Sun Loan Company started with a San Antonio, Texas branch in 1988. Now it has more than 280 offices across seven states:
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.
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.
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.
Through the Sun Loan Company referral program, customers can earn up to $100.
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.
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.
Sun Loan Company personal loans are only available in seven states:
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.
While Sun Loan advertises that it offers personal installment loans from $150 to $5,000, loan minimum and maximum amounts vary by state:
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.
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.
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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