Sunshine Personal Loans: High Fees – Try These Alternatives
- Max. Amount
- $2,000
- Turnaround time
- Within the hour on business days, and within a day outside of business days.
Our verdict
A small-dollar lender with quick access to cash but extremely high fees and risks.
Sunshine Loans is geared toward borrowers with bad credit who need a small amount of money quickly. It offers payday and installment loans, with line-of-credit loans coming soon. While its fast approval process and minimal credit requirements make it accessible for people who may not qualify elsewhere, it should only be used as a last resort. Sunshine Loans charges unusually high fees. Its website features a high-cost disclosure, indicating that these loans are expensive and are not long-term financial solutions. Sunshine Loans is not BBB-accredited, cannot be found on Trustpilot and has sparse online reviews.
You likely have better small-dollar lender options even if you have poor or fair credit, such as Upstart or Upgrade.
Best for: People with poor credit in need of quick cash, but proceed with caution.
Pros
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Fast approval and funding process
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Available to borrowers with bad credit
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No need for collateral
Cons
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Extremely high rates and fees, with APRs as high as 722.71%
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No BBB accreditation
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Limited online presence
Is Sunshine Loans legit?
Sunshine Loans is not accredited by the Better Business Bureau (BBB), which raises some concerns. The company claims to use industry-standard security measures, including Secure Socket Layer (SSL) encryption, to protect customers’ financial information during transactions.
However, Sunshine Loans has been the subject of scrutiny and legal issues. The BBB has issued warnings related to Sunshine Financial Services, highlighting complaints about upfront fees and unfulfilled loan promises.
Sunshine Loans is an online lender with no physical branches, yet it has a limited online presence, and it’s difficult to find reviews. Searching for it, you’ll likely come across reviews of the Australian lender of the same name.
If you plan to use this lender, proceed with caution and do your research, especially considering this lender has no BBB accreditation.
Where Sunshine Loans falls short
While Sunshine Loans offers quick access to cash, there are several things to watch out for, especially its unusually high rates and fees. There are better lenders similar to Sunshine Loans, and Sunshine Loans should be considered as a last resort.
Here are a few ways Sunshine Loans falls short.
Extremely high rates and fees
Sunshine Loans doesn’t hide that its rates and fees are very high. Its homepage features a high-cost disclosure that says, “Loans arranged by Sunshine Loans have a high APR and should not be used as a long-term financial solution. Customers with credit difficulties should seek credit counseling.”
Rates and fees vary by state and can be as high as 722.71%. For borrowers already in financial distress, the steep cost of Sunshine Loans can lead to further financial difficulties.
Low maximum loan amounts with limited repayment terms
Sunshine Loans caps its loan amount at $2,000, which is low compared to other lenders that offer a wider range, such as Upstart, which offers loans from $1,000 to $50,000.
Sunshine Loans repayment terms are also limited, with options typically spanning a few months. For its installment loans, for example, you can repay over 10 weeks or five times in bi-weekly payments.
Since other lenders offer more flexible repayment terms (often 1 to 7 years) and lower interest rates, Sunshine Loans is not a competitive option.
No BBB accreditation
Sunshine Loans is not accredited with the BBB. This lack of accreditation raises questions about the company’s reputation, accountability and customer service standards.
Without BBB accreditation, it might be more difficult to resolve complaints or trust the company’s practices, especially when compared to competitors that are BBB-accredited and have better-established reputations.
Limited online presence
It’s difficult to find reviews of Sunshine Loans outside of Reddit. Because Sunshine Loans has a limited online presence, it makes it hard to find reviews or third-party evaluations that might give you a clearer picture of the company’s reliability and service.
What makes Sunshine Loans shine?
Sunshine Loans doesn’t have credit score requirements, which is nice for anyone with bad credit in need of fast cash. Sunshine Loans claims that even if you have had problems in the past, it won’t automatically reject your application as it is more interested in your recent history and current capacity to repay the loan.
Still, there are better lenders that cater to people with bad credit.
