Sun Loan Company is a financial institution that offers personal installment loans to individuals in need of quick cash. The company has been in operation since 1993, and it is headquartered in San Antonio, Texas. Sun Loan Company has grown over the years and has expanded its services to six other states, including Oklahoma, Nevada, New Mexico, Illinois, Missouri, and Texas. In this article, we will provide a comprehensive review of Sun Loan Company, covering their services, pros and cons, and all the questions you may have.
Sun Loan Summary
When considering taking out a personal loan, be sure to compare multiple lenders. There are many options available and each has its own advantages and disadvantages. Doing your research ahead of time can help you choose the best lender for your needs.
One option that has recently been getting attention is Sun Loan. But is this lender the best choice for you? Here is a closer look at what they offer so you can make an informed decision.
We did some research into their website and terms and conditions and found some interesting facts. Here are a few that we thought were noteworthy.
- 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 Pros And Cons
Pros:
- Quick application process
- Available to individuals with poor credit
- Offers installment loans with flexible terms
- Loans are available in several states
- Personalized service from loan officers
Cons:
- High APRs
- Limited loan amounts
- Loans only available in a few states
- Late payment fees can be high
Sun Loan Services:
Sun Loan Company offers personal installment loans with flexible terms and repayment plans. The loans are available in amounts up to $7,500, and the repayment terms range from 3 to 36 months, depending on the state. The loan application process is simple and can be completed in person at one of the company’s branch locations or online. The loan officers provide personalized service to ensure that customers get the best loan options that meet their needs. Sun Loan Company also provides tax preparation services and issues tax refund anticipation loans.
What is Sun Loan?
Sun Loan has been helping people with personal installment loans of all sizes since 1993. They’re headquartered in San Antonio, Texas, and you can reach them anytime at (844) 786-5626.
Sun Loan Company provides personal installment loans to individuals who are in need of quick cash. The company has several branch locations in the states where it operates, and borrowers can make payments at any of these locations. Each branch has a branch manager who oversees the operations and ensures that borrowers receive personalized service.
Sun Loan Company does have a D rating from the BBB, it’s also important to note that they are not accredited by the BBB. Additionally, this company has a 1.5-star rating out of 5 stars from customer reviews. On average, they receive 8 customer reviews and 28 complaints closed in the last 3 years.
How does Sun Loan work?
Sun Loan offers personal installment loans to individuals who need quick cash for various purposes. The loan application process is simple and can be completed in person at one of the company’s branch locations. To apply for a loan, the applicant must provide personal information, employment details, and proof of income. Sun Loan’s loan officers will then review the application and determine the loan amount and repayment terms that best meet the applicant’s needs.
Once the loan is approved, the applicant will receive the funds and must begin making payments according to the repayment schedule agreed upon with the loan officer. Payments can be made in person at a Sun Loan branch location or through automatic debit from a bank account. Late payment fees may apply if payments are not made on time.
Sun Loan offers loans with flexible repayment terms, which can range from 3 to 36 months, depending on the state. The loans are available in amounts up to $7,500 and are available to individuals with poor credit. Sun Loan operates in seven states, including Texas, Nevada, New Mexico, Oklahoma, Illinois, and Missouri. The company’s loan officers provide personalized service to ensure that customers get the best loan options that meet their needs.
How to qualify for Sun Loan?
To qualify for a Sun Loan, applicants must meet certain eligibility requirements, which may vary depending on the state. However, in general, the following are the requirements to qualify for a Sun Loan:
- Be at least 18 years old
- Have a valid government-issued ID
- Provide proof of income
- Have a working phone number and email address
- Have an active checking account in the applicant’s name
- Provide proof of residence
Sun Loan does not require a minimum credit score, which means individuals with poor credit may still be eligible for a loan. However, meeting the above eligibility requirements does not guarantee approval of a loan. The loan officer will review the application and determine the loan amount and repayment terms that best meet the applicant’s needs.
What are the interest rates for Sun Loan Company?
The interest rates for Sun Loan Company can vary depending on the state and the loan amount. In general, Sun Loan offers loans with APRs (Annual Percentage Rates) that range between 55.56% and 210.78%. These rates are relatively high compared to other types of loans, such as credit cards or personal loans from banks and credit unions. It’s important to note that interest rates may also be affected by the applicant’s creditworthiness, income, and other factors. Before applying for a loan with Sun Loan, it’s recommended to carefully review the loan terms and understand the interest rates and fees associated with the loan.
How much can I borrow from Sun Loan Company?
The amount that you can borrow from Sun Loan Company varies by state and can range from a few hundred dollars up to $7,500. The loan amount that you are eligible for will also depend on your income, creditworthiness, and other factors. It’s important to note that borrowing a larger amount may result in higher interest rates and fees. Before applying for a loan with Sun Loan Company pay, it’s recommended to carefully review the loan terms and understand the loan amount, interest rates, and fees associated with the loan. This will help you make an informed decision about whether or not a Sun Loan is the right option for your financial needs.
How do I apply for a loan with Sun Loan Company?
To apply for a loan with Sun Loan Company, you can follow these steps:
- Visit the Sun Loan Company website to find the nearest branch location in your state.
- Visit the branch location during operating hours.
- Provide personal information, employment details, and proof of income.
- Meet with a loan officer to discuss loan options and determine the loan amount and repayment terms that best meet your needs.
- Review and sign the loan agreement if you are approved.
- Receive the loan funds if approved, either in the form of a check or direct deposit to your bank account.
