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Short term credit provider Sunny launches innovative new product – Sunny Plus PDF Print E-mail
Tuesday, 21 July 2015

Short term credit provider Sunny has launched a new product into the UK market, Sunny Plus, with a monthly interest rate at 10.5%, less than half the rate of a typical payday loan.

Sunny Plus is available to customers who wish to borrow larger amounts of money, from £1,000 - £2,500, with the loan term set for 14 months, although customers can repay early in full or in part at any time. Customers can choose to change their repayment schedule to a shorter period and save money as interest payable is calculated daily.
The new product sits alongside the Sunny loan, which allows customers to borrow £100 - £950 for up to six months, at a monthly interest rate of 24%. As with a Sunny Plus loan, Sunny customers can pay back their loan early at any time. Both Sunny and Sunny Plus customers continue to benefit from a five day right to change their mind, no fees payable of any kind, and free financial literacy videos and tools. 
John-Paul Savant, CEO, Elevate International and Sunny, commented: “We’re excited to be launching our second product, Sunny Plus, with a genuinely competitive APR, making it one of the most innovative products in the market place and one that delivers real value to consumers.
“We know from listening to our customers that some need to borrow larger amounts of money for longer, but with the flexibility of knowing they can pay back earlier if needed. Sunny Plus allows customers to do this, whilst allowing borrowing at half the cost of typical traditional payday loans. We believe Sunny Plus will genuinely inject some innovation back into the short term credit market.”

(Source - Sunny Press Release)

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