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 $2,500.

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.

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 $2,500. 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.

Loan Information (Unsecured Medium Amount Credit Contract)

Loan amounts: $2,001 to $2,500
Minimum term: 63 days (9 weeks)
Maximum term: 182 days (26 weeks)
Maximum Annual Percentage Rate (interest): 48% per annum*
Establishment Fee: $400
Failed payment default fee: $35 (Payable when you fail to make a scheduled payment)
There are no other account keeping or other regular fees.

Representative Example
For a $2,050 loan over 26 weeks, repayments would be approximately $106.25 per week, for a total repayment of approximately $2,762.48 (including total interest of $312.48 and the $400 Establishment Fee).

Comparison Rate
*The Comparison Rate is 66.2% p.a., calculated on a $2,500 loan over 2 years.

Note: This comparison and term is prescribed to be used as an example under Australian law (National Consumer Credit Protection Regulations 2010 (Cth) Reg 97). However, Sunshine Loans does not offer medium loans over 2 years.

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. (Reg 99(4))

Why Choose Sunshine Loans?

No Credit Checks!
Smart online Application that takes no longer than 5 mins!
Approving loans 7am - 7pm, Mon-Fri + Weekends!
Once approved and signed, funds transferred instantly 24/7!

APPLY NOW

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

We approve loans from 7 am to 7 pm, Monday to Friday, and during weekend hours as well. However, you can apply online 24/7.