Faith Morrow
Sunshine Loans is an online lender that offers quick access to cash through payday and installment loans. It is geared towards borrowers with bad credit who need small amounts of money quickly. While Sunshine Loans' fast approval process and minimal credit requirements make it attractive to this demographic, it has also been the subject of scrutiny and legal issues. The company has received mixed reviews, with an average rating of 2.9/5 on Trustpilot. Some customers praise Sunshine Loans for its simple application process, transparent fees, and excellent customer service, while others complain about unexpected fees, high-interest rates, and difficulties with receiving funds. Sunshine Loans is not BBB-accredited, which raises concerns about its reputation, accountability, and customer service standards.
| Characteristics | Values |
|---|---|
| Safety | Sunshine Loans is not BBB-accredited and has sparse online reviews, which raises some concerns about its safety. |
| Interest Rates | Sunshine Loans has been reviewed to have high interest rates. |
| Credit Score Requirements | Sunshine Loans does not have credit score requirements, which is good for borrowers with bad credit. However, there are contradicting reviews about the company's approval process, with some claiming they were rejected due to their credit score. |
| Application Process | The application process is entirely online and typically takes less than 5-10 minutes. |
| Customer Service | Reviews about customer service are mixed, with some claiming excellent customer service and others stating that customer service has dropped. |
| Fees | Sunshine Loans has been reviewed to have high fees and to be an expensive option. |
| Trustpilot Rating | Sunshine Loans Australia has a rating of 2.9/5 on Trustpilot, which is considered "Average". |
What You'll Learn
Sunshine Loans' security measures
Sunshine Loans is an online lender with no physical branches and a limited online presence. The company has been the subject of scrutiny and legal issues, with the BBB issuing warnings related to Sunshine Financial Services, including complaints about upfront fees and unfulfilled loan promises.
Sunshine Loans claims to employ the same security standards as banks and other online payment companies to ensure that its customers' financial information is safe and secure. Here are some of the security measures they have in place:
- All information is entered through a Secure Socket Layer (SSL), which creates an encrypted connection between the user's system and Sunshine Loans' system. This ensures that any information passed between the two systems is secure.
- Banking credentials entered on the Sunshine Loans website are immediately encrypted and stored in a highly secure data center. This data center has a single use: to generate a read-only data feed that Sunshine Loans uses to assess the affordability of the loan.
- Sunshine Loans, along with its providers, Plaid and Decision Logic, are permitted read-only access to the user's current account(s). This means they can only view the account(s) and cannot make any changes to banking details or set up standing orders/direct debits.
- All data is securely handled in accordance with data protection laws and Sunshine Loans' privacy policy.
While Sunshine Loans does offer quick access to cash, it is important to proceed with caution and do your research before using their services. The company has received mixed reviews, with some customers reporting issues with unexpected fees and unauthorized debits.
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Sunshine Loans' application process
Sunshine Loans is an online lender with no physical branches, and it offers payday and instalment loans. The company claims to provide fast and easy approval, catering to individuals with average credit. However, some customers have reported being declined due to not meeting their credit score threshold.
The application process for Sunshine Loans is entirely online and is said to take about five minutes. The requirements to be eligible for a loan include being employed, as the majority of the applicant's income cannot be from government benefits. Additionally, applicants need to provide their bank statements by downloading them via the online application form. Sunshine Loans states that it is more interested in the applicant's capacity to repay the loan than their credit score.
Sunshine Loans offers quick access to cash, typically processing and approving applications within 60 minutes during business hours. The money can usually be received the same day. The loan amounts range from $200 to $2,500, with a maximum Annual Percentage Rate of 48% per annum and an establishment fee of $400. The repayment terms are limited, with options spanning a few months, such as bi-weekly payments or repayment over 10 weeks.
While Sunshine Loans provides a simple and quick application process, it is important to note that the company has been the subject of scrutiny and legal issues. It is not BBB-accredited, and there are concerns about its unusually high rates, fees, and upfront fees. Therefore, it is recommended to proceed with caution and research alternative lenders before applying.
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Sunshine Loans' customer service
Sunshine Loans is an online lender with no physical branches. It offers payday and instalment loans, with line-of-credit loans coming soon. The company claims to provide fast approval and minimal credit requirements, making it accessible to people who may not qualify for loans from other lenders. However, Sunshine Loans has been scrutinised for its high fees and rates, sparse online reviews, and lack of BBB accreditation.
On the other hand, some customers have complained about the company's lack of flexibility with payments, especially for repeat customers. There are reports of unexpected direct debits, issues with account finalisation, and difficulties in contacting the company. Additionally, some customers have expressed disappointment with the company's rigorous assessment process, which has led to loan rejections even for those with good credit scores and a history of successful repayments.
Sunshine Loans can be contacted via telephone at (800) 504-9776 or by email at [email protected]. They aim to respond to complaints within 48 hours. The company takes the security of customer data seriously and employs encryption and secure data storage to protect financial information.
