Sunshine Loans Review: Established in 1999, is a reputable lending company operating in Queensland, Australia. They specialize in providing small amount loans, ranging from $150 up to $2,000, with flexible repayment terms spanning from 9 to 16 weeks.
To access their services, customers can conveniently reach out to Sunshine Loans during their office hours, which are from 9 AM to 4 PM Queensland time, every day.
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Sunshine Loans Review
When borrowing from Sunshine Loans, borrowers should take note of the financial obligations involved. The loan repayments consist of a 4% monthly fee, calculated based on the borrowed amount, and a one-time establishment fee equivalent to 20% of the loaned sum. These fees are essential components to consider when planning the repayment strategy.
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Eligibility Criteria
In order to be eligible for a loan with Sunshine Loans, applicants must meet the following criteria and provide supporting documentation:
- Age Requirement: The applicant must be at least 18 years old at the time of applying for the loan.
- Minimum Income: The applicant must have a regular income of at least $300 per week. This income can include both employment-related benefits and government-provided benefits. However, it’s important to note that individuals relying solely on government services such as Centrelink or a pension plan do not meet the eligibility criteria for a loan.
- Income Sufficiency: It is essential for applicants to demonstrate that their current regular income is sufficient to cover their regular expenses along with the loan repayments throughout the entire loan term. This requirement ensures that borrowers can manage their financial obligations responsibly.
To verify these criteria, applicants will need to provide appropriate documentation such as pay slips, bank statements, or any other relevant proof of income. This documentation is crucial for Sunshine Loans to assess the applicant’s eligibility accurately.
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Sunshine Loans, a family-owned and operated credit service provider, is a reputable small loan provider based in Australia. Established in 1999, they specialize in offering loans ranging from $150 to $2,000, with a repayment period of 9 to 12 weeks.
One of the key advantages of choosing Sunshine Loans is their convenient online application process. Borrowers can complete the entire loan application process from start to finish online, eliminating the need for in-person visits or paperwork. This online approach provides borrowers with greater flexibility and convenience throughout the loan application journey.
As a responsible lender, Sunshine Loans holds an Australian Credit Licence, ensuring compliance with regulatory requirements and industry standards. This license further establishes the credibility and trustworthiness of Sunshine Loans as a reliable lending institution.
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What is the cost associated with obtaining a loan from Sunshine Loans?
Sunshine Loans implements transparent fee structures for their loans. Borrowers are subject to an establishment fee of 20% and a monthly fee of 4%, both calculated based on the total amount borrowed. It is important to note that Sunshine Loans does not charge any interest rate on their loans, eliminating the need for an Annual Percentage Rate (APR) calculation. Instead, the establishment and monthly fees serve as the primary charges.
To provide borrowers with a clear understanding of the costs involved, the table below showcases the expenses for various loan products offered by Sunshine Loans:
Loan Product | Amount Borrowed | Repayment Period | Total Repaid Express Loan | 500$ | 10 weeks | 660$ Express Loan | 1,000$ | 10 weeks | 1,320$ Express Loan | 1,500$ | weeks 10 | 1,980$
Additionally, Sunshine Loans specifies other fees on their website, which include:
- A $35 charge for missed payments or dishonored direct debits.
- A $30 per week fee for each week the borrower’s account remains in arrears beyond the originally agreed loan term.
- A $35 fee for any request to reschedule a payment, either in full or in part.
Finally, Sunshine Loans specializes in providing short-term loans through their Express Loans product, emphasizing their commitment to fast and efficient loan processing services. With loan amounts reaching up to $2,000, borrowers can access the funds they need quickly. The average repayment period for these loans is set at 9 weeks, allowing borrowers to manage their financial obligations within a reasonable time frame.
To ensure transparency, Sunshine Loans applies a fixed monthly fee and a one-time establishment fee to each loan. These fees are charged in addition to the loan amount and provide clarity on the costs involved.
In cases where borrowers experience delays, dishonored payments, or non-payment of their loans, Sunshine Loans has established additional fixed charges. These charges are designed to address situations that deviate from the agreed-upon loan terms and assist in maintaining responsible borrowing practices.
Operating primarily online, Sunshine Loans offers a convenient platform for borrowers to access their services. They provide various customer service channels, including phone, email, and a support center, to address any inquiries or concerns that borrowers may have. Sunshine Loans Review
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