What is Sunshine Loans and how do its loans work?
Sunshine Loans is a small online cash loan provider headquartered on the Gold Coast. They offer loans between $2,050 and $2,500 with minimum terms of 63 days and maximum terms of 182 days. Like other cash loans, these are highly flexible and can be used for a variety of purposes, from repairing your car to providing you with funds in an emergency.
The cost of these loans is based on two charges: an establishment fee of $400 and an interest rate of 48.00% p.a. For example, a $2,500 loan paid over four months would cost $2,671 overall, with fortnightly repayments of $308. You can, however, repay your loan early at no additional cost, which will help you save on interest.
Sunshine Loans advertises no credit checks on its small loan products and can process and approve loans between 7:00am and 7:00pm every day, including on the weekend.
Is Sunshine Loans legitimate?
Sunshine Loans has an Australian credit licence, meaning they’re legally permitted to offer loans and credit to customers across the country. With all the adequate licences, they’re a legitimate Australian lender.
It’s important to note, though, that they were sued by ASIC in 2024 (and had a subsequent appeal dismissed) for contravening the National Credit Code. This action related to inserting illegal rescheduling or amendment fees into more than 670,000 loan contracts between July 2016 and November 2020. Other lenders have been sued for similar reasons, including the now-defunct Ferratum Australia in 2023.
Before you enter a loan agreement with Sunshine Loans, or any other lender for that matter, it’s crucial to carefully read through your loan contracts to make sure you know exactly what you’ll be charged. If you have any questions about the conditions of your agreement, you should contact your lender before you sign the contract.
Why apply for a small loan with Savvy?
What are some of the alternatives to Sunshine Loans?
One simple alternative to going through Sunshine Loans is to apply for your small loan through Savvy. We’re partnered with responsible lenders who can allow you to borrow as little as $500 and as much as $5,000, giving you more room to customise your loan amount to your needs.
Once you apply with us, your application will be automatically run by our lenders’ criteria to see if there’s a match. If there is, you can be conditionally approved in just 60 seconds. From there, depending on the time of day you apply, you could be formally approved and have your funds sent to your account as soon as on the same day.
Another option you may qualify for is a No Interest Loan (NIL), which is offered through not-for-profit organisations like The Salvation Army. These allow you to borrow up to $3,000 for specific approved purposes, such as paying your rental bond or replacing essential household appliances, and repay your debt without interest or fees.