Sunshine loan details
| Minimum credit score/credit range | Not stated |
| APR | Varies by state |
| Loan amounts | Varies by state |
| Terms | Varies by state |
| Approval turnaround | Within the hour on business days, and within a day outside of business days. |
| Availability | Available in: Alabama, California, Colorado, Delaware, Florida, Idaho, Kansas, Louisiana, Mississippi, Missouri, Ohio, Tennessee, Texas, Utah, Wisconsin |
| Fees | Varies by state |
Sunshine Loan contact info
| Phone number | 800-504-9776 |
| Customer service hours | 8 a.m. to 5 p.m. CT, weekdays |
| info@sunshineloans.com | |
| Address | 631 Lucerne Ave, Suite 56, Lake Worth Beach FL 33460 (FL, MO, TX customers) 312 Arizona Ave, Suite 218, Santa Monica CA 90401 (All other customers) |
| NA | |
| NA |
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How to qualify for Sunshine Loans
To qualify for a loan with Sunshine Loans, you’ll need to meet basic eligibility requirements:
- Be a US citizen or permanent resident
- Be of legal age to contract in your state of residence
- Be a resident in the state where the loan is offered
- Have a checking account
- Have a steady source of income or proof of your ability to repay the loan
- Have a valid cell phone number and an active email address
On its site, Sunshine Loans states that it is more interested in your capacity to repay the loan than your credit score. “In most cases, we will carry out a soft credit check during the application process, but that doesn’t mean that if you have had problems in the past, we’ll automatically reject your application.”
How to apply
Sunshine Loans’ application is entirely online and takes about five minutes. On business days, you’ll typically find out if you’ve been approved within the hour. Here’s how to apply for Sunshine Loans.
- Select Apply Now. You’ll be prompted to select New Customer and fill out an online loan calculator.
- Fill out the application form. You’ll need to provide basic information, which typically takes just a few minutes.
- Review and submit your application. After submitting your application, Sunshine Loans verifies your details and presents the loan’s terms. After reviewing the terms, you can choose to agree with an e-signature.
- Final approval and fund disbursement. Once you’ve accepted the loan terms, Sunshine Loans conducts final checks. According to Sunshine Loans, after accepting your loan offer and successfully validating your debit card, funds are “typically sent immediately” to the bank account linked to your debit card.
- Follow your repayment plan. Be sure to pay off your loan promptly to avoid incurring extra fees. You can also make early payments as Sunshine Loans does not have prepayment fees.
How Sunshine Loans compares to other lenders
Sunshine Loans reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | F |
| BBB customer reviews | 1 out of 5 stars, based on 3 customer reviews |
| Customer reviews verified as of | 24 September 2024 |
Sunshine Loans is not accredited with the BBB and has an F rating. 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, calling Sunshine Loans “thieves” and warning others not to trust it. Another person criticized Sunshine Loans for its “incredibly high interest rates” and claimed that after paying off the loan in full, the company continued to charge their account.
Overall, the three reviewers point to issues with transparency, customer service and trustworthiness. It’s also worth noting that Sunshine Loans cannot be found on Trustpilot. The lack of online reviews makes it hard to get a full picture of customer experiences with Sunshine Loans.
What are people saying on Reddit?
The sentiment on Reddit about Sunshine Loans is mixed, with some users expressing satisfaction while others voice significant concerns. Positive reviews highlight the ease of use and quick access to funds. One user shared, “Sunshine Loans is legit… the only online loan company I’ve been able to find that’s not a full-on scam.”
Others users, however, warn of predatory practices. One commenter cautioned, “These are NOT lenders… they collect all your info and basically sell it to other companies like them and predatory lenders.” One user mentioned having issues with unclear terms and unexpected charges, calling the service a “scam.”
Frequently asked questions
What’s the minimum information needed to apply for Sunshine Loans?
At minimum, you’ll need a driver’s license number, a valid cell phone number and your banking details.
Will applying impact my credit score?
In most cases, Sunshine Loans carries out a soft credit check during the application process, which does not impact your credit score.
How long until funds go into my account?
After accepting your loan offer and validating your debit card, funds are typically sent immediately to the bank account linked to your debit card.
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Sarah Finder
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