Bad Credit Loans
What are the benefits of getting a personal installment loan despite bad credit?
Holistic approval process
We look at borrowers’ overall ability to repay, including current employment, repayment history, and more. That means more chances to qualify for a loan.
Chance to establish your credit
We report to all three major credit bureaus, allowing you to establish or re-establish your credit over time if you repay your loans consistently
Affordable monthly payments
We offer fair, clear terms so you’ll never be caught off-guard by surprise fees – allowing you to responsibly budget toward a better future
Hear from our customers
Valerie Castillo
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Frequently asked questions about bad credit loans
Every lender has their own policies when it comes to what they look at when deciding whether to approve a loan. At Sun Loan, we understand that your ability to repay doesn’t just come down to a credit score, so we look at your overall ability to repay. That means you have a fair chance of being approved for a personal installment loan even if you have bad credit.
According to credit reporting agency Experian, ‘credit’ is defined as the ability to borrow money or access services with the understanding that you are able to pay later. The main factors that go into calculating a credit score are: payment history, amounts owed, credit history length, credit mix, and new credit.
Experian states that any score between 300 and 669 may be considered poor credit, as this range is often considered by lenders to be “subprime.”
While some personal installment loan lenders do have minimum credit scores needed for approval, Sun Loan does not. We pride ourselves on giving hardworking individuals a chance to deal with their financial stressors, even if they don’t have excellent credit.
Although people with bad credit may be eligible for a number of both secured and unsecured loans, not all borrowing opportunities are created equal. When comparing options for a bad credit loan, make sure to evaluate the lender’s loan terms; monthly payment amount, fees & penalties, APR, financing length, and credit terms. It’s important to look for a bad credit loan with a monthly payment that fits within your budget, so you can comfortably repay it and help build your credit for the future.
Sun Loan offers the same reasonable rate to everyone approved for one of our personal installment loans. That means you will never have to pay back more than someone with better credit if you are able to consistently meet your repayment schedule.
