Pros and cons of taking out an installment loan
Pros and cons of taking out an installment loan
And interest coming out of each payment. They are not "interest only" payments.
*(other options may require a check or ACH from your bank account to repay)
*If they are not testing your ability to repay, how do they know you can afford the loan?
*At Sun Loan Company, we offer installment loans from $100 to $1500, depending on the state that you are in.
Installment loans have principal and interest coming out of each payment....Installments also have a set number of payments and then the loan will be paid off, if the terms of the loan are met (ex. no late fees, etc).
**We ask that you give us the information we need to complete a credit application, including your budget information and we run a credit report. We require some documentation when you open the loan, but overall it is an easy process!
**We do have a lenient credit policy, we look at the whole application, not just your credit!
*The payments are set up on an equal monthly payment basis, and the terms range from 5 months to 18 months, again depending on the state and loan amount.
It has its highs and lows! Unfortunately, with some of the economic factors that are happening with our customer base, it will undoubtedly affect us...good and bad! Some people have been forced into bankruptcy because of job loss, or housing issues, and we offer to re-establish credit, so we can now be of service to these people who may not have needed us before!
*As we said before, we report their information to the credit bureau monthly, so this helps them to build that credit each month!
*Some people ABSOLUTELY do not have a need for our services, but there are many good people in this area that have used our company, and I believe there are many more that may not know about us, or that they have options!
*If people have the ability to have a credit card and they pay their balances off monthly, or have access to reserves...they would not benefit from us.
**We really try to make sure every customer understands the value of improving their credit, and maintaining good payment history to report each month on the credit bureau. Each month they make a their payment on time, Is another good mark on their credit!
- 1.) Do NOT GET A LOAN YOU CAN NOT AFFORD, even if it seems easy at the time!
- 2.) Avoid post-dated checks, do not give authority to automatically
- 3.) Avoid single payment loans, interest only payments, and balloon Payments.
- 4.) If you have concerns at All...come see us and we'll work out what you CAN afford!
For more information specific to Sun Loan Company and Tax Service, visit our website at www.sunloan.com.
