Sun Loan Company provides personal loans to borrowers that are adaptable to their needs and circumstances.
They provide the loans in a lump sum amount to borrowers and can be used for most personal purposes and applications.
Sun Loan provides a plethora of personal loans that are available to customers.
Comparing the services provided by Sun Loan with other lenders is essential to picking the loan that best suits your personal needs.
Sun Loan At-a-Glance
Sun Loan Company has been in operation for 30 years. It is a lending company providing borrowers with personal loans with user-friendly payment plans. Here are some of its top features:
- With a comprehensive website, you can manage your account anywhere, anytime.
- You can make payments on your loan, view payment history, and apply for a new loan through Sun Loan’s website.
- Sun Loan offers various services, including personal installment loans, tax preparation services, an auto club that provides roadside assistance, and personal financial literacy resources, though they specialize in personal loans.
- Sun Loan advertises affordable payment plans and personalized customer service tailored to each customer’s needs.
- Sun Loan also emphasizes that they provide loans to people with poor credit, especially those who may have been previously denied. Sun Loan may lend to borrowers with bad credit.
Sun Loan considers multiple factors when considering your application, including financial history, loan history, and employment status and history. They report to the three major credit bureaus, making it possible to rebuild or hurt your credit with their loan.
Sun Loan Loan limits
Sun Loan provides loans as small as $150 and as large as $10,000. The loan amounts vary from state to state.
- Alabama: Loan amount: $153.50 – $5,000
- Illinois: Loan amount: $800 – $10,000
- Missouri: Loan amount: $150.91 – $4,502.24
- Nevada: Loan amount: $150 – $3,999.15
- New Mexico: Loan amount: $800 – $10,000
- Oklahoma: Loan amount: $191.38 – $2,994.82
- Texas: Loan amount: $101.59 – $1,595.35
Sun Loan Details
- Loan duration: Loans can be paid in 3-36 months
- Interest rates: Undisclosed
- Fees: Like most other lenders, Sun Loan will assess late payment fees
- Types of loans provided: Auto repair, home improvement, debt consolidation, and loans for large parties or celebrations. The funds from your loan can be allocated to just about anything
- Co-signers: Undisclosed
- Discounts: Undisclosed
Because Sun Loan has a shorter repayment period than other lending companies, they likely have higher interest rates.
They have a lower loan minimum than is typical of other lending companies, starting at $150.
However, the maximum loan amount is also relatively low. With a loan from Sun Loan, you can receive your funds the same day you apply. Because they are not a bank or a credit union, you do not need an account with Sun Loan to be approved.
Because Sun Loan is only in seven states, people in every other state are not eligible for a Sun Loan personal loan.
Which Lenders Have the Best Personal Loan Rates?
Finding the lender with the best personal loan to meet your needs is as simple as using our search tool. Compare personal loans and find the best rates being offered today.
Sun Loan Compared to Other Lenders
Compare Sun Loan to these lenders and see how it stacks up.
Laurel Road
Laurel Road is an online bank that also provides personal loans, mortgages, and student loans. They place a significant emphasis on their personal loan services that are geared toward medical residents, fellows, and doctors.
These loans are still considered personal loans, and the borrower can use them for almost anything. Laurel Road’s loans are flexible in the amount, application, and duration.
The application process for a Lauren Road loan is simple and can be completed online via their website. However, many users complain about the accessibility of their mobile app. Practicing doctors and residents in their last year of residency with a signed contract are eligible for the specialized medical professional personal loan. Borrowers for a Laurel Road loan are required to have a decent credit score. It does not have to be extremely high, but it cannot be considered a poor credit score. The Laurel Road personal loan application process will look at multiple factors, including your financial history, employment status and history, and credit score.
Laurel Road offers loans that are disbursed directly into your personal bank account, which will be paid shortly after your application is approved, but likely not on the same day.
- Loan limits: Laurel Road provides loans ranging from $5,000 to $45,000 for non-medical professionals and up to $80,000 for medical professionals
- Loan duration: Available in three, five, and seven-year loan terms
- Interest rates: 7.99% and up
- Fees: $28 or 5% of the loan, whichever is greater, will be assessed as a late fee for late payments on your loan. Other than the late fee, Laurel Road does not assess any fees to borrowers
- Types of loans provided: Because Laurel Road personal loans are unsecured, The application for a Laurel Road loan is for almost anything except for any education-related costs. This includes debt consolidation, home renovations, significant purchases, relocation assistance, auto repairs, vacations, and business funding
- Cosigners: Laurel Road allows borrowers to include a coapplicant or cosigner on their personal loan
- Discounts: Laurel Road offers a .25% interest rate discount if you are enrolled in the auto-payment option
Wells Fargo
Wells Fargo offers personal loans to both preexisting customers and non-customers.
