loans alternatives out there is Lending Stream. They have some things in common such as the 0.8% maximum daily interest rate but they also have some differences. For example, if you apply for a Sunny loan, it takes up to 15 minutes for it to be processed. Lending Stream’s processing is faster since it usually happens within 90 seconds.
Another Sunny Loan alternative is Satsuma Loans which is also based in the UK. The minimum amount you can borrow on this service is £100 while the maximum one can borrow is £1000. This is lower than Sunny Loans but Satsuma Loans allows longer loan duration capped at 12 months.