Published: 2026-05-18 | Last updated: 2026-05-18
Risk Disclaimer: Short-term borrowing is expensive relative to the principal amount. Defaulting on a loan results in penalty fees, negative credit bureau listings, and potential legal action. Only apply if you can afford to repay the full outstanding amount on the due date. Contact the NCR Debt Counselling Helpline at 0861 628 628 if you are in financial difficulty.
Loan Terms Overview
| Parameter | Details |
|---|---|
| Minimum Loan Amount | R500 |
| Maximum Loan Amount | R4,000 |
| Minimum Loan Term | 4 days |
| Maximum Loan Term | 49 days |
| Annual Interest Rate | 35% per annum |
| Monthly Interest Rate | Approximately 2.92% per month |
| Initiation Fee | Capped by NCA (typically 15% of principal up to R1,000; scaled for higher amounts) |
| Monthly Service Fee | Capped at R69 per month under NCA Regulations |
| Early Repayment | Permitted; interest calculated on actual days held — no penalty |
| Regulatory Framework | National Credit Act 34 of 2005 |
| Regulator | National Credit Regulator (NCR) — NCRCP14110 |
Borrower Eligibility Requirements
To qualify for a Sunshine Loans short-term personal loan, applicants must meet all of the following criteria:
- Age: 18 years or older
- Citizenship/Residency: South African citizen or permanent resident with a valid South African ID document or driver's licence
- Employment: Formally employed with a regular monthly salary
- Bank Account: Active South African bank account into which your salary is deposited
- Income Evidence: Recent payslip or bank statement showing consistent salary deposits
- Credit Status: Applications are assessed individually; approval is subject to Sunshine Loans' affordability and credit assessment under NCA obligations
Full Cost of Credit — Illustrative Example
The following example is for illustrative purposes only and does not constitute a binding offer.
Loan amount: R2,800 Loan term: 27 days Interest rate: 35% per annum
| Cost Component | Approximate Amount |
|---|---|
| Principal | R2,800.00 |
| Interest (35% p.a. for 27 days) | Approx. R72.00 |
| Initiation Fee | Approx. R420.00 |
| Service Fee (pro-rated) | Approx. R62.00 |
| Total Repayable | Approx. R3,354.00 |
Important: Actual figures will vary based on your loan amount, term, and the fee schedule in effect at the time of application. Under the NCA, Sunshine Loans must provide you with a Pre-Agreement Statement and Quotation before you sign any loan contract. Read this document carefully.
NCA Fee Caps — Know Your Rights
Under the National Credit Act and associated Regulations, South African credit providers are legally prohibited from charging more than:
- Interest: 5% per month on the outstanding principal (short-term credit)
- Initiation fee: R165 + 10% of the loan amount above R1,000 (maximum R1,207.50)
- Monthly service fee: R69 per month
Sunshine Loans' rate of 35% per annum (approximately 2.92% per month) is significantly below the statutory cap, which is a favourable indicator for cost-conscious borrowers.
Early Repayment
You may repay your short-term personal loan early at any time. Interest is calculated only on the number of days the loan was outstanding. No early repayment penalty applies. Contact Sunshine Loans via the portal at portal.sunshineloans.co.za or email info@sunshineloans.co.za to confirm your settlement figure before making an early payment.
Consequences of Non-Payment
If a DebiCheck debit order is returned unpaid on the due date:
- A returned payment fee may be charged by your bank and by the lender
- Additional interest accrues on the outstanding balance
- Your account may be referred to the collections department
- A negative listing may be reported to the credit bureaux, affecting your credit score
- Persistent default may be escalated to a debt collector or legal proceedings