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Avoid the Payday Loan Trap

Sun Loan is NOT a Payday Loan company. We are proud to offer affordable installment loans that give you money fast, but also help you build good financial health.
So what’s the difference?

Payday Loans

These loans promise quick cash for a short term (usually 14-30 days) at a high cost. Getting out of this is not easy. When the loan is not paid back in time, the customer is caught in the “payday loan trap”.
How can you tell if you’re looking at a Payday Loan? They will have:

  • No installments (monthly payments)
  • No fixed terms
  • No budgeting
  • You’ll need to have an active checking account
  • Payments paid back in full, on or before your next payday
  • Average loan term is 14-days (varies by state and loan amount)
  • Must provide a post-dated check
  • Do not report to credit bureaus

Installment Loans

Traditional installment loans are based on stable information such as your budget and paycheck information. This helps to structure an affordable payment plan that can be easily followed. Money is provided quickly, but lent responsibly.

  • Sun Loan’s installment loans provide:
    • Fixed monthly payments
    • Fixed repayment terms (installments)
    • Report to credit bureaus
    • Budgeting
    • No active Checking Acct necessary

What a difference! Right?
It’s great to have the confidence of knowing exactly what to expect month to month, with no surprises. Your installment loan can also help you build a strong credit report.

When the unexpected happens, we’re here to help!