Is Sun Loan the best option for you?
You likely have a financial need if you're now looking into Sun Loan's personal installment loans. But due to the high volume of lenders offering similar services, you may find it difficult to select the best loan.
Fortunately, we researched Sun loan recently, reviewing their terms, conditions, and operations. We found out that Sun Loan is a reasonable option if you have a good credit score and want affordable monthly payments.
However, if you don't live in the 7 approved states and want lower interest, there are better options to check out.
Sun Loan Overview
Sunloan is a neighborhood lending company offering personal installment loans to 7 states in the U.S. Its loans can be used for different purposes and are characterized by high-interest rates.
After approval, borrowers have to pick up their checks at the nearest branch. Sunloan company currently isn't BBB accredited but has a low rating on the review site.
Sun Loan Highlights
- Loan Amount: Sun Loan offers different loan limits according to borrowers' states. However, the available loan amount is between $101.59 to $10000.
- Loan Types: Sun loan offers personal installment loans.
- Available States: Sun loan currently serves 7 out of 50 states in the U.S., including Alabama, Illinois, Missouri, Nevada, New Mexico, Oklahoma, and Texas.
- Credit Check: Sun loan does a hard credit check when you apply for a loan.
- Minimum Credit Score: Sun Loan does not specify its minimum credit score, but borrowers with low credit scores are considered.
- Funding Time: After approval, you can receive your funds from Sun Loan on the same day. However, that applies to borrowers who receive their checks at a branch. You will receive funding the next day if you apply and complete the loan processing online.
- Repayment Terms:
- Personal Installment Loans:3-36 months.
- Payday loans: Due next payday (2 weeks).
- Title Loans:15-30 days.
- Interest Rate: Sun Loan does not disclose its rate on the official website, but APR ranges from 55.56% to 210.78%. The rate you get depends on your credit info and application details.
- Late fee: Sun Loan charges a late fee of 5% of your installment payment or $10, whichever is less.
- Origination fee: It charges 7% of your loan amount or $200, whichever is less.
- Repayment Options: Sun Loan accepts both physical and online repayments. You can pay via a check, money order, cash, or debit card.
- BBB Rating: SunLoan company has a D rating on BBB. It is also not yet accredited by the review site.
- It Offers Same-day Funding Once Approved.
- Sun Loan Doesn't Need A Bank Account Or Employment Proof.
- You Can Enjoy The Educational Resources.
- You Can Build A Positive Credit History.
- Sun Loan Offers Flexible Loan Amounts.
- SunLoan Offers Loans in Only 7 States.
- The Loan Amount Set By Sun Loan Varies From State to State.
- Sun Loan Doesn't Specify Rate On Its Website.
- Sun Loan is Not Quite Transparent About Loan Costs.
SunLoan makes borrowing easy and avails comfortable payment plans, however, its rates are outrageous, and the loan serves 7 out of 50 states.
Where Sun Loan Stands Out
It Offers Same-day Funding Once Approved
Borrowers can receive funding as soon as the same day their loans get approved. You simply have to visit the branch near you to get your check. If you complete all your processing online, your funding will come as early as the next day.
Sun Loan Doesn't Need A Bank Account Or Employment Proof
You can qualify for a Sun Loan personal loan without showing proof of a job or an active bank account. However, having them can increase your approval chance, especially if you have a bad credit score.
You Can Enjoy The Educational Resources
Sun Loan has many resources on its site that can assist borrowers in making the best financial decisions. You can go through their blog posts to learn more about personal loans, how to secure them, and more finance subjects.
You Can Build A Positive Credit History
Sun Loan reports the loan repayment of borrowers to the three main credit bureaus (Equifax, Experian, and TransUnion). If you deposit your monthly payments in due time, your credit score and history can improve. However, your credit may be harmed if you fail to pay on time.
Sun Loan Offers Flexible Loan Amounts
Sun Loan can offer loan amounts between $101.59 to $10,000, depending on your location. This gives people who want small loans a chance to borrow and those who want large loans as well.
Where Sun Loan Falls Short
SunLoan Offers Loans in Only 7 States
Sun Loan has its branches in 7 states in the U.S., including:
- New Mexico
If you don't reside in any of the states above, you are restricted from applying for a Sun Loan.
The Loan Amount Set By Sun Loan Varies From State to State
The minimum and maximum loan amount offered by Sun Loan differs in each approved state. See the ranges below:
|Alabama||$153.50 to $5,000|
|Illinois||$800 to $10,000|
|Missouri||$150.91 to $4,502.24|
|Nevada||$150 to $3,999.15|
|New Mexico||$800 to $10,000|
|Oklahoma||$191.38 to $2,994.82|
|Texas||$101.59 to $1,595.35|
Some states can borrow up to $10,000 while the others cannot. This can be disadvantageous to people who need as much as that but don't reside in those locations with high limits.
Sun Loan Doesn't Specify Rate On Its Website
Borrowers can't tell what rate you will get for a Sun Loan until you fill out an application. This may discourage people from borrowing because most prefer to know the possible rates beforehand.
Sun Loan is Not Quite Transparent About Loan Costs
Sun Loan does not specify any of its fees on the official website. By checking their official website, you cannot deduce your potential APR, origination cost, or late fee. This is not transparent, unlike many other lenders that disclose all necessary information, especially extra fees, on their site.
Compare Sun Loan With Other Lenders
Sun Loan is best suited for borrowers who live in the approved 7 states, have a good credit score, and prefer affordable monthly payments. If you don't fall into these categories, seeking other options for the best deals is better.
If Sun Loan doesn't suit you, Personal Loans ™ and BadCreditLoans are other lenders you can check out.
