Sun Loan Company

• 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.

• 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:

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.