Sun Loan is a company that offers installment loans for different purposes, such as debt consolidation, bad credit loans, and more. The company advertises its services on its website, sunloan.com.
Personal loans can be a great way to finance a large purchase or consolidate debt. But with so many lenders to choose from, it’s important to compare your options to find the best fit for your needs. Here are some things to keep in mind as you shop for a personal loan.
There are many options when it comes to choosing a lender. Recently, Sun Loan has been getting attention as an option. But is this the best choice for you?
After doing some research on their website and reading through their terms and conditions, here are a few interesting facts that you can find over there:
- APRs range between 55.56% and 210.78%
- Loan amounts vary by state – you can borrow up to $7,500
- It offers loan terms between 3 to 36 months.
- Loans are available in 7 states (Texas, Nevada, New Mexico, Oklahoma, Illinois, and Missouri
Sun Loan: What Is It?
Since 1993, Sun Loan has been providing people with installment loans of all sizes. Based in San Antonio, Texas, they can be reached anytime at (844) 786-5626.
Although the Better Business Bureau (BBB) does give the Sunshine Loan Company a D rating, it’s important to remember that the BBB does not accredit this company. Additionally, customers have given Sunshine Loan Company a 1.5-star rating out of 5 stars. On average, they receive 8 customer reviews and 28 complaints closed in the last 3 years.
How Do They Work?
There are many ways to apply for a loan from Sun Loan. Their online application process is very user-friendly and fast. Applying in-branch is also a great option because the staff is always ready to help. For those who prefer to speak with someone over the phone, Sun Loan also offers that service.
People who qualify for a loan can get the money as a check or bank deposit. The loan is given in one lump sum, and the borrower usually repays it in smaller payments that include an extra fee called an interest rate. The repayment schedule for a loan and the amount due each month depend on the conditions of the loan and how much was borrowed.
Qualifying Process
At Sun Loan, they believe that a person’s ability to repay should be the main factor in deciding whether to approve a loan. They take into account things like income, residency, and past repayment history in their decision-making process.
Sun Loan: BBB Reviews
Sun Loan Company has a D rating from Better Business Bureau (BBB) and is not accredited by BBB. Additionally, Sun Loan Company has 1.5 stars out of 5 from customer ratings and an average of 8 customer reviews and 28 complaints closed in the last 3 years.
Here are some reviews:
Celeste G 10/18/2022
Great customer service!! Friendly and helpful, smooth process…I highly recommend it for those starting/ restarting credit. I received a small emergency loan, and am grateful they were here to help. I am appreciating Sunloan on **********!! I worked with ***************** Wonderful! Thank you.
Deanna M 10/05/2022
I have an account that is past due since I wasn’t taking their calls they called my daughter. Fair enough she a reference. However, they provided her with information regarding my loan and asked her to make a full payment. Then told her I would be due again on 9/14 if she would like to call them they could do another payment then. I called corporate and was told it would be handled. ****** I do not feel it was.
Pat J 08/27/2022
Red flag! Sun Loans are predatory lenders…rates are 80% higher! Don’t do it!
Michael W 06/18/2022
Predatory lender! Super high rates of 50 to 200% interest Do not use this group!
FAQs
How much does Sun Loan charge?
Sun Loan offers a variety of loan products that are perfect for those in need of quick cash. Customers can borrow up to $7,500 with interest rates as low as 55.56%.
Are there any pre-payment penalties?
They offer loans with no prepayment penalties. This means that you can pay off your loan faster than originally scheduled without any extra fees.
does Sun Loan affect your credit?
There are a few things to keep in mind before taking out a loan, such as understanding the process and what sort of effect it will have on your credit score. It’s important to do your research so you can make the best decision for your financial future. Many lenders will do a soft credit check to get an idea of the interest rates and loan terms you could qualify for. This type of check won’t have any impact on your credit score.
Although you may be excited to apply for a loan, it’s important to understand that the lender will need to do a hard credit inquiry in order to get accurate information about your credit history. This will result in a lower credit score for you.
How Can I Cancel their Services?
A personal loan can be a great way to get the funds you need for a large purchase or expenses. However, it is important to be confident in your decision before taking out a loan. Once the funds have been dispersed into your account, you will not be able to reverse or cancel the transaction.
Get Your Finances In Order
- Making and following a budget is an excellent way to start becoming more aware of your spending and help you make wiser choices with your money.
- It’s always a good idea to consult with a financial advisor to get personalized advice on how to best manage your money. They can help you understand all of your options and develop a plan that is tailored to your unique circumstances.
- Debt can be a scary thing, but it doesn’t have to be. There are many companies out there who are willing to work with you to create a more manageable payment plan. So don’t be afraid to reach out to their customer service team for more information.
Is Sun Loan A Legit Company Or Scam?
There are many loan companies out there, but not all of them are created equal. Some, like Sun Loan, have been in the business for years and offer quick cash to customers in need. However, their track record with the Better Business Bureau is quite poor, with only 1.5 stars out of 5 from customer reviews. This indicates that most people who have used their services have had negative experiences.
People often take out loans for a variety of reasons. Some might need to borrow money to purchase a car or house, while others might use a loan to pay for medical bills or college tuition. Regardless of the reason, it’s crucial to compare rates from different lenders before deciding on one, in order to ensure getting the best deal possible and avoid taking out an unaffordable loan.
Do you have any experience with sunloan.com? Let us know in the comments!
Thank you for reading!