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Sunshine Loans' fees and interest rates
Sunshine Loans is an online lender with no physical branches and a limited online presence. It offers short-term cash loans ranging from \$200 to \$2,500 to help cover unexpected emergencies. The company provides quick and easy same-day approval and 24/7 applications, making it accessible for people who may not qualify elsewhere due to minimal credit requirements.
Sunshine Loans charges interest at a maximum Annual Percentage Rate of 48% per annum plus an Establishment Fee of $400. There are no account-keeping or other regular monthly fees, and the company offers the option to make early payments without prepayment fees. However, it is important to note that Sunshine Loans has been scrutinized for its unusually high rates and fees, with warnings issued by the Better Business Bureau (BBB) regarding upfront fees and unfulfilled loan promises.
The repayment terms for Sunshine Loans are typically limited to a few months, with options for installment loans spanning 10 weeks or five bi-weekly payments. While the company does not have specific credit score requirements, it performs a soft credit check during the application process. Sunshine Loans emphasizes that it is more interested in an individual's capacity to repay the loan than their credit score.
Reviews for Sunshine Loans are mixed. On Trustpilot, the company has an average rating of 2.9/5. Some reviewers praise the company for its honesty, simplicity in checking balances, and flexibility in making extra payments. However, others have criticized Sunshine Loans for its high-interest rates, issues with transparency, and concerns about trustworthiness.
Overall, while Sunshine Loans can provide quick access to cash, it is recommended to proceed with caution and explore other lender options first.
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Sunshine Loans' reputation and accreditation
Sunshine Loans is an online lender with no physical branches and a limited online presence. It is not BBB-accredited and has an F rating on BBB. There are only three reviews available on BBB, and they are all negative. One reviewer accused the company of taking extra money beyond the agreed repayment amount, while another criticised the company for its "incredibly high-interest rates" and claimed that they continued to charge their account after paying off the loan in full.
Sunshine Loans Australia has an "Average" rating of 2.9/5 on Trustpilot. While some reviews praise the company for its honesty, simple balance checks, and flexibility in making extra payments, others criticise it for wasting people's time and engaging in irresponsible lending practices.
Sunshine Loans is geared towards borrowers with bad credit who need a small amount of money quickly. It offers payday and instalment loans and claims to be more interested in the borrower's capacity to repay the loan than their credit score. However, some customers have complained about being rejected due to not meeting the company's credit score requirements.
Sunshine Loans has been the subject of scrutiny and legal issues, with the BBB issuing warnings related to upfront fees and unfulfilled loan promises. The company's high rates and fees, lack of transparency, and issues with customer service and trustworthiness have also been noted in reviews.
Overall, while Sunshine Loans may be an option for individuals with poor credit, it should be considered a last resort due to its high fees, limited repayment terms, and lack of BBB accreditation and online reviews.
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Frequently asked questions
Sunshine Loans is an online lender with no physical branches and a limited online presence. It is not BBB-accredited, which raises concerns about its reputation, accountability, and customer service standards. Sunshine Loans has also been the subject of scrutiny and legal issues, with the BBB issuing warnings related to upfront fees and unfulfilled loan promises. While the company claims to have fast approval and minimal credit requirements, there are reports of applications being declined without explanation, even for those with good credit. Sunshine Loans also charges unusually high fees and interest rates, and there are better lenders similar to Sunshine Loans that offer more flexible repayment terms and lower interest rates. Therefore, while Sunshine Loans may be safe in terms of data security, there are several concerns about its lending practices, and it should be considered a last resort.
Sunshine Loans employs the same security standards as banks and other online payment companies to protect its customers' financial information. All information is entered through a Secure Socket Layer (SSL), creating an encrypted connection between the user's system and Sunshine Loans' system. Sunshine Loans also uses professional service providers, such as Plaid and Decision Logic, to securely handle data in accordance with data protection laws and its privacy policy.
Sunshine Loans offers quick access to cash, with a fast approval process and minimal credit requirements. This makes it accessible to people who may not qualify for loans from other lenders. The application process is straightforward and can be completed in a few minutes, with funds typically sent immediately to the borrower's bank account. Sunshine Loans also provides regular updates and clear fee structures.
Sunshine Loans charges unusually high fees and interest rates, which can make it expensive for borrowers. The company has also been criticized for its lack of transparency, with reports of unexpected fees and issues with direct debits. There are concerns about its reputation and accountability due to its lack of BBB accreditation, and it has been the subject of scrutiny and legal issues related to upfront fees and unfulfilled loan promises. Sunshine Loans also has limited repayment terms compared to other lenders, and there are better options available, even for those with poor or fair credit.
There are several alternatives to Sunshine Loans that offer more flexible repayment terms and lower interest rates. These include Upstart, which offers loans ranging from $1,000 to $50,000, and Upgrade, which is also recommended for people with poor or fair credit. Other similar lenders include Big Buck Loans, mentioned in a Reddit review, and CashStop Personal Loans, mentioned in a ProductReview.com.au review.
