FAQs
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Q. What do Traditional Installment Loan companies do?
A. Traditional Installment Loan companies make loans to consumers which are repaid in equal monthly installments. Loans range from $150 to $3,500 and from 4 to 30 months in duration.
Q. How are these loans secured?
A. The great majority of these loans are unsecured. Loans may sometimes be collateralized with a car title or luxury household goods, but never with access to a borrower's bank account. We practice “responsible underwriting” and look to the borrowers themselves for repayment.
Q. What is Responsible Lending?
A. We examine the borrower’s stability, ability and willingness to repay the loan, which we attempt to assess using budgets and credit reports, among other things. Budgets in particular help us to ensure that the loan is AFFORDABLE. Another consideration is our history with the borrower, many of whom are loyal customers who come back year after year. We look at each application independently and never use credit scores or a scoring model to determine credit-worthiness.
Q. Do all companies use a budget process?
A. Neither payday companies, who look to the value of a post-dated check, nor larger finance companies, which use credit-scoring and take into consideration the value of the secured property, use budgets in the same way that Sun Loan Company does.