Pros:
- Various Loan Types: Offering a broad spectrum of loans to cater to diverse financial needs.
- Transparent Fees: Clear fee structure with no hidden charges, especially for small loans.
- Flexible Loan Amounts: Loan amounts ranging from $150 to $2,500 providing flexibility based on need.
- Quick Application Process: Easy online application for swift processing and disbursement.
Cons:
- High Establishment Fee: $400 establishment fee for medium loans might be considered steep.
- High APR for Medium Loans: Annual Percentage Rate (APR) of 48% per annum for medium loans is on the higher side.
Here’s a comprehensive guide on what you need to know about Sunshine Loans, including the costs, what’s covered, and what’s not.
Cash Loans from $2k to $5k
Find a LoanAbout Sunshine Loans
Sunshine Loans, sailing under the Australian Credit License Number 390556, extends a helping hand to Australians in need of financial assistance through a variety of loan offerings. Whether it’s a small hiccup or a medium-sized financial hurdle, Sunshine Loans has a solution to help you jump over.
Costs
- Loan Amounts:
- Small Loans: $150 to $2,000
- Medium Loans: $2,001 to $2,500
- Fees:
- Small Loans:
- Establishment Fee: 20% of the Amount Borrowed
- Monthly Fees: 4% of the Amount Borrowed
- Medium Loans:
- Establishment Fee: $400
- Small Loans:
- Interest Rates:
- Small Loans: Not Applicable
- Medium Loans: 48% per annum (APR)
- Comparison Rate:
- 66.20% for a loan of $2,500 over two years
Loan Terms
Duration:
- Small Loans: 63 to 98 days
- Medium Loans: 63 to 140 days (Not exceeding 2 years)Repayment Options:
Repayment Options:
- Flexible repayments aligning with the loan term and amount
Interest Calculation:
- Calculated annually for Medium Loans
Summary
Category | Details |
---|---|
Loan Amounts | $150 to $2,500 |
Establishment Fee | 20% of the Amount Borrowed (Small Loans), $400 (Medium Loans) |
Monthly Fees | 4% of the Amount Borrowed (Small Loans) |
Annual Interest Rate | 48% (Medium Loans) |
Comparison Rate | 66.20% for a loan of $2,500 over two years |
Loan Duration | Small Loans: 63 to 98 days, Medium Loans: 63 to 140 days |
Repayment Options | Flexible repayments |
Interest Calculation | Annually (Medium Loans) |
Cash Loans from $2K to $5k
Find a LoanWhat’s Covered
- Transparent Lending: Sunshine Loans maintains a transparent fee structure ensuring there are no hidden charges especially for small loans.
- Diverse Loan Offerings: From emergency cash loans to loans for unemployed, they have a variety of loan types to meet different needs.
What’s Not Covered
- Long-Term Financing: Medium loans do not exceed a tenure of 2 years.
Final Takeaway
Sunshine Loans provides a ray of hope with its array of loan offerings catering to diverse financial circumstances. With a transparent fee structure for small loans and a range of loan types, they stand as a reliable financial partner. However, the higher establishment fee and APR for medium loans necessitate a thorough review before sailing forth on this financial voyage.