How does the application procedure work?
You have been referred to this website by one of our approved retailers as you have expressed an interest in applying for finance on a purchase you wish to make through them. Our retailer will give you their Retailer Id, together with the cost of the purchase, and an anticipated date of delivery, or service. You need this information to apply. Once you have applied, you will be informed in minutes of your acceptance or not. The retailer will also be sent an email to inform them that they may provide you the product or service as the finance is approved.
How do you evaluate my application?
There are two parts to our approval process. The first does a “soft search” on your credit score, which does not affect your credit score. If you pass, your loan will be approved. If not, the second process will electronically look at your last 3 months bank statements to see your incomings and outgoings to evaluate if you can afford the repayment. We use new banking technology called “Bank Vision” to do this. It enables us to access your last 3 months statements. For this to happen, you need to provide access to your bank account. This information is not kept by our finance partner, and the information is passed in a secure and encrypted manner, so your data is safe and secure. There is nothing to worry about. This technology is fully licensed and approved by the Financial Conduct Authority. You can read more about it on the Payl8r website.
How do I repay my loan?
Your monthly repayments are collected via a Credit Payment Authorisation (CPA) on your debit card, and are made by Social Money Ltd T/A Payl8r, who provide the finance.
Do I need a online banking account?
Yes. You must have a UK online bank account capable of accepting Direct Debits.
Do I pay a deposit?
Yes, you do have to pay a deposit, which is a minimum of 10% of the cost of the service or product. You may decide to pay a larger deposit to bring down your monthly payments, but that's up to you. Use our Repayment Calculator to see what deposit suits you best.
What interest rate will I pay?
Our interest rate is set at 24% APR, which is low and comparable with many credit cards.
What will my repayments be like?
Repayments will depend upon the amount you wish to borrow, the deposit you wish to pay and the period over which you will repay the loan. Use our Repayment Calculator to change these figures to see the impact before you apply.
Will this application affect my credit rating?
No it won't. Our finance partner Payl8r conducts a "soft search." This search goes on your credit file, but it does not affect your credit score.
Who is my finance agreement with?
Your finance agreement is with our finance partner Social Money Ltd T/A Payl8r. Any queries or concerns regarding financial aspects of the transaction should be directed to the Payl8r team.
What if I can't keep up my repayments?
Our lending is based on its affordability, therefore, you should be able to meet your repayments. However, in the event that your circumstances change, please contact the Payl8R team with whom your finance agreement is with, and they will work with you to try and reduce your monthly instalments.
Why must I provide bank details?
The application process involves two steps. The first checks your credit score. If you do not pass this check, we need to use “Bank Vision” to look at your bank statements. For this purpose we need to access your bank account. Access information is not stored by our finance partner and data is transmitted securely and is encrypted, so your data is completely safe. If you don’t want to use Bank Vision, but wish to continue with the application, you may email your last 3 months bank statements to Payl8r.
Is my data secure?
The information you provide us is first encrypted, so nobody can make sense of it, and then it’s transmitted securely so nobody can intercept it and read it. Any sensitive bank access information is not kept by our finance partner. We only save your name and email address to identify you as a customer. Social Money T/A Payl8r saves your details and information about the transaction.
Who should I contact with my financial queries?
As your loan agreement is with Social Money Ltd T/A Payl8r any queries relating to your loan should be direct to them at https://payl8r.com/
Who should I contact with my product or service queries?
In the first instance you should approach the salon who provided the service or product and try and resolve the problem with them. If this does not resolve itself, then please contact us. If this, this or your contact with the salon results in some form of refund, you can use this to clear all or part of your Payl8r account by contacting Payl8r and arranging details.
Can I apply for further finance if I have outstanding agreements?
You can use our service as often as you like even if you haven’t cleared existing agreements, provided you are keeping up with payments and can afford the additional expenditure.
Why has my application been turned down.?
Applications are often declined because the incorrect information has been entered in the application form. Please ensure enter all required information carefully. If you wish to find out why your were declined, please email customers@sunshinefinance.co.uk
Who is Payl8r?
Payl8r is the trading name of Social Money Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA reg no. 675283), and a company registered in England (reg no. 08054296). Registered with the Office of the Information Commissioner (reg no. ZA026178).
Address: The Lodge, The Towers, Wilmslow Road, M20 2AU
