Sunshine Loans Review: Are their higher interest rates worth it?

If you’re going for a pay day loan with Sunshine Loans on the Gold Coast, then read this review first. You might be able to get a better deal elsewhere.

The entire country is having a tough time right now with the economic outlook very bleak. The thing is: You need to be motivated to get a 2nd job today.

If you read the reviews of Sunshine Loans, they are less than ideal. Some people are refused finance after applying, but some people are successful too.

Not only are we going to share our opinion of this pay day lender based in Australia, but we’ll also talk about their debt collection practices.

Let’s begin now.

Sunshine Loans Review

There are many pay day loan companies now in Australia all promising to get you approved.

And do you wanna know the truth? Most of them are successful.

The real catch is the interest rates. Sometimes it can as high as 30%

Crazy…right? That’s a seriously high interest rate for any type of loan.

It’s a limit set by the Australian government. Some banks would love to charge 70% but that’s illegal.

The thing about the pay day lending market is the risk. They think you’re going to default.

Sunshine Loans Australia Review

That’s also why some of them like Sunshine Loans deny people loans. They simply cannot guarantee that you’ll be successful.

But they are a good company at the end of the day. With dozens of staff members plus they are very established in Australia, after serving for many years now.

Generally, it’s those who didn’t get approval who will knock them online with 1-star reviews. You just can’t win with these people.

Often it’s a good idea to just get a 2nd job if you’re needing money. This saves your credit history from another application or documented record. Plus – it’s often much less risk as well.

Our experience has shown that people are often taking out these loans for bad intentions. Things like using the short-term finance market to repay another debt is often a bad idea. Consider getting a payment extension or claiming financial hardship.

Sunshine Loans debt collection

Have you defaulted on your loan and are now being chased by Sunshine Loans debt collection agency? You’ve probably got a text message that says “Please contact us immediately on (07) 5635 4472” – It means you need to take immediate action to get your schedule back up to date.

If you don’t do anything, it only gets worse. They could take you to Court and force money out of you! Not only that, but you’re up for legal expenses too.

Debt collectors can do this

Curious what are the rights of debt collectors which represent Sunshine Loans?

They are allowed to:

  • Come to your house and ask for payments as late as 9pm even on Sundays
  • Call you up to 10 times per month but also send you SMS text messages
  • Issue strongly written letters of demand seeking immediate debt payments
  • Stalk your Facebook profile to see your friends and family members

It’s really scary to think what they are allowed to do. Guess what? The Australian government lets them get away with this every day. It’s called debt recovery action and it’s big business in Australia, right behind the payday loan market which is worth millions as a profitable business model.

Can I get a lower interest rate elsewhere?

Maybe. But if you’ve already been approved by Sunshine Loans, you might find little value. The entire finance application process is long and drawn out, so you could be waiting a lot longer for the money to arrive.

Most people just want same day approval and finance. It’s emergency money for them. If you are taking out a payday loan to feed an addiction or repay an overdue credit card or electricity bill, then please don’t do this. It’s just not worth it.

Are the Sunshine Loans complaints justified?

While there are Sunshine Loans complaints and negative reviews easily found here, some of them are just naturally angry people who will shout at anything when they don’t get their way. In most instances, this company is doing the very best they can with the lenders they have on their panel.

Instead, you should really consider whether you need the debt in the first place. Most people shouldn’t be taking out payday finance because the interest rates are sky-high and they have severe penalties if you miss repayments. This is legal under the Consumer Credit Code 2010 and ASIC also allows it.

How do I increase my chances of approval?

Here’s what you need to do:

  1. Make sure all your required documentation is ready to be provided.
  2. Show sufficient income proof including references from employers.
  3. Dress properly! So many people go into their branches quite scruffy.

You should also expect that you might actually be denied finance with Sunshine Loans. Some people experience this and you shouldn’t be upset by this at all.

They partner with several banks who have a good reputation all across Australia.

So how can you help me?

The Debt Free Community helps those who are having a challenging time with debt collectors. If you’re having a challenging time right now and ignoring those phone calls, letters of demand and text messages, then you might want to speak with our recommended team.

We’re simply here to help. In fact, our first phone call is FREE. Just get in touch and let’s see how your challenges can be resolved much more easily.

Getting started

We would recommend Sunshine Loans. They do have bases all across the east coast of Australia. While they do have high interest rates, for many people it’s the last chance that they have in such challenging times.

And if you happen to be going through a challenging time, then get in touch with us today or call the National Debt Helpline.

Because we’d hate for you to have the fear and anxiety of dealing with debt collectors. They can often be rude and unhelpful. Instead, our team can sort the mess out for you and get you on the road to recovery.

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