Elevate Credit: Sunny
History and Ownership
Elevate Credit Inc is based in Fort Worth (Texas) and primarily operates in the United States under Elastic and Rise. Here in the UK they are actively trading under Sunny that runs through the Elevate Credit International Ltd subsidiary. There are 2 noted local offices based in Bury St Edmunds and London. Across the 3 owner’s brands there are just over 1.7 million customers. Elevate’s identity itself is still quite fresh with the owner having rebranded from Think Finance that went through in 2014. Their history dates as far back as 2001. Sunny was introduced in 2013 although this was a reboot of 1 Month Loan who had been operating since 2004.
1 Month Loan was started up by Fortress Group (UK) Ltd, but then came the acquisition from the American giant. Throughout the years the man in charge of the operation has been Ken Rees. Sunny’s site exists on its own today, but it should be noted that they also operated as Quid that was later closed. The idea has no doubt been to push everything at the core project. Sunny’s market growth will have surprised many. In the instalment comparison we have now seen them take the 2nd spot (now only trailing Wonga). They aren’t that far away from the market leader as well that shows that those huge ad spends are certainly working to their advantage.
Info: Sunny Loans
www.sunny.co.uk (Alexa UK Rank: #11,341)
Sunny’s previous approach was to offer 2 split products including Now (6 months) and Plus (14 months). They have since adapted to offer a few more repayment choices. Amounts of £100 to £1000 are set at 6 months, £1100 to £1500 sees 7m, £1600 to £2000 shifts to 9m and £2100 to £2500 ends with 14m. Whilst these terms are fixed the option is always there to settle up early. They actively promote this across the site whereby you can make the full settlement using the payment feature within the Sunny login portal. For pricing if you were to access a £300 loan over 6 months then the standard cost would be set at £295.91.
We have however seen promo codes released over the years for first time applicants only. The most common one running was SUNNY10, but this didn’t work when testing just now. We were however able to validate SUNNY5 that delivered a 5% saving. Once activated this took the cost down on screen to £279.33. This service is available 7 days a week during the hours of Monday to Thursday (8.30am-7pm), Friday (8am-5pm) and Saturday & Sunday (10am-3.30pm). There are also some neat service features to note such as no late payment fees being charged and you can use their 5 Days to Change Your Mind option that we’ll discuss further below.
Reviews: Feefo, Review Centre, Reviews and Trustpilot
Customers are guided to leave feedback over on Trustpilot. They score very well on this platform with a rating of 91% from a pool of over 2180 reviews. Praise is commonly geared towards how quick and easy the entire process was from application to payout. There is also a page on Review Centre. The score is just 44% here that is from 41 reviews. The general pricing was criticised here as well as declines.
There are many instalment loan lenders like Sunny where you can receive impressive repayment options. Very few competitors can however hold a candle to them on the popularity front. MyJar would be their biggest instalment rival. They too operate 7/7 and you can find impressive terms there of 3m to 12m. Satsuma Loans and The Money Shop are also within reach. The £279.33 cost with the discount attached here is pretty high when you consider that the cheapest sector deal from Fair Finance is just £88. There are quite a few lenders that charge in the ballpark of £150 as well that is a significant saving.
The Plus Points
The 5 Days to Change Your Mind offer is perhaps their biggest quality for the simple reason that no one else is currently offering this. What happens here is that if you don’t need the money that has been borrowed within 5 days then you can pay this back without paying any interest. This is available to all customers a maximum of 3 times per year and it must be requested over the phone. They were also to our knowledge the first lender to not charge late fees. We have since seen Satsuma Loans adapt to do this as well. Outside of these service features, you can get funded quickly 7/7 and the flexibility is good when you choose to settle up early. The costs aren’t cheap, but other than this you’ll find a well-rounded service here.
Last Updated: January 5th, 2018.