Sun Loan Review

Sun Loan ReviewSun Loan Company is a traditional installment loan company offering consumers loans of $150 to $3,500 payable for 4 to 30 months. Since they offer traditional installment loan, repayments are in equal monthly installments. The company has been operating for more than 26 years, and they initially opened up their office in San Antonio, Texas. Today, it has more than 260 branches in 8 different states. Through the years, they have known what customers really need. They have constantly improved in the business and are now an active part of the community, by sharing their talents in civic and charitable activities.

Sun Loan Review: What They Offer

Traditional installment loans differ from other type of loans by having a fixed monthly repayment, fixed interest rate, and fixed term. Thus, applicants can have the exact picture of how their repayment will come to be. They would not have to guess on how much their payment is for a month or the following months. Sun Loan offers an unsecured type of loan, meaning, there would not have to be collateral in order to get a loan. However, sometimes loans would need collateral in the form of a car contract or luxury household items. They never use the customer’s bank account and are upfront about any fees or rulings.

Loan Approval
To approve a loan, Sun Loan determines the applicant’s stability, willingness and ability to repay a loan. They do this by assessing budget reports, credit profiles, employment information and other relevant data. They use a borrower’s budget report to know how much monthly installment can be afforded. They do not use credit score to approve a loan and do their own assessment of the borrower’s ability to repay.

Loan Amounts
Sun Loan has a maximum loan amount on different states. For instance, the offered maximum loan amount in Alabama is $1,000. In Illinois, it’s $3,000, as well as in Nevada and New Mexico. Tennessee has a higher maximum loan offered at $5,000. Offered maximum loans at Missouri is $3,500, Oklahoma at $1,440 and Texas at $1,320. Interested loan applicants can visit their local office in order to get a loan. Experts handle loans and they find a way to help customers stay on their budget and build their credit.

Customer Service
Sun Loan requests loan applicants to call or visit their office. They do not accommodate online application, so you will not be able to find an online application form. There are phone numbers provided by the branches, so you can freely call them to state your interest or ask some questions. The addresses are indicated in the website as well. However, they do not specify any other customer service options, which would be great for a loan service company, but maybe because they have different locations. Moreover, their website does not provide enough information that a potential borrower might search for. These include the loan application process, which is very vital, and also the interest rates. What they only disclose is the maximum amount to be borrowed and the number of months you can pay for it.

They also do not have details on how soon the money can be received in case a loan is approved, or how the money can be received. However, they boast employing bilingual (Spanish and English) customer service staff and a 30-minute loan approval even if they state that they assess applicant’s ability to pay by reviewing several documents. So how do they do it in 30 minutes?

Our Recommendation
Sun Loan takes pride in its Responsible Lending principle. They use ethical ways to examine a loan applicant’s ability and willingness to pay. They use budget and credit reports, just like other lending companies. They differ with other payday loan companies by offering installment loans. Borrowers are not obliged to make full payment, which is deducted from their next payday.

This is a good objective because a borrower will not be able to recover financially if he will not be offered an installment repayment term. However, by having a fixed installment fee, customers will not be able to take advantage of a lower interest rate, which sometimes happens with other types of loans. With traditional installment loans, they would have to settle with fixed rates, but they can just look at the brighter side and appreciate that there will be no changes on their monthly obligation and simply focusing on paying.

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