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Loans like Sunshine Loans

Secure fast and convenient small loan funds through Savvy, a reliable alternative to loans like Sunshine Loans.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

$2100
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$500
$50,000


Paid in 60 mins if approved*
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on January 25th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Loans similar to Sunshine Loans have gained popularity as Australians seek quick and accessible ways to secure funds. While Sunshine Loans and similar options are well-known, it's crucial to recognise the importance of exploring alternatives. Savvy can guide you through understanding loans like Sunshine Loans and similar choices, allowing you to compare them with the straightforward process of applying for a fast loan through us today!

How do loans like Sunshine Loans work?

Sunshine Loans is a lender which specialises in providing small loans designed to meet the immediate financial needs of borrowers. These loans, also known as MACC loans, come with amounts ranging from $2,050 to $2,500, although your actual borrowing capacity is influenced by factors such as your income, financial history, and existing debts, as well as the lender you decide to go with. The structure of these loans is based around both interest and fees, as is the case with many other loan types.

The application and approval process is tailored for speed, often resulting in same-day approval, and funds may be disbursed within the hour. Borrowers have the flexibility to choose repayment terms spanning from 63 to 140 days.

What fees will I have to pay with loans like Sunshine Loans?

For loans like Sunshine Loans, the fees and interest structure are linked to the chosen loan size. Loans up to $2,000 (which aren’t offered by Sunshine loans) involve an initial establishment fee, capped at 20% of the loan amount, and ongoing monthly fees that may go as high as 4% of the loan. Larger loans, ranging from $2,001 to $5,000, have an establishment fee, capped at $400, and an annual interest rate that might reach up to 48% p.a. (which is the rate charged by Sunshine Loans as of January 22, 2024).

Having an idea of the implications of these fees is essential for evaluating the overall cost of your loan. For instance, borrowing $500 and repaying it over four fortnights could result in total fees of $140, but opting for a $2,000 loan extended over 13 fortnights would incur increased fees, totalling $880. However, applying for a $2,500, 12-month loan through Sunshine Loans and paying it off monthly would result in an establishment fee of $400 and interest of $898.

What alternatives to loans like Sunshine Loans are available?

If you’re searching for a loan like Sunshine Loans but want another option, look no further than a small loan through Savvy. Our platform efficiently connects you with reputable lenders, each of whom offer fast cash solutions ranging from as little as $2,050 up to $5,000. The application process is a seamless, online one which can provide an instant outcome in just 60 seconds. If you’re conditionally approved, formal approval can be a quick process and your funds may be sent as soon as one hour after you apply, depending on your lender and bank's processing times. Take the first step with us today for a stress-free way to access the funds you need!

Why apply for a small loan with Savvy?

Common questions about small loans

Is it possible to secure a small loan with bad credit?

Yes – securing a small loan remains a viable option, even with a less-than-ideal credit history, as long as you meet the eligibility criteria set by the lender. In contrast to traditional lenders who heavily weigh credit scores, those offering small cash loans typically adopt a more flexible stance.

Can I settle my small loan ahead of the predetermined time?

Yes – paying off your small loan ahead of schedule is allowed, and there are no penalties for doing so. Early settlement proves beneficial by reducing monthly fees and, consequently, lowering the overall cost of the loan.

Is there flexibility in how I can spend my small loan funds?

After obtaining your small loan funds, you’ll be able to allocate them to various purposes. Whether it's covering household expenses or managing unforeseen financial challenges, the decision is yours. Nevertheless, it's vital to be mindful of certain usage restrictions, like refraining from repaying other small loans or engaging in gambling activities.

Are there Saturday or Sunday disbursement options for my small loan funds?

Your application can only be officially evaluated, approved, and funded within your lender's regular business hours. If your lender is open on Saturdays or Sundays, it might be feasible to receive your loan funds over the weekend. It’s important to bear in mind that the actual availability of funds is subject to bank processing times. Therefore, even if your lender approves your application during the weekend, the funds may not be accessible immediately.

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Disclaimer:

The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

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