See how Sunloan compares to these two lending companies in the table below:
$101.59 to $10,000
$1,000 to $35,000
$500 to $10,000
3 to 36 months
3 to 72 months
3 to 72 months
Min. Credit Score
55.56% to 210.78%
5.99% to 35.99%
5.99% to 35.99%
Sun Loan vs Personal Loans ™
Sun Loan offers a low minimum loan amount, compared to Personal Loans ™. Don't forget, however, that not all borrowers can access that starting amount. The minimum amount available to borrowers varies according to their states.
Conversely, Personal Loans ™ has a much higher minimum loan amount but offers over two times the maximum loan compared to Sun Loan. Borrowers with greater expenses can receive adequate funding using Personal Loans ™ than Sun Loan.
One look at the APR ranges of these two lenders already tells you which is better. Personal Loans ™ offers lower APR than SunLoan, despite giving out loans for bad credit.
Personal Loans ™ is more suitable if you want a lower interest rate. In addition, Personal Loans ™ offers a longer repayment term than Sun Loan.
Sun Loan operates in only 7 states, meaning borrowers accessing its personal installment loans are limited to those locations. On the other end, Personal Loans ™ can be accessed in all states in the U.S.
Lastly, Personal Loans ™ has an A- rating on BBB, while Sun Loan has a D. Better Business Bureau is a neutral review site, meaning their judgments are usually fair. The rating shows that Personal Loans ™ runs a more credible business than Sun Loan.
Sun Loan vs BadCreditLoans
Sun Loan offers a lower minimum amount, but that is only available in one state. The other 6 states have varying minimum loan amounts. BadCreditLoans, on the other end, offers a $500 minimum loan, which is a fair starting amount for those who want small loans.
SunLoan APR range can plunge borrowers into a debt cycle because of the high rates. This can take years to repay at an outrageous total cost. Conversely, BadCreditLoans offers a lower interest rate even for bad credit. BadCreditLoans also offer a longer repayment term compared to Sun Loan.
When talking of credibility, BadCreditLoans has a higher BBB rating than Sun Loan. BadCreditLoans is also available in all 50 U.S. states, compared to Sun Loan, which operates in only 7 states.
Requirements For Sun Loan
Documents Needed: You may need the following documents to prove your identity and other claims:
- Paystub, tax returns, or W-2 form.
- ID card, SSN, or driver's license.
- Credit history showing previous debt and repayment.
- Residency proof, like Utility bills, credit card statement, mortgage or lease agreement.
Note that the documents required may vary according to your state. You can contact Sun Loan support to get the relevant list of requirements.
Age: You must be at least 18 or 19 if you reside in Alabama.
Citizenship: Borrowers must be a citizen of the U.S. and reside in Alabama, Illinois, Missouri, Nevada, New Mexico, Oklahoma, or Texas to apply.
General Ability To Repay: Sun Loan emphasizes a borrower's ability to repay when screening for loans. So, it checks different factors like your income source, repayment history, residency proof, and ability to fit repayment plans into your monthly budget.
How To Apply For Sun Loan
It is easy to apply for a Sun Loan online, over the phone, or physically at their branch. Please note that not all borrowers are eligible to complete their application and processing online. So, you may have to visit the nearest branch to apply, get approved, and pick up your check.
Here's how to apply for Sun Loan online via the official website in 5 quick steps:
- Visit the Sun Loan website and click on Apply now.
- Fill in your full name, email address, phone number, alternative phone number, state, and loan amount to get started.
- Provide the information needed, including IDs, proof of job, credit info, and income.
- Fill in the details on how you want to be funded and submit the application.
- If approved, get funded the next business day.
You can also visit SunLoan's official website to find the nearest branch if you wish to process the loan physically. Ensure you take the necessary documents for quick processing. If you don't know the documents required, call a Sun loan Agent to get the list or start processing the loan over the phone.
How CreditYelp Rates Sun Loan
|Requirements and Application||4.9/5||The requirements to apply for Sun Loan personal loans are not cut-throat. Application is also smooth and can be done online, over the phone, or at a physical branch.|
|Loan Accessibility||3/5||Sun Loan is only available in 7 states. Not all interested borrowers can participate.|
|Affordability||2/5||Sun Loan changes high interests because it gives a small loan amount. The total cost increases with the repayment term length.|
|Customer Experience||2/5||There are many consumer complaints on BBB due to high loan costs, threats, and unexpected deductions from their accounts.|
|Transparency||3/5||Borrowers may make blind decisions as Sun Loan does not specify important info like APR and extra fees on their site.|
Sun Loan FAQs
Is Sun Loan A Legit Company Or A Scam?
Sun Loan has been around since 1993. It is a registered lender offering fast cash to borrowers in 7 U.S. states. However, it is important to note that BBB does not recognize Sun Loan yet. Customers who dropped reviews on BBB are also mostly displeased with their services.
So, before taking a Sun Loan loan, conduct proper research and compare the offer with other lenders.
Are There Any Prepayment Penalties?
Sun Loan does not charge extra fees for early repayment. So, you can take out a loan with them and pay it up before your due date.
How Does Sun Loan Affect Your Credit?
There is no chance to pre-qualify for a personal installment loan on Sun Loan. So, once you apply, the lender does a hard credit check to ascertain your claim. That may affect your credit score temporarily, depending on how often you get a hard credit pull.
Sun Loan also reports delinquencies and one-time payments to the three main credit bureaus. So, if you fail to pay up on time, your credit score and history will be affected negatively.
How Do I Cancel Sun Loan?
You cannot cancel a Sun Loan once the fund has been deposited into your account. So, before you take out your loan, ensure you are certain about your choice.