It’s important to note that Sun Loan does not offer an online loan application process. All loan applications must be completed in person at a branch location. Additionally, meeting the eligibility requirements does not guarantee loan approval. The loan officer will review the application and determine the loan amount and repayment terms that best meet your needs.
What are the payment options for Sun Loan Company?
Sun Loan Company offers several payment options for borrowers to make their loan payments. These payment options include:
- In-person: Borrowers can visit Sun Loan offices to make a payment in person using cash, check, or money order.
- Automatic payments: Borrowers can set up automatic payments by providing their bank account information. This will allow Sun Loan to deduct the loan payments directly from the borrower’s bank account on the due date.
- Phone payments: Borrowers can call Sun Loan’s customer service number to make a payment over the phone using a debit or credit card.
- Online payments: Sun Loan does not currently offer online loan applications, but they do offer online payment options. Borrowers can log in to their account on the Sun Loan website to make a payment using a debit or credit card.
It’s important to note that late payment fees may apply if payments are not made on time, and borrowers should choose a payment option that works best for their needs to avoid any additional fees.
What are the late payment fees for Sun Loan Company?
The late payment fees for Sun Loan Company may vary depending on the state and the loan amount. However, in general, late fees can be relatively high and can add to the cost of borrowing. The company may charge late fees if a borrower does not make a payment by the due date or if the payment is returned for insufficient funds. It’s important to review the loan agreement carefully and understand the late payment fees associated with the loan. If you anticipate any issues with making payments on time, it’s recommended to contact their customer service to discuss your options and avoid any additional fees.
How long does it take to receive funds from Sun Loan Company?
The amount of time it takes to receive funds from Sun Loan Company can vary depending on the state and the loan amount. In general, if you are approved for a loan, you can typically expect to receive the loan funds within one to two business days. However, this may vary depending on the method of payment you choose. For example, if you choose to receive the funds via direct deposit, it may take a few additional business days to process the transfer.
It’s important to note that meeting the eligibility requirements does not guarantee loan approval, and the loan officer will review the application and determine the loan amount and repayment terms that best meet your needs. If you have any questions about the loan process or the timeline for receiving the funds, it’s recommended to contact their customer service for more information.
Sun Loan Company Reviews
The Better Business Bureau (BBB) has given the Sun Loan Company a D rating, and it is important to note that the company is not accredited by the BBB. Additionally, customers have given Sun 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.
Sun Loan values constructive input and customers have been providing feedback about their experience with the company. This feedback can help the company make improvements and provide better service to its customers. Additionally, Sun Loan Company reviews encourage borrowers to leave an overall rating of their experience, which can help other potential borrowers make an informed decision about whether or not to apply for a loan. If you are interested in working for Sun Loan, the job title may vary depending on the location and job duties check out former employee reviews.
Here are some Sun Loan Company reviews:
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.
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.
Red flag! Sun Loans are predatory lenders…rates are 80% higher! Don’t do it!
Predatory lender! Super high rates of 50 to 200% interest Do not use this group!
Sun Loan FAQs
How much does Sun Loan charge?
The amount you can borrow and the interest rate you pay will be determined by your creditworthiness. Generally, their customers can borrow up to $7,500 with an APR between 55.56% and 210.78% and loan terms from 3 to 36 months.
Are there any pre-payment penalties?
Sun Loan offers loans with no prepayment penalties, so you can pay off your loan faster than originally scheduled without any extra fees.
How does Sun Loan affect your credit?
When considering taking out a loan, it’s crucial to comprehend the process and what sort of effect it may have on your credit rating.
Many lenders will do a soft credit check at first in order to give you an idea of the interest rates and loan terms you could qualify for. This won’t have any impact on your credit score.
However, once you move forward with the loan application, the lender will need to do a hard credit inquiry to get a complete view of your credit history and offer you final rates. These hard inquiries will lower your credit score.
How to cancel Sun Loan?
When you are considering a personal loan, be sure that you are confident in your decision. Once the funds have been dispersed into your account, you will not be able to reverse or cancel the transaction. This way, you can avoid any cancellations or changes down the line.
Are you struggling to make ends meet? Don’t worry, you’re not alone. Here are some tips to help you get back on track.
There are a few key things you can do to get your finances in order.
- Creating and sticking to a budget is a great place to start. This will help you become more mindful of your spending and make better decisions overall.
- Another helpful step is to speak with a financial advisor. They can help you understand all of your options and develop a plan that is tailored to your unique circumstances.
- And finally, don’t worry too much about debt. Many companies are willing to work with customers to create a more manageable payment plan. So reach out to their customer service team for more information.
Do you want to work for them?
Sun Loan Company has received positive reviews from a former employee who has praised the company for being a good company to work for. These former employees often include specific details about the work environment and the company’s values, such as its commitment to providing excellent customer service. Additionally, Sun Loan Company values former employee feedback from its employees and branch managers and encourages them to provide constructive input to help improve the company. If you are interested in working for Sun Loan, it may be worth considering former employee reviews to gain insight into the company culture and work environment.
Is Sun Loan legit or a scam?
Sun Loan has been in the business of personal loans since 1993. They offer quick cash to customers in need but have a poor track record with the Better Business Bureau. In fact, they only have 1.5 stars out of 5 from customer reviews. This means that most people who have used their services have had negative experiences.
There are a lot of different reasons why people might take out a loan. Some people need to borrow money to buy a car or a house. Other people might use a loan to pay for medical bills or college tuition. Whatever the reason, it’s important to do your research and compare rates from different lenders before you decide to take out a loan. This way, you can make sure you’re getting the best deal possible and avoid taking out a loan that you can’t afford.
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