Loan Eligibility

"Am I eligible for a personal loan?" Asking that question has landed you here, so let's clear some things up and help you determine your loan eligibility as well as how much you should borrow and how to apply! Whether you need the cash to cover school fees or to fly interstate for a family emergency, we can possibly assist with a small personal loan from $2,050 to $3,000.

Read on to find out more, or talk to us today.

Am I Eligible For A Personal Loan?

In order to simplify our loan process, we've made our criteria for loans simple to understand.

To be eligible for a loan with Sunshine Loans, you'll need to meet a few different criteria.

  • Aged 18 or older.
  • Earning $700 a week ($1400 a fortnight) take home pay. This can come from a combination of government benefits (e.g. Centrelink) and a casual or part-time job
  • Your take home pay should be visible on bank statements.
  • Be able to satisfy us that you are able to repay the loan without getting into further financial debt.

Our loans have a simple cost structure. We charge interest at an Annual Percentage Rate of 48% per annum* plus an Establishment Fee of $400. Other fees may apply.

How To Check Your Loan Eligibility

Whether or not you are eligible for a personal loan comes down to a number of factors. To check your eligibility, lenders will take into account the following:

  • Income. You will need to have a weekly minimum income of $700 or $1400 a fortnight. This can be a combination of government benefits and wages.
  • Employment. You will need regular employment in the form of a part-time job. Some lenders will not offer loans to casual employees. Self-employed individuals have different requirements.
  • Centrelink. You will need to have other income aside from Centrelink.
  • Credit history. In general, you'll want to have a good credit history to increase the likelihood of you being able to take out a loan.
  • Assets, debts and more. The types of assets (e.g. personal possessions of value) you have and the debts (e.g. credit cards) already in your name can impact the likelihood of acquiring a loan.
  • Age. Regardless of the type of loan you're applying for, you will need to be aged 18 years or older.

If you're still unsure of your personal loan eligibility, call us today and we'll let you know your options.

What You Need

Before you apply for a personal loan, we recommend that you have the following information on hand:

  • Personal identification, such as an Australian driver's licence, Medicare card, or passport
  • Details of your income (including benefits if you're receiving them)
  • Bank account details.

How Much Can You Borrow?

At Sunshine Loans, we can offer personal loans from $2,050 to $3,000. While other lenders offer more, we think that small loans are a better place to start: they won't overwhelm you with debt, and they're simple to pay off. Our loan costs and other fees are clearly outlined, so you won't be met with any nasty surprises.

Fees & Charges

Your loan eligibility is determined by a number of factors (as outlined above), but you should also.

For a loan between $2,050 and $3,000, here's what you can expect to pay.

  • We charge interest at an Annual Percentage Rate of 48% per annum* plus an Establishment Fee of $400. Other fees may apply.
  • Our loan repayment terms generally run for a period of 9 to 16 weeks, but you can pay out early at any time - without penalty.

Why Choose Sunshine Loans?

Really, the question is: why not? We offer a five-minute, paperless application, and can get your funds to you in under 24 hours once we have made you an offer and you signed your contract. You can also apply any time you want online. We also pride ourselves on being responsible lenders.

We are also understanding of and respect every applicant's unique circumstances, meaning we can even offer loans to those with bad credit.

Apply for A Loan

Whatever you may need a loan for, Sunshine Loans can help you out! Call us on (07) 5526 8866 (9:00am to 4:00pm QLD time) to talk to one of our friendly team members, or hop on over to our loan application page and you'll hear back from us shortly.