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How to Get Approved for a Personal Loan

Let’s be honest. Life is expensive.

You can create a financial plan that is perfect for you and start saving money as soon as you start making it, but the reality is that life is just unpredictable. No matter how well you prepare, at some point, an unexpected expense may come out of nowhere, and if you are like many of us on a tight budget, figuring out how to pay these bills just feels impossible sometimes.

So what do you do when life just happens and you don’t have the money you need? The answer is simple, sensible, and convenient: get approved for a personal loan. Whether you have a sudden medical expense, an unexpected repair bill, or are planning for a special season or event, installment loans can help you get cash the day you need it. The best part? Unlike payday loans that are designed to trap you in a debt cycle, installment loans are safe and can actually help you build credit. 

The Benefits of Installment Loans

One of the greatest advantages of an installment loan is that the repayment schedule is fixed with equal monthly payments that work for you. When you apply for an installment loan at Sun Loan, a member of our team will work one-on-one with you to create a payment plan that fits your budget and allows you to easily repay it. Because of this, you won’t end up trapped in a never-ending payment cycle of debt like many payday loans.

What You Need to Apply for an Installment Loan

Filling out an application for a personal loan at Sun Loan is simple. It can be done in-person, online, or over the phone. When you are approved, you’ll need the following documentation:

  • Two forms of ID with picture and signature (driver’s license, state-issued ID or passport)
  • Address verification (most recent utility bill, water bill, etc.)
  • Employment and income documentation (most recent paycheck stub)
  • You may be asked to provide additional information such as phone numbers of personal references, former employers or current landlord.

Keep in mind that requirements vary from state to state, so make sure you call your local Sun Loan office to get a complete list of the documents you will need to provide.

How to Get Approved for a Personal Loan

To qualify for an installment loan, you must be at least 18 years old. The minimum age in Alabama is 19 years old. 

There are several things our team considers when reviewing your loan application. The most important factors we use to determine whether or not you qualify for an installment loan are your stability, ability, and willingness to repay the loan. Your financial history is another factor we use to understand your willingness to repay. We look at any previous loans you’ve taken out or debt you owe as well as your credit. Your income and monthly financial obligations, help us determine whether you have the ability to make the monthly payments required to pay off your loan. Your income can come from your job, retirement, Social Security, and other sources.

How to Get Approved for a Personal Loan with Bad Credit

Your financial health is what matters the most to us, which is why we offer loan approvals even if you have bad credit. At Sun Loan, we believe that just because you have a rocky financial history does not mean you can’t have a bright financial future. 

Your ability, stability, and willingness to repay the loan are the most important things we consider when reviewing your application.

We are committed to working with our consumers on an individual basis to set up payment terms that are affordable and will help you build your credit.

How Much Can I Borrow from Sun Loan?

Loan sizes vary from state to state, depending on the state laws. The terms of your loan can range anywhere from 4 to 48 months, depending on the loan amount and state. Loan amounts are listed on www.sunloan.com

How Long Does It Take for a Personal Loan to Get Approved?

How long does personal loan approval take? The approval process varies depending on whether the lender has all the information needed to make a decision. Assuming you have all the required documents, our team will process your application and provide you with the money you’ve been approved for the same day.

If you need extra funds to cover an unforeseen expense, an installment loan may be the best choice for you. Whether you need help with an unexpected expense like a car repair, surprise medical bill, or are looking for a longer-term installment loan to cover a larger expense such as a home improvement project, an installment loan may be the best choice for you. Reach out to our team at Sun Loan to learn more.