Sunny Loans

[Hoose Rice]

Anyone on here used them? 

Seem not bad rate for a few days (not until Fri) £270 over 3 months for £200 sounds decent for a change.

Good? 

[TxRover]

38 minutes ago, Hoose Rice said:

Anyone on here used them? 

Seem not bad rate for a few days (not until Fri) £270 over 3 months for £200 sounds decent for a change.

Good? 

The annualized interest rate is 185%, which is terrible…but payday loans are all horrific. Make sure you are not trapping yourself.

Can you get a credit card cash advance?

[Hoose Rice]

42 minutes ago, TxRover said:

The annualized interest rate is 185%, which is terrible…but payday loans are all horrific. Make sure you are not trapping yourself.

Can you get a credit card cash advance?

Its only a few days and they seem to have accepted me.  Just have to pay back in full for £60 interest I think. 

[TxRover]

2 minutes ago, Hoose Rice said:

Its only a few days and they seem to have accepted me.  Just have to pay back in full for £60 interest I think. 

Just read over the loan documents VERY carefully. If you are unclear on anything, clarify before agreeing. Short-term lenders thrive on trapping people into a cycle of borrowing, so there’s usually a sting somewhere in the documents. In this case, it sounds like if you get the money to pay them back early, you still have to pay £60 vice £70 if you keep it full term. That’s shocking predatory, but that’s the business.

[Hoose Rice]

1 minute ago, TxRover said:

Just read over the loan documents VERY carefully. If you are unclear on anything, clarify before agreeing. Short-term lenders thrive on trapping people into a cycle of borrowing, so there’s usually a sting somewhere in the documents. In this case, it sounds like if you get the money to pay them back early, you still have to pay £60 vice £70 if you keep it full term. That’s shocking predatory, but that’s the business.

Ta.  Will sleep on that.  Cheers for your advice  

[RH33]

Hoose Rice, please don't use a payday lender. It destroys your ability to borrow from standard lenders for a long time.

The headspace you're in just now, please just try and eek things out until payday. These companies pray on people in desperation and will bombard you with further lending.

[scottsdad]

I posted my own experiences with these lenders in the payday loans thread a while back. 

Please, please, please do not use them. I have been there. You will be a bit short next month or the month after repaying this and their answer will be more loans.  Every time you'll think that the repayment amount is OK but the cumulative effect will just erode every penny you have. 

Please trust me on this. I ended up at the bottom of the spiral you are just starting and only got out when I contacted StepChange. I was on a debt payment plan for 3 years to get out of the hole.

Earning decent money and being penniless at the start of the month is where this journey ends. 

Please, do anything you can to avoid these lenders. 

[Boo Khaki]

@Hoose Rice

I don't know what your exact circumstances are, or what you need the money for, but it might be worth your while to see if you can get hold of a Welfare advisor to see if you can access something like the https://www.mygov.scot/scottish-welfare-fund 

Apologies if you are already aware or it's not applicable, but it just occurred to me that it might actually be the solution to your immediate issue.

[DA Baracus]

Mate, please don't use them! I got in to a hole with payday lenders, including Sunny. Ended up taking out nearly 100 payday loans across numerous lenders. Got myself trapped in a cycle of it. Eventually managed to get out (many of them going bust and most of them refusing to lend to me helped). 

When you're desperate they do seem reasonable. But they aren't. I was taking out loads at once to pay off others and pay regular stuff and it became a bit addictive. The rush of getting an application approved and the cash hitting my account was something I became hooked on to an extent.

There's a thread on payday loans somewhere on here. See if you can dig it out and have a read.

[Sergeant Wilson]

It's got Sunny in the name. This implies carefree, happiness and such.

Which makes them cùnts.

[williemillersmoustache]

Don't. Do not. It is like all these b*****d pay day lenders a trap. 

Please don't. 

[54_and_counting]

Dont go fucking near it mate, i dont know your family situation etc but try and borrow off anyone if its for a few days, you paying 70 quid for this means you will have less money next month, 

Its a c**t of a cycle to break, please dont do it

[Hoose Rice]

Yeah just going to leave it guys thanks for the advice. Paid Friday anyway and not worth the interest or the hassle it seems I’ll have to make it work until then  cheers m. 

[ParsJake]

2 hours ago, Hoose Rice said:

Yeah just going to leave it guys thanks for the advice. Paid Friday anyway and not worth the interest or the hassle it seems I’ll have to make it work until then  cheers m. 

Good man.  These companies are the scum of the earth, b*****ds trained by b*****ds.

[Hoose Rice]

2 minutes ago, ParsJake said:

Good man.  These companies are the scum of the earth, b*****ds trained by b*****ds.

Yeah I totally get that impression.  Applied for a crisis grant instead so see what happens. 

[super_carson]

Just my own experience with companies like these...

I fell into the payday loan trap about ten years ago when I was living down south.  I was playing rugby (not at any sort of elite level but for 22 I could survive on it) and there were a few months where I wasn't being paid on time.  I started off with Wonga to pay my rent, but then soon enough I was having to take out extra loans with multiple companies and just roll over each month and it quickly spiralled. I think I must have had a couple of grand in loans just being rolled over each month, barely able to pay back the interest each month.  It was far too easy to apply and be approved for a loan that I clearly could not afford.  

I think I was stuck in the cycle for about 2 years (even after I moved back to Scotland) and I dread to think how much I paid out in interest over that time.  I was very lucky that my parents cottoned on and were able to give me an interest-free loan to pay it all off before it got much worse, but these companies are the absolute dregs of society.  

Funnily enough, in the last couple of years or so I've had a few hundred quid back in compensation from some of these lenders that went bust.  But, I was young and naive and that doesn't make up for all the hardship it caused.  

Edited July 26, 2022 by super_carson

[TxRover]

5 hours ago, Hoose Rice said:

Yeah just going to leave it guys thanks for the advice. Paid Friday anyway and not worth the interest or the hassle it seems I’ll have to make it work until then  cheers m. 

Glad to hear this. I didn’t want to be so blunt when I responded, but just wanted you to pause and consider. Thanks to all with experience with these c**ts for their input!

[Hoose Rice]

Just now, TxRover said:

Glad to hear this. I didn’t want to be so blunt when I responded, but just wanted you to pause and consider. Thanks to all with experience with these c**ts for their input!

Na was appreciated mate - last thing needed was to get caught up with that rubbish for the sake of 4/5 days skint.  

[TxRover]

Just now, Hoose Rice said:

Na was appreciated mate - last thing needed was to get caught up with that rubbish for the sake of 4/5 days skint.  

YW, M8. Glad to hear you’re getting to a better place despite…stay strong, it’s a slow climb, but so worth it!

[BFTD]

@DA Baracus has shared some horror stories about how easy it is to get buried under an avalanche of debt due to payday loans. Willing to bet that @Day of the Lords has heard a few too. I've been in the situation where the idea might have been tempting, but reading testimonials like that made me think twice.

Well done to @Hoose Rice for deciding to fight through the lean times without them; things will improve much quicker without the added money going out.