"I recently graduated from trade school and have never had any credit. I was referred to Sun Loan Company by a family friend. The staff was great. They explained to me how to build great credit and gave me a chance by giving me my first loan. I am so grateful to Sun Loan for helping me get started as an adult and taking a chance on me."
– M. Chapman, Lincoln, IL
What do Small Installment Loan companies do?
How are these loans secured?
What is Responsible Lending?
Do all companies use a budget process?
Do all Sun Loan Locations offer the same loan amounts?
Does Sun Loan have bilingual staff?
Q. What do Small Installment Loan companies do?
A. Small Installment Loan companies, also called Signature Loan companies, make loans to consumers which are repaid in equal monthly installments. Loans range typically from $100 to $1,500 and from 4 to 12 months in duration.
Q. How are these loans secured?
A. The great majority of these loans are unsecured. Loans may sometimes be collateralized with a car title or luxury household goods. We practice “responsible underwriting” and look to the borrowers themselves for repayment.
Q. What is Responsible Lending?
A. We examine the borrower’s stability, ability and willingness to repay the loan, which we attempt to assess using budgets and credit reports, among other things. Budgets in particular help us to ensure that the loan is AFFORDABLE. Another consideration is our history with the borrower, many of whom are loyal customers who come back year after year. We look at each application independently and never use credit scores or a scoring model to determine credit-worthiness.
Q. Do all companies use a budget process?
A. Neither payday companies, who look to the value of a post-dated check, nor larger finance companies, which use credit-scoring and take into consideration the value of the secured property, use budgets in the same way that Sun Loan Company does.
Q. Do all Sun Loan Locations offer the same loan amounts?
A. The maximum loan amounts offered per state are as follows:
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Q: Does Sun Loan have bilingual staff?
A. Our goal is to make the Loan Process as easy as possible for our customers. That is why most Sun Loan Locations have bilingual staff members ready to help Spanish speaking customers. Click here to contact the location nearest you to verify that a bilingual staff member is available to help you. Call us today to discover the Sun Loan Difference!
Nuestra meta es agilizar el proceso para obtener un préstamo lo más fácil para nuestros clientes. Por eso es que la mayoría de las ubicaciones de Sun Loan tienen personal bilingüe listos para ayudar a nuestros clientes que hablan español. Haga clic aquí para contactar a la ubicación cercas de usted y verificar que haya un agente bilingüe disponible para asistirlo. Llámenos hoy para descubrir la Diferencia Sun Loan.