Because Wells Fargo is a trusted, established financial institution, it provides peace of mind for personal loan applications and does not employ predatory loan practices. The application process for existing customers is easier than it is for non-customers. Persistent customers can apply via phone. However, non-customers must apply at a physical branch.
There are no Wells Fargo branches in Kentucky, Maine, Missouri, Hawaii, New Hampshire, Ohio, Louisiana, Rhode Island, Vermont, Massachusetts, Oklahoma, West Virginia, Michigan, and Indiana, making Wells Fargo personal loans inaccessible to people in these states.
If you are not an existing Wells Fargo Customer or do not live near a Wells Fargo Branch, you cannot apply for a loan, as they do not provide an online application.
However, if you are looking for a lender with a brick-and-mortar location, Wells Fargo may be right for you. They also provide excellent customer service, both in person and via phone.
Wells Fargo’s discount to existing customers is notable. Wells Fargo will consider factors such as your employment status and history, financial history, income, and credit score and history.
Wells Fargo offers a long loan duration, up to 84 months, which is relatively longer than other lenders. Loan amounts can be disbursed to borrowers as soon as the same day that their application is filed.
- Loan limits: $3,000 to $100,000
- Loan duration: 12 to 84 months
- Interest rates: 7.49% to 23.74% fixed APR
- Fees: Late fees are associated with late loan payments. However, there are no origination fees, closing fees, or early payment penalties
- Types of loans provided: Can be used for debt consolidation or to pay off high-interest debt, home improvements, personal emergencies, medical debt, vacations, and most other personal applications
- Cosigners: Cosigners or coapplicants can be included on your personal loan through Wells Fargo
- Discounts: An interest rate discount of 0.25%-0.50% for personal loan applicants who are previous Wells Fargo customers
Axos
An Axos personal loan can be used for any application. You can expect your loan funds to be dispersed within two business days of your application’s approval.
Axos gives customers the flexibility of three to six years of loan duration, though this duration is longer than that of other lenders. However, Axos APRs are fixed and will not change during the course of your loan repayment.
Axos requires a minimum credit score of 700, making this inaccessible to applicants with lower credit scores.
However, borrowers can expect competitive interest rates due to higher credit scores.
When reviewing your application, Axos will consider your employment status and history, income, financial history, and credit history and score in addition to your credit score. Axos loans are available in all 50 states.
Applicants can get prequalified, making the application process easier and faster.
Axos offers borrowers the opportunity to move the due date of their payments back up to 10 days, allowing them more financial flexibility in the future. They also do not penalize customers who pay their loans off early.
- Loan limits: $7,000 to $50,000
- Loan duration: Three to six years
- Interest rates: Undisclosed, but they advertise competitive, fixed interest rates
- Fees: Late fees are $15 per late payment. However, there are no prepayment penalties. There is an origination fee of 1%-2%. If you have insufficient funds, there is a fee of $25 every time this happens
- Types of loans provided: Debt consolidation, home improvement, or other significant expenses unrelated to education costs
- Cosigners: No cosigners or coapplicants are accepted
- Discounts: There are no discounts for Axos borrowers, but if you are a previous Axos customer, it may be easier to obtain a personal loan
Who Is a Sun Loan Personal Loan For?
Sun Loan provides personal loans for people who do not need a substantial sum of money. Their loan amounts are relatively smaller compared to other lenders.
This makes their loans accessible to young lenders who do not have many preexisting things on their credit score and have not had the opportunity to borrow money or build their credit.
Sun Loan also advertises the opportunity for applicants with poor credit scores to obtain a personal loan through them and affordable monthly payments.
This can be good for customers with a lower monthly budget, as it provides them with financial flexibility and accessibility to a personal loan.
Top Features of the Sun Loan Personal Loan
Here is a breakdown of some of the top features of a Sun Loan Personal Loan.
Apply Online
The Sun Loan personal loan application can be completed online from anywhere and can be accessed at any time. This makes the application process for Sun Loan easier, more accessible, and quicker.
Unlike other lenders such as Wells Fargo, you can manage your account online with Sun Loan. This includes applying for a personal loan, making payments on your personal loan, and viewing your payment and account history.
Small Loan Amounts
Sun Loan offers loans for as low as $150, which is extremely low compared to most other lenders. This means that people who cannot afford large loans and might not typically qualify for a personal loan through other lenders can obtain personal loans. This also means that this loan might be an excellent option if you need only a small amount of money.
Accepts Poor Credit Scores
Sun Loan considers many factors when reviewing an application, including the borrower’s ability to repay the loan, current and past employment, loan history, credit history, and financial history. Sun Loan does not have a minimum credit score for personal loan applicants. They also offer the same interest rate to every customer.
