Personal Installment Loans

A personal loan, also known as a personal installment loan, is money you borrow from a lender and repay over time in set payments. You get fixed payments and a fixed end date instead of a revolving balance you have to keep chipping away at.

Yes. Personal loans come in a few forms, including secured loans that require collateral and unsecured loans that don’t. Applying for online loans is a popular option, since you can do it from home and get a clear payment schedule from the start.

To get a personal loan, you apply in person or online, get approved, and receive your loan amount in one lump sum. Your personal loan installment plan will include equal monthly payments over a set term and a fixed rate that doesn’t change. This makes budgeting easier than tracking a card balance that shifts every month.

Qualifying usually depends on more than just a credit score. Sun Loan also looks at your income, your state, and your ability to repay the loan. Once approved, your funds can be used for anything, so you don’t need separate home improvement loans, auto repair loans, or other specialty loans for every expense.

Many customers receive their funds the same day they’re approved, sometimes within hours of finishing their application. This works well for time-sensitive needs like repairing your car, where waiting even a few days isn’t an option.

There isn’t a universal credit score that’s required for a personal loan since lenders weigh credit differently from one another. Sun Loan considers your full financial picture, not just a number on a report, which is why people with a wide range of credit histories still qualify for a loan.

If you’re approved for a loan and choose to accept it, a hard credit inquiry follows, which can have a small, temporary impact on your credit score. However, applying for loan pre-qualification uses a soft credit check, which doesn’t affect your score.

Yes. If you’re looking for a personal installment loan with no credit check, keep in mind that Sun Loan pulls a full credit report after you accept the loan offer as part of the final approval process. This applies whether you’re getting a debt consolidation loan to simplify your bills or a loan for parties and celebrations.