Sunny Loans – A Lender Summary & Loan Comparison
Are you wondering what happened to Sunny Loans? Do you want to understand what took place with the original lender, whether the brand is still operating and how it compares to other short-term credit providers? Here, we explain the history of the Sunny Loans brand, outline how the brand operates today and compare it with alternatives, such as cashasap.co.uk’s short term loans.
Sunny Loans History
Sunny Loans was a well-known UK payday lender. The payday loans company was originally operated by Elevate Credit International Limited until they entered into administration in June 2020. The company provided high-cost short-term loans to UK consumers.
At its peak, Sunny Loans was a prominent name in the online lending market, alongside similar brands like QuickQuid, Wonga and Wage Day Advance. The company once employed over 140 staff across offices in London and Bury St Edmunds. However, like several other high-profile payday lenders, the company faced a significant volume of complaints relating to unaffordable lending and mis-selling loans.
Why Did Sunny Loans Enter Administration?
In June 2020, Elevate Credit International Limited entered administration. KPMG were appointed as administrators to manage the company’s affairs.
It was widely reported that Sunny Loans collapse followed a sharp increase in customer complaints concerning irresponsible lending practices. Administrators reviewed historic lending and concluded that a substantial number of loans had been issued without adequate affordability assessments.
Former customers were invited to submit redress claims. While hundreds of thousands of loans were assessed as potentially unaffordable (approximately half a million), only a small proportion of around 8% of mis-sold customers submitted formal claims before the January 2021 deadline. Payouts had initially been estimated to be very low at less than 1p in the pound. Due to the low volume of claims, KPMG announced that 3.21p in the pound would be paid out, higher than originally anticipated. The administrators also auto-corrected credit records where loans were deemed unaffordable.
Customers were advised at the time that they were still required to continue repaying outstanding loans and Money Saving Expert advised strongly against taking out further borrowing to meet Sunny payday loan repayments.
Is Sunny Loans Still Operating Today?
The sunny.co.uk website is now owned and operated under entirely new ownership and structure. Upward Finance Limited, which is an appointed representative of Flux Funding Limited operates the Sunny Loans UK brand. Flux Funding Limited is authorised and regulated by the Financial Conduct Authority (FCA) and operates as a credit broker, not a direct lender. This is a key difference to the brand’s current operations versus its previous set up.
This means that the current Sunny Loans online website does not lend money directly. Instead, it introduces customers to third-party lenders. Loan products currently advertised are typically instalment loans with repayment terms ranging from 3 to 36 months, subject to eligibility and lender approval.
Upward Finance Limited has confirmed that it has no affiliation with Elevate Credit and does not have access to records relating to historic Sunny loans issued prior to administration.
If you had a Sunny loan through Elevate Credit, prior to June 2020 and wish to raise concerns about historic lending, that is no longer possible and the Financial Ombudsman Service can no longer consider any of those claims. The administration redress process itself has now concluded too.
Before applying for any loan, it is important to confirm who the actual lender will be and review the full terms carefully.
Comparing Sunny Loans With Cashasap.co.uk
If you would prefer to deal directly with a lender, rather than submitting your personal details to a broker, then there are a number of alternatives to Sunny Loans to consider.
cashasap.co.uk is a UK-based direct lender, not a broker, offering short-term and payday loans. This means you apply directly with us and, if approved, your loan agreement is with us.
Below is an overview of both brands:
| Feature | Sunny Loans (Current) | Cashasap.co.uk |
|---|---|---|
| Business Model | Credit broker | Direct lender |
| FCA Authorised | ✅ (via Flux Funding Ltd) | ✅ Yes |
| Loan Type | Instalment loans (3–36 months) | Short-term & payday loans (3-6 months) |
| Lending Decision | Made by third-party lenders | Made directly by us |
| Lending History | Relaunched under new ownership | Continuously lending since 2013 |
| Application | ✅ Online | ✅ Online |
| Funding | Depends on the matched lender | Same day if approved |
All loans are subject to status and affordability checks.
Why you should choose us
Important: Borrow responsibly. Short-term loans are not suitable for ongoing financial difficulties or long-term borrowing.
How to Apply With CashASAP.co.uk
To apply, you must:
- Be 18 or over
- Be a UK resident
- Be in full-time or part-time employment
- Have a UK bank account with a debit card
- Be confident you can afford the repayments
Because we lend directly, you deal with one company throughout your application and repayment period. Applications are completed online and assessed individually. If approved, funds are transferred to your UK bank account within minutes.
Always Borrow Responsibly
Short-term loans are designed for temporary financial needs and are not suitable for ongoing money difficulties. Before applying, you should:
- Consider borrowing only an amount that you genuinely need
- Review the total amount repayable
- Make sure repayments fit comfortably within your budget
- Seek independent advice if you are struggling financially
Free support is available from organisations such as MoneyHelper and National Debtline.
Summary
- Sunny Loans was originally operated by Elevate Credit, which entered administration in 2020
- Redress claims relating to historic Sunny loans have now closed
- The Sunny loan brand now operates under new ownership as a broker, not a lender
- Loan terms currently advertised are typically 3–36 months
- We provide a direct lending alternative for eligible UK customers