Affordable Monthly Payments
Sun Loan advertises affordable monthly payments, making personal loans easier for lower-income people or people with a fixed monthly budget. This makes financial health, flexibility, and literacy accessible to people who other lenders may deny.
The Ability to Positively Build Credit
Sun Loan reports to all three major credit bureaus — Equifax, Experian, and TransUnion. This allows borrowers to positively impact their credit scores by making payments on time and in the total amount required for each payment. This can help build the credit of a young borrower or help rebuild the credit of someone with bad credit.
How to Get Started
The application for Sun Loan is available through their website and can be filled out at your own pace. This allows applicants to collect the information and documents they need to provide.
Sun Loan considers an applicant’s credit scores, the capability of repaying the personal loan, sources of income, employment status, past employment, proof of residency, repayment history, and the applicant’s ability to add a loan payment to their monthly expenses. When applying for a Sun Loan personal loan, the online application will ask for the following:
- Personal information includes name, email, phone number, address and state of residence, date of birth, social security number, and Tax Identification Number
- The amount that you are requesting
- You will have to explain what the loan amount will be used for or its purpose
- Your residence type and how much it costs monthly
- Other monthly cost amounts like childcare, car payments, mortgage payments, gas, groceries, and other loans, in addition to your other monthly expenses or cost
- Your proof of income is likely via W-2 or other tax documents
- Proof of employment and employment history
- The preferred due date of your monthly payments
- Sun Loan will check your credit score and credit history
If approved, you can receive your funds in your bank account as soon as the same day that your application is approved.
Rating the Features
When considering a personal loan lender, knowing what to expect from your application process and for the duration of your loan is essential in making your decision. Below we consider the different features that Sun Loan offers.
User Experience
Generally, the Sun Loan website and application are user-friendly. The application itself only has five parts, including applying. It is easy to make an account and apply; you just need to provide basic personal information. Sun Loan does not ask for any surprising information that other lenders would not also ask for.
However, the website is lacking in information. The website fails to list interest rates, information about cosigners, and information about discounts. This can mean they have high interest rates and do not want to tell customers before applying. Wells Fargo and Laurel Road list the APRs they provide to the public on their website.
Fees
Similar to most other lenders, late fees will be assessed to borrowers who fail to make their monthly payments on time. However, Sun Loan fails to list any additional costs it charges borrowers specifically by name other than late fees. It advertises transparency about its terms and fees, though it does not list specific fees.
Rates
Sun Loan’s website does not list interest rates by number. However, the company claims to offer the same reasonable rate to everyone approved for a personal loan, regardless of their credit score, financial history, income, etc. Interest rates vary from state to state.
Variety
Sun Loan offers a minimum loan of $150 and a maximum of $10,000, which is considerably lower than most other lenders. However, this isn’t necessarily a bad thing. The simplicity of a Sun Loan personal loan allows people who need simple loans or could not get approved for larger, more complicated loans to obtain them.
Sun Loan personal loans can be used in various ways, including auto repair, home improvement, debt consolidation, parties and celebrations, vacations, and bad credit score loans.
Customer Support
Sun Loan’s customer support resources can be accessed via their website, phone, or at a physical branch. The website is user-friendly and user-friendly, though it lacks some vital information about their personal loans. The website provides a complaint and comment form for users to fill out. You can manage your account entirely online through their website.
Calling their customer service line (800) SUN-LOAN, you can answer any questions that you may have. There are over 200 branches across the seven states that they serve. These both provide customer support.
Access
What states does it serve? Do they have a robust online interface or an app for people who don’t have a branch nearby? Are there branches?
Sun Loan serves Alabama, Illinois, Missouri, Nevada, New Mexico, Oklahoma, and Texas. You can only obtain a personal loan if you reside in these states. If you are not near one of the 200 branches in these states, you can manage your entire account and personal loan via Sun Loan’s website, including making payments, applying for a personal loan, and viewing your account history.
Sun Loan does not have a mobile app.
Pros and Cons of a Sun Loan Personal Loan
All personal loans have pros and cons that should be considered before taking them on. Learn more about Sun Loans’ pros and cons.
Pros
Cons
Bottom Line
Sun Loan provides personal loans that may be best suited for people with bad credit, people denied by other lenders, or borrowers who only need a small amount of money. They provide funds as soon as the same day, making your lump sum immediately accessible.
If you do not live in one of Sun Loan’s seven service states, you are not eligible to take advantage of their personal loan assets.
Frequently Asked Questions (FAQs)
After your application is approved, the lender will deposit the loan amount into your bank or provide you with a check for the amount. The money is now yours to use, and you are responsible for using the money in the way that you told your lender that you would.
Each personal loan lender has different criteria that an applicant must meet to be approved. Lenders will typically look at your credit score and credit history, your monthly income, other monthly costs and expenses, employment, and your ability to repay the loan. How do I qualify for a personal loan?
