Sunshine Loans is a lender that offers Medium Amount Credit Contract (MACC) ranging from $2,050 to $2,500. The typical repayment terms range from a minimum of 9 weeks (63 days) and maximum of 26 weeks (182 days). Sunshine Loans has been family-owned & operated since 1999. The company is reachable during working hours (8 A.M. to 4 P.M QLD time), from Monday to Friday. The company has an ACN of 092821960 and Credit Licence Number 390556.
Types of Loans Provided by Sunshine Loans
Sunshine Loans provides loans up to $2,500 with terms starting from nine weeks. They have fixed repayment schedules and disclose fees before acceptance, making them suitable for borrowers who need access to cash for temporary financial gaps rather than long-term financing.
Here is a table explaining their different products and features:
| Loan type | Loan amount | Repayment term | Costs / fees / interest rates (Other fees may apply) |
|---|---|---|---|
| Bad Credit Loans | $2,050–$2,500 | Min 63 days, max 140 days | Max 48% p.a. + $400 establishment fee. Other fees may apply. Contact Sunshine Loans for details. |
| Cash Advance Loans | $2,050–$2,500 | Paid back over several weeks | Contact Sunshine Loans for details |
| Emergency Cash Loan | $2,050–$2,500 | Generally 12–20 weeks | Contact Sunshine Loans for details |
| Online Loan | $2,050–$2,500 | Min 63 days, max 140 days (example: 20 weeks) | Max 48% p.a. + $400 establishment fee. Other fees may apply. |
| Same Day Loan | $2,050–$2,500 | Min 63 days, max 140 days | Max 48% p.a. + $400 establishment fee. Other fees may apply. |
| Small Loan | $2,050–$2,500 | Min 63 days, max 140 days | Max 48% p.a. + $400 establishment fee. Other fees may apply. |
| Weekend Loans | $2,050–$2,500 | Generally 12–20 weeks | Contact Sunshine Loans for details |
To enquire directly about monthly fees, early repayment fees, and other costs related to your loan, you can call Sunshine Loans’ customer service line directly.
NOTE: Please note that some ideas and products discussed in this article may not be directly offered by Monzi or the lenders we may work with. This content is intended for general informational purposes only. We recommend consulting professional financial, taxation, or legal advisors to determine how this information might apply to your individual circumstances. If you have any complaints or feedback, please contact Monzi directly.
What is the Eligibility for Applying with Sunshine Loans?
You must fulfil the following lending requirements to be eligible for a loan with this online lender:
- Be over 18 years old.
- Be earning at least $400 in weekly take-home pay. A part-time job or government benefits can be included in this.
- Your take-home pay should be shown on bank statements that were obtained using your online banking credentials.
- Applicants must ensure they can comfortably afford repayments on their current loan before applying for a new one.
Additionally, you must submit the following records and data using the online application form:
- Personal details, such as a passport, bank details, or an Australian driver’s licence.
- Contact details.
- Details of income.
- Information about online banking.
What is the Procedure for a Loan Application with Sunshine Loans?
Sunshine Loans states it makes reasonable enquiries into an applicant’s financial situation and ability to repay, as required by law.
They offer a straightforward, three-step online loan application process.
STEP 1: Submit an online application
Applicants can apply online by completing Sunshine Loans’ application form and providing the information (like bank details, passport, and driver’s license required to assess eligibility). During this, Sunshine Loans may make reasonable enquiries into the applicant’s financial situation and ability to repay, as required by law.
STEP 2: Application assessment
They review the provided information and may make a decision within a short period, depending on individual circumstances and verification requirements. If approved, applicants are presented with a loan offer outlining the key terms, fees, and repayment obligations. Those who choose to proceed can review the loan terms and accept the offer by e-signing the agreement.
STEP 3: Final review
Additional checks may be completed before the loan is finalised. Once all conditions are met, funds are typically transferred to the applicant’s nominated bank account, subject to bank processing times.
What are the Pros & Cons of Applying with Sunshine Loans?
Here are the pros and cons of applying with Sunshine Loans:
Positives:
- Easy online application and approval procedure.
- No costs associated with early additional repayments.
- Accessible to individuals with poor credit, emphasising responsible repayment.
Challenges:
- Sunshine Loans has experienced some delays in processing applications for borrowers who do not meet all loan requirements.
- High delinquency costs.
Get Small Loans with Monzi in Australia
While Sunshine Loans offers small loans, we operate as a lender-finder service. With one application, we may match you with a licensed lender offering short-term loans ranging from $300 to $2,000.
Some lenders may rely less on traditional credit scores and instead assess recent financial history and affordability, as required by law. Repayment terms may range from 16 days to 12 months, with a flat 20% establishment fee and a flat 4% monthly fee.
For example, a loan of $1000 over 6 months, a borrower can expect to pay a total of $1440.
How to Apply with Us?
Follow these simple steps to apply with us:
- Scroll up, choose the amount, and the type of loan. Then, hit Apply Now to continue!
- Fill out an application form asking for basic information.
- Once we match you with a suitable lender, apply for the loan if you’re interested. You may have to submit a few documents if the lender wants, and they may perform a credit check before accepting your request.
No paperwork. No waiting time. Everything’s online!
The catch?
We don’t charge you for our services.
So if you’re looking for a Sunshine Loans alternative after reviewing their loan reviews, we may be an option.
Frequently Asked Questions About Sunshine Loans
Here are the six most asked questions about Sunshine Loans:
1. What are the fees for applying with Sunshine Loans?
You can find their interest rates and terms on their website. Other fees and charges may apply in the case of late payment or default.
2. What happens if you can’t repay on time after borrowing from Sunshine Loans?
Contact them as soon as you realise you may have difficulty repaying on time. There are additional charges that may be payable on outstanding balances.
3. What time of day is the direct debit?
Direct debits usually occur overnight or pursuant to your bank’s processes. They usually try to schedule your repayment the day your salary or benefit is credited to your bank account.
4. Do they conduct a credit check?
In most cases, they carry out a soft credit check during the application process. They are more interested in the borrower’s recent history and their current capacity to repay the loan.
5. Can you repay early?
Yes, you can. But borrowers should confirm whether any fees or adjustments apply.
6. How long will the funds reflect in the account after approval?
After accepting your loan offer and successfully validating your debit card, funds are typically sent to the bank account linked to the debit card.