Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How does a short term loan from Sunshine Loans work?
You can apply for up to $2,000 and repay it over one to 15 instalments, depending on the frequency of your pay. Sunshine Loans centre offers a same-day turnaround when applicants apply and are approved on a business day. Loans are available to people with a bad credit history but make sure to check the other eligibility criteria before applying.
Features of a loan from Sunshine Loans
- Loan amount. Sunshine Loans allows customers to borrow up to $2,000.
- Turnaround time.If applicants apply on a weekday, the loan may be processed and debited to the account on the same day.
- Repayments.The repayment structure will depend on the frequency at which the applicant gets paid. For instance, if they get paid weekly, Sunshine Loans will organise the repayments to be spread over three to four instalments to ensure it's manageable. If the customer is paid fortnightly or monthly, the repayments will be structured across one or two repayments in the month. Repayments are generally made via direct debit, but customers can also make manual payments via BPAY, bank transfer or a bank deposit. Customers can repay the loan early without paying any penalty fees.
What are the risks of short term loans?
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
How much will a Sunshine Loan cost?
Customers will be charged the following fees:
- Establishment fee: 20% of the amount borrowed.
- Monthly fee: 4% of the amount borrowed.
If the customer fails to make repayments on time, the following fees will be charged:
- Late payment/rescheduling payment fee: $35
- Account arrears fee: $30 per week after loan completion date
How to apply
If you're looking to borrow up to $2,000, you can click "Go to Site" to get your Sunshine Loans application started. Before applying, check if you meet the eligibility criteria and have the necessary information to complete the application:
- Applicants need to earn at least $300 per week
- Applicants must that they can afford the repayments on their current budget
- Income cannot solely be from Centrelink payments
- Personal details. Name, date of birth, driver's licence number and contact information is required.
- Employment or Centrelink information. This includes the applicant's employer's name and contact details or details regarding Centrelink payments.
- Financial information. Confirm income and expenses, including wages (after-tax), pension and rent or mortgage.
- Loan purpose. Confirm the desired loan amount and the purpose of the loan.
- Primary bank account details. Sunshine Loans require the name of the customer's bank, your account name, BSB number and account number.