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Maximum charges: 20% Establishment fee and 4% monthly fee (Comparison rate 199.43%) based on $1000 repaid over 6 months. Illustrative example: Loan amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly instalments of $57.60. Maximum charges: 20% Establishment Fee & 4% Monthly Fee. In comparison rate terms, the maximum comparison rate may be as high as 199.43%.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. The information on this web page is general information. The information does not take into account your objectives, financial situation or needs. Credit criteria, fees, charges, terms and conditions apply. Products and rates displayed are subject to the individual borrower's credit assessment. Examples only provide an estimate and are used for illustrative purposes only, not an offer for credit. The amount you can borrow, the interest rate and fees you receive along the product you qualify for may vary.
Viva Payday Loans > Sunshine Loans Review

Sunshine Loans Review

Sunshine Loans is a small loan provider operating in Australia, giving out loans between the amounts of $150-$2,000 for a period of 9-12 weeks. The lender offers a completely online process, from filing the initial application to disbursement of funds. It was set-up in 1999 and is a family-owned and operated credit service provider. The lender also holds an Australian Credit Licence.

How much does a loan from Sunshine Loans cost?

Sunshine Loans charges 20% as establishment fee and 4% as a monthly fee, both on the total amount borrowed, to the borrower.

Currently, Sunshine Loans is not charging any interest rate on its loans. This means that no APR needs to be defined for it. The only charges that are applied in lieu of an interest rate include the establishment and monthly fees, as specified above.

The following table shows the costs that borrowers would have to bear on loans acquired through Sunshine Loans.

Loan Product Amount Borrowed Repayment Period Total Repaid
Express Loan $500 10 weeks $660
Express Loan $1,000 10 weeks $1,320
Express Loan $1,500 10 weeks $1,980

Other fees have also been specified by the lender on its website. These include:

  1. $35 for missing a payment or dishonour of a direct debit
  2. $30 per week for the number of weeks the borrowers account shows an arrear after completion of the originally-set loan term.
  3. $35 for every request to reschedule a payment, whole or in part.

Key Features of loans provided by Sunshine Loans

Sunshine Loans provides a completely online service that promises loans between the amounts of $150-$2,000. The lender estimates that the average applicant should be able to complete their initial application form in about 5 minutes. As soon as the loan application has been approved, an online contract would be shared with the applicant which they would need to electronically sign and send back to Sunshine Loans. The lender promises to release funds to the bank within 30 minutes of the applicant’s e-signature.

Advantages and Disadvantages

Advantages Disadvantages
An extremely fast service Loan amounts capped at $2,000
Completely online application process The arrears, missed payment, and rescheduling fees are pretty high
Fixed loan costs with very few and clearly defined contingent costs Loan terms are inflexible and may not suit all borrowers
Applicants with bad credit may also qualify for a loan  
Loans are deposited directly into the borrower’s bank account.  


Can I get a loan from Sunshine Loans if I am not employed or living on a pension?

The lender requires all applicants to have a minimum regular income of over $300 on a weekly basis to qualify for a loan. This income can be a mix of income and government benefits. Self-employed individuals are also eligible to apply for a loan. However, applicants living entirely on pension funds are not eligible to apply.

Can I make early repayments to loans taken out from Sunshine Loans?

Yes, the lender allows borrowers to make early payments without incurring any additional charges such as penalties.

What happens when I miss a payment deadline?

The lender charges a fixed fee for every missed payment deadline.

Eligibility Criteria

The applicant must fulfil the following criteria in order to qualify for a loan with Sunshine Loans. The applicant must:

  1. Be over the age of 18 at the time of application
  2. Have $300 coming in every week as regular income. This may include benefits being given by the employer and the government. However, incomes coming entirely through government services like Centrelink or a pension plan do not qualify the applicant for a loan. 
  3. Prove that the current regular income is sufficient to cover all regular expenses plus the loan payments until the completion of the loan.

Customer Support

The lender has provided an email address and a phone number in case customers have any complaints. This email address is [email protected], and the phone number is 07 5526 8866.

A support center is also available on its website, providing answers to key questions that customers may have.

Application Process

To apply for a loan with Sunshine Loans, applicants need to visit the lender’s website and follow these steps.

Step 1 – Access the online application form

The online application form can be accessed by clicking on the APPLY NOW button visible on the top-right corner of the homepage.

On the next screen, the lender will ask whether you are a new or existing customer, as shown in the image below. Select the most appropriate option to proceed.

Step 2 – Fill out the application form

The application form is self-explanatory and asks for the applicant to provide some necessary information, such as full name, date of birth, mobile phone number, gender, number of dependents, complete address, the required loan amount, reason for taking out the loan, etc. The form also requires information pertaining to the applicant’s income, identity, and bank information. A sample screenshot of the application form (partially visible) is presented below.

Step 3 – Approval and disbursement of funds

Since the entire loan application process is online, the lender usually delivers a verdict within a few hours, if not within minutes. Once approval has been given, the loan amount is disbursed to the bank in as little as 30 minutes. The funds may take a longer time to reach the borrower’s bank account, depending upon the time required by the bank to process the funds.

Sunshine Loans Review Conclusion

Sunshine Loans is a short-term loan provider offering just one credit product called Express Loans, with the name signifying the lender’s ability to deliver fast loan processing services. Loan amounts can go up to $2,000 with the average repayment period set at 9 weeks. The lender charges a fixed monthly fee and a one-time establishment fee on every loan. In case of delayed or dishonoured payments, or non-payment of a loan, the lender has set additional fixed charges. The lender operates online, and provides sufficient customer service platforms, including phone, email, and a support center.