Loan FAQs

What is Responsible Lending?

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 fully determine credit-worthiness.

What do Traditional Installment Loan companies do?

Traditional Installment Loan companies make loans to consumers which are repaid in equal monthly installments. Loans range from $150 to $5,000 and from 4 to 30 months in duration (depending on location.)

How are these loans secured?

The great majority of these loans are unsecured. Loans may sometimes be collateralized with a car title or luxury household goods, but never with access to a borrower's bank account. We practice "responsible underwriting" and look to the borrowers themselves for repayment.

Do all companies use a budget process?

Payday loan companies look solely at the value of a post-dated check, while large finance companies rely on credit scoring and the value of secured property. Neither the payday nor the large finance company uses the underwriting process that Sun Loan Company employs, which takes into account the customer's stability, ability to repay, and budget to ensure that the customer can meet the requirements of the loan.

Do all Sun Loan locations offer the same loan amounts?

The loan amounts offered per state are as follows:

Loan Amounts

StateMinimum  Maximum
New Mexico            $150.00
New Mexico Important Consumer Information

New Mexico Important Consumer Information - Please see this document.