Payday lender Sunny collapses blaming Covid-19 pandemic for 'final blow'

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Payday lender Sunny collapses blaming Covid-19 pandemic for 'final blow'

The payday loan company Sunny has become the youngest victim in the sector as the corona virus has given one last blow to the already stricken company.

Elevate Credit’s UK office, operating as Sunny, collapsed on Monday, saying it asked KPMG administrators to intervene.

The U.S. owners of the company had previously contacted the British authorities, saying that their approach to the sector was unclear.

“Regulators in the UK have been unable to provide clarity that would allow Sunny to continue, and unfortunately consumer choice for the safest and most reliable short-term credit option in the UK has ended,” said managing director Jason Harvison.

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

Elevate said the Covid-19 pandemic “further complicated the environment.”

Sunny was previously known as 1 Month Loan and Quid. It has stopped offering new loans, but borrowers should continue to pay their debts in the usual way, Sunny said in a statement on his website.

Sunny is the latest in a long list of victims from the controversial payday lender sector.

Critics have long accused lenders of charging sky high fees from vulnerable customers. Wonga became best known when it brought in administrators in 2018.

Since Wonga collapsed, several others have joined, including WageDay Advance, Peachy, PiggyBank, Juo Loans and QuickQuid.

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