Payday loan brand positions as transparent antidote to rivals

A payday loan brand, Sunny, that promises to be a transparent antidote to rivals which prioritise “speed and convenience” over customer experience has become the latest entrant in the controversial sector.

https://www.youtube.com/watch?v=Gt0wUYBPnaY

Launched by US financial services  platform provider Think Finance, the “new way to borrow” promises to promote lower rates, offer greater repayment flexibility than rivals and charge no fees other than interest.

Representative APR, the rate lenders must display to show the cost to borrowers if their debt is outstanding for a year, is 1,971 per cent compared with 5,853 per cent charged by market leader Wonga, for example.

The launch is being backed by a TV and online campaign that uses the strapline “good today, better tomorrow”. It shows a grey animated call centre operative at a nameless payday loan company stunned when a caller requests a fee-free flexible loan before switching to a real-life satisfied customer bathed in primary colours.

John-Paul Savant, CEO of Think Finance UK, told Marketing Week the ad and brand name intends to convey a proposition that is “different and optimistic, candid and helpful’.

The payday loan sector has come under-fire from politicians, consumer groups and the Archbishop of Canterbury recently, who described Wonga as an “unacceptable” business last month. The sector was also the subject of an Office of Fair Trading probe that found widespread irresponsible lending.

Responding to the criticism, Savant says: “[Payday loans] are not appropriate for everyone but they are for people without alternative [credit options] where the only other alternative is a loan shark.”

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here