Rescue your finances with an unsecured loan from Loans 2 Go…
There have been many business casualties of Covid-19, and one of the latest in the UK is Sunny Loans. Mainly due to the impact of the pandemic added to existing issues that the short term loan company was facing. On June 29th the parent company ECIL (Elevate Credit International Ltd) appointed KPMG as administrators, who will now wind up the company.
But what does this mean for you? Sunny Loans had more than 50,000 customers. Are you one of them? If you are either an existing customer of Sunny Loans or had been hoping to take out a loan with them then you will be affected.
Let’s take a look.
Even though Sunny Loans has ceased trading, you must still continue making your loan repayments in the usual way. You still owe the money you borrowed. Your loan is treated as an “asset” of the company, and the administrators will take account of all the company’s assets when sorting out the finances and repaying Sunny Loans’ creditors.
So your loan still exists, under the same Terms & Conditions and interest rates that applied whenever you took it out.
It is really important that you keep making your loan repayments, because otherwise you risk damaging your credit rating. But if you are struggling then you can still contact the Sunny Loans customer service team which is now being overseen by KPMG. If you are having financial problems due to Covid-19, there may be options such as payment holidays or extended repayment times that could be offered to you.
If you had already submitted a complaint to Sunny Loans before 29th June then it will be passed onto KPMG who will contact you if there are further steps that you need to take. You do not need to do anything else at the moment.
If you were about to make a complaint to Sunny Loans you can still contact the customer service team to do this.
But in both the above cases, be aware that these complaints or claims will be treated as “unsecured creditor claims”. This means that you will most probably be in a long queue of other claimants, and KPMG will need to calculate how much money is available to distribute to unsecured creditors such as yourself. This will take some time to sort out and you may not receive the full amount of your claim.
No new lending is taking place from Sunny Loans so you will need to look elsewhere. This is where a firm like Loans 2 Go may be able to help.
Loans 2 Go offer unsecured personal loans from £250 to £2,000 and do not charge any set up fees. Furthermore, your loan is repayable over a period of up to 24 months, and you can pay either weekly, fortnightly or monthly. If you end up being able to repay your loan early there are no penalties for doing so.
We also make it as easy as possible to apply for one of our unsecured personal loans. You can do this by applying online at any time and the process is straightforward, quick & secure. The best news is that once your application is approved, we aim to get the money into your account the same day*.
Loans 2 Go will consider you for a loan even if you have poor credit history, as long as you can afford the repayments. As a responsible lender, we undertake credit checks before lending you money and importantly consider each case on its merit.
So if you need help with a loan and are looking for an alternative to Sunny Loans, then do get in touch with Loans 2 Go. You can complete the contact form on our website, email [email protected], call 0330 400 0403 or Whatsapp 07741 903 315.
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