Fast loans from $150 to $4,500 — but you can't apply or make repayments online.
Sun Loan Company can get you money in as little as 30 minutes — as long as you live in one of the states it has branches. While you don’t need a bank account or job to qualify, there are a few red flags to watch out for, such as a lack of transparency about loan costs.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
What is Sun Loan Company?
W7 Sun Loan Company is a short-term lender that offers installment loans from $150 to $4,500, depending on where you live. You can take between 0.25 years and 3 years to pay its loans — also depending on the state you live in — at rates that Sun Loan Company doesn’t disclose on its website.
It’s mostly a brick-and-mortar enterprise. You can get started on your application online, though you’ll have to complete it either in person or over the phone. When your funds are available, you have to go to the nearest location to pick up your check.
What are the benefits of a Sun Loan Company short-term loan?
From its lax eligibility requirements to its relatively wide range of loan terms, there are a few perks of borrowing with Sun Loan Company:
No bank account required. If you don’t have a bank account, you can cash your check at an affiliate bank free of charge. And you can make repayments by cash or money order at your local branch.
All credit scores welcome. You can still qualify for a loan even if your credit score has been damaged.
Flexible loan terms. You could take as little as 0.25 years or as long as 3 years to pay back your loan, depending on which state you live in.
Can build your credit. Sun Loan Company reports on-time repayments to the three major credit bureaus: TransUnion, Equifax and Experian.
What to watch out for
Sun Loan Company doesn’t allow you to apply online, plus it’s not the most transparent when it comes to rates and fees. Consider these potential drawbacks before borrowing with this lender:
No online application. Even if you get started online, you’ll have to complete the application over the phone and visit a branch to pick up your check.
Not forthcoming about costs. When we asked customer service for a list of rates and fees, we were given an example of how much our specific loan would cost — making it difficult to make a comparison with other companies.
Can’t make repayments online. Sun Loan Company requires you to make payments over the phone or in person.
Problem with previous phone number. The number Sun Loan Company previously listed on its website connected you to a company promising callers a free gift card if you paid a small fee in advance. As of April 2019, the new number doesn’t have that prompt: 844-786-7100.
Sun Loan Company lists a toll-free number at the top of every page that appears to be out of date. Rather than connecting you to customer service, you get connected with one of several voice recordings promising a free gift card — or something similar — in exchange for a small fee.
This is a huge red flag and telltale sign of an advance-fee scam, where the scammer tricks others into paying a fee with the promise of receiving more money, a gift card or investments. The scammer disappears once they receive the money.
It’s unclear if Sun Loan Company is aware of this situation — sometimes this can happen when a company changes its number and doesn’t update the website. But either way, you’ll have better luck getting in touch if you call your local branch instead.
It’s generally safe to apply for a Sun Loan Company installment loan. Its website uses SSL encryption to make it difficult for anyone to access the information you enter on its online form. The rest of the application can be completed in person or over the phone.
Sun Loan Company might share your information with nonaffiliated third parties. You can opt out, but you have to fill out a form and mail it to its offices in San Antonio — in comparison, most lenders allow you to do this over the phone.
What do borrowers say about Sun Loan Company?
There’s not much online about Sun Loan Company as of April 2019. And what’s there is mostly negative. It scores a B rating from the Better Business Bureau (BBB). It’s received 22 complaints and only has one 1-star review on its BBB page. Sun Loan Company doesn’t have a Trustpilot page.
Several customers claim that Sun Loan Company incorrectly reported their repayments to the three major credit bureaus and didn’t respond to attempts to correct the error. A few other customers reported that Sun Loan Company was inflexible when they lost their job and couldn’t make repayments.
Am I eligible?
Eligibility requirements may vary depending on where you live. However, you typically must:
Have proof of ability to repay. You need to provide documentation showing that you have enough regular money coming in to support your loan payments after you pay your bills.
Be a US resident. You must be a US citizen or permanent resident to qualify for a loan in the US. However, Sun Loan Company also has locations in Mexico with different requirements.
Be the age of majority in your state. In most states, you must be older than 18. In Alabama, you must 19 or older.
How do I apply?
You can get started on your Sun Loan Company application online, though you’ll have to complete it over the phone and pick up your funds in person. Here’s how:
Go to the Sun Loan Company website and click Apply Now.
Fill in your ZIP code and click Enter.
Select the Sun Loan office you’d like to work with.
Enter information about yourself and your income. Click Next.
Review your information to make sure it’s correct before clicking Submit.
Wait for someone from Sun Loan Company to contact you within the next business day to complete your application.
When you receive a call from Sun Loan Company, they’ll ask you for more detailed information about your personal finances. If you’ve been approved, you should hear back within a day with instructions on what to bring when you visit your local branch.
I got a Sun Loan Company short-term loan. Now what?
Sun Loan Company disburses its loans in the form of a check. You can either deposit your check into your bank account or cash it at an affiliate bank free of charge.
Currently, the company doesn’t allow customers to make repayments online, so you’ll need to either call or visit a local branch. Here are your different payment options:
If you have any questions, try calling your local branch — at least until it updates the customer service number listed on its website.
A Sun Loan Company installment loan can fit a wide variety of needs — as long as you live in the right state. You don’t need a bank account to deposit your check or make repayments. But its out-of-date customer service line and lack of transparency about rates and fees might make you want to look elsewhere.
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