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Payday lender Sunny collapses into administration

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Payday lender Sunny is the latest casualty of the pandemic as it collapsed on Monday and administrators KPMG have taken over.

The UK branch of Elevate Credit who trades as Sunny filed for administration as they were unable to continue.

Chief executive Jason Harvison hit out at the UK government over their approach to the payday sector, saying “UK regulators were unable to provide clarity.”

Harvison said, “Regulators in the UK were unable to provide clarity that would allow Sunny to continue and sadly, the consumers’ choice for the most safe and reliable short-term credit option in the UK has ceased operations.

“I would like to give my sincere thanks to all of our UK employees and the thousands of Sunny customers who trusted us over the years.”

The company who were previously known as 1 Month Loan and Quid said the pandemic had “further complicated the environment.”




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