Personal Installment Loans

In the financial industry, ‘personal loan’ refers to money borrowed to pay for personal expenses. It is expected to be repaid in small portions over time with interest added on.

Personal loans are often unsecured, meaning borrowers do not risk losing their house or car if they can not pay back the loan.

Repaying personal loans on time helps borrowers establish their credit scores. Not paying back a personal loan may have an adverse impact on borrowers’ credit scores.

Unlike car loans, mortgage loans or student loans, which limit what a loan can be used for, personal loans allow borrowers to use their money however they would like.

There are two main types of personal loans: secured and unsecured.

With a secured loan, borrowers are asked to provide something of value, often the rights to their car or home, to their lender if they cannot pay back their loan. With an unsecured loan, lenders do not have the right to the borrower’s personal property, even if they default. However, failing to pay back unsecured loans will have a negative impact on the borrower’s credit history.

Personal loans are provided to eligible individuals in the form of a check or a bank deposit. They are given in one lump sum and then typically repaid by the borrower in smaller installments. A fee proportionate to the amount borrowed, called an interest rate, is factored into the smaller installment payments. How fast a personal loan must be repaid and how much is due every month depends on the conditions of the loan and the amount borrowed.

Every personal loan company has different criteria for qualifying. While some only look at applicants’ credit scores, at Sun Loan we assess a person’s general ability to repay, including factors like source of income, proof of residency, ability to incorporate repayments into a monthly budget, and repayment history.

You can receive a personal installment loan from Sun Loan as soon as the same day you apply! Come into a branch to see how much you’re eligible for and receive your check after you are approved or apply online and have money deposited into your account as early as next day.

We look at a number of factors in addition to credit history at Sun Loan. Even individuals with very low credit scores may qualify for a loan.

Sun Loan reports to all three major credit bureaus, so taking a personal installment loan and repaying it on time gives you a chance to positively impact your credit score. Late payments or lack of repayment would have a negative impact on credit score.

When you apply with Sun Loan, there is no impact to your credit score.*