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Sun Loan Company

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5.6

Overall Score

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LAST UPDATED: February 28th, 2024

Sun Loan Company started with a San Antonio, Texas branch in 1988. Now it has more than 280 offices across seven states:

  • Alabama
  • Illinois
  • Missouri
  • Nevada
  • New Mexico
  • Oklahoma
  • Texas

Installment loan terms, rates, and amounts vary by location. Repayment terms are fixed, varying between four and 48 months. No active checking account is required.

Consumers can apply for a Sun Loan product online, by phone, or in local store locations. Loans are based on credit history, personal income, and other personal financial commitments. You have to visit your local Sun Loan branch to get your money.

Continue reading for a full review of this personal loan company.

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The Good

  • Low Minimum Loan Amount
  • No Bank Account or Employment Required
  • Referral Program
  • Reports to Main Credit Bureaus
  • Educational Resources

Low Minimum Loan Amount

Sun Loan offers personal installment loans as small as $150. This amount is much lower than you will see with many other personal loan lenders. This can be beneficial if you are in need of a smaller amount of cash that you will pay back quickly (similar to a payday loan product).

However, Sun Loan's maximum loan amount is $5,000, which is also significantly lower than many other lenders.

No Bank Account or Employment Required

To qualify for a Sun Loan personal loan you don't need a bank account or job. While this can increase chances of approval for those with limited credit access or limited finances, it is likely that interest rates are high because loan amounts are low.

Referral Program

Through the Sun Loan Company referral program, customers can earn up to $100.

Reports to Main Credit Bureaus

Loan repayment is reported to all three main credit bureaus: Experian, Equifax, and TransUnion. This gives people the opportunity to build a positive credit history. However, if you don't make payments, this can negatively impact your credit score.

Educational Resources

The Sun Loan Company website includes finance tips through its blog, on which there are multiple resources for learning about the personal loan process, as well as other personal finance topics.

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The Bad

  • Only Available in 7 States
  • Loan Amounts Vary by Location
  • No Rates Provided on Website
  • Must Visit a Branch Location to Complete Application
  • Undisclosed Fees

Only Available in 7 States

Sun Loan Company personal loans are only available in seven states:

  • Alabama
  • Illinois
  • Missouri
  • Nevada
  • New Mexico
  • Oklahoma
  • Texas

If you don't reside in one of the states listed above, you will need to look into other personal loan lender options because Sun Loan's services and products will be unavailable to you.

Loan Amounts Vary by Location

While Sun Loan advertises that it offers personal installment loans from $150 to $5,000, loan minimum and maximum amounts vary by state:

  Min. Loan Amount Max Loan Amount
Alabama $150 $3,000
Illinois $800 $5,000
Missouri  $150.91 $4,502.24
Nevada $150 $3,999.15
New Mexico  $150 $4,505.20
Oklahoma $173.20 $1,584
Texas $101.59 $1,413.82

No Rates Provided on Website

Sun Loan Company does not disclose rates on its website, even if you are filling out an application; you must provide your personal information before you can view the interest rate you qualify for.

This may deter potential borrowers from applying, especially when you aren't able to get an idea of what you could be charged in interest up front.

Must Visit a Branch Location to Complete Application

You can start your Sun Loan application online, but you'll have to either visit a branch location or call a Sun Loan Company representative to complete it. This can be inconvenient if you would prefer to do everything online.

Undisclosed Fees

Sun Loan Company doesn't outline any fees on its website, making it unclear whether or not the company charges fees such as an application fee, loan origination fee, late payment fee, or prepayment penalty fee.

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The Bottom Line

Sun Loan Company offers consumer personal installment loans in seven states. Considering the relatively small loan amounts offered and the short loan terms, rates are likely very high, although they are not disclosed on the website. To see the rates and terms that you qualify for, you must first complete an application.

View Best Personal Loan Companies

Currently, Sun Loan Company reviews are limited. If you have borrowed from this company, please tell us about your experience by leaving a review.

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Star Rating

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4.1

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14 Reviews

Review Breakdown

5 grade

71%

4 grade

7%

3 grade

0%

2 grade

0%

1 grade

21%

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Review Source

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Belinda Gholston Joliet, IL

Sun Loan Company sent me an invitation to apply for a loan. They informed me that bad credit would not be a problem that's what they specialize in and they told me that I was approved. After I sent in all the paperwork they denied me I am very sad

4 days ago

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Beatrice Rivas Houston, TX

The office manager Janie and her staff are very courteous. They let you know what loan is available to you choose from and under no pressure to get the highest loan offer. I highly recommend to my friends if they need a loan.

2 months ago

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Kimberly Mosby Pensacola, FL

I love the ladies at Sunloan always nice and friendly and always willing to help me out with my loans They are so supportive I feel special when I go there.Never had any issues. They are number one in my heart. Kimberly Mosby a loyal customer. Thanks for everything

5 months ago

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Jonz Chicago, IL

Kankakee office of Sun Loan, Jessica and Jericha are such great employees, they work with a smile on their face, personality is the kind that you need when it comes to a customer service type job, they made my visit so quick and easy and I felt very comfortable. Thank you girls for the work that you do. I would definitely recommended the service they provide to make first time customer feel welcome and comfortable. Thank You Jessica and Jericha for such a great job that you do.

7 months ago

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Dopey Vampiress Schenectady, NY

I have been with Sunloan for almost 10 yrs. I started in Perryville then when I moved I had my account transferred. The staff at both places are amazing. They have helped me too many times to count. Awesome environment and very understanding. I highly recommend Sunloan.

6 months ago

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Donna Nelson Shawnee, OK

They are very respectful and nice. You don't have to wait to be waited on. The girls Niki and Oliva always have a smile on their faces and are ready to help you when you come in to get a loan or to make a loan payment. I would tell my family to go to Sun Loan Company in Shawnee Oklahoma to get a loan. I am very please and happy with them. Donna Nelson

2 years ago

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Review Source

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Elisabeth Earhart Joplin, MO

I like how they check everybody making sure they're honest. They will work with you on your payments. The bad thing about them is their interest rate and the payback. It also takes a while to pay off, and even though I never used it, they sometimes require collateral. The people are friendly , unless you're late. They don't take excuses. It's fairly easy to get a loan.

1 year ago

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Phaedra Mills

Great staff with fast and friendly service.

3 months ago

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Review Source

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Dwayne Holland

Sun loan helped me when I was in a bind. They loaned me money very quick and treated me respectfully. I really thought they was terrific. I liked their respect and for that I would highly recommend them. Thank you

1 year ago

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Review Source

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Fernando Binghamton, NY

They were fast, friendly and gave me a good APR. They helped me with get a loan when I needed one the most due to unexpected issues. I can’t thank them enough.

1 year ago

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Elaine Gutierrez Albuquerque, NM

Excellent customer service. Always very helpful! Location is Coors NW in Albuquerque, NM

9 months ago

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Review Source

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Kelly Branch Houston, TX

I have had a loan with them in past it and helped my credit out. Make sure you pay on time. They are good at helping you get your credit in order.

1 year ago Edited August 18, 2022

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Imoukhuede Oserei St Louis, MO

They just run your credit for no reason and then make your credit score go down. Then turn around and qualify you for a loan far below what you’re expecting. Terrible company!!!

1 year ago

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Just Me Grove, OK

They make predatory loans to people with not so perfect credit. But at 50 to 200% interest. Avoid at all costs! Many of us are working to shut down these shady companies in Oklahoma.

1 year ago