How to Apply for Sunbit Loan in Broken Arrow?
- Application. Go to a participating merchant in-person or find one online using Sunbit's merchant locator. You can apply in-store, via a link provided by email from a merchant, or through an eCommerce checkout process.
- Submit Info. Complete a 30-second application without a hard credit check.
- Approval. Upon approval, you'll be informed about the terms including down payment and APR.
- Down Payment. Make the required down payment towards your total purchase amount.
- Manage Your Plan. Utilize Sunbit's tools to manage your plan, adjust payments, or pay off early.
Conditions and Requirements
Conditions
- Approval Rate. High approval rate with 90% of applicants approved.
- Application Process. Quick 30-second application with no hard credit check.
- Fees. No application, origination, pre-payment penalty, or late fees.
- Down Payment. A down payment is required.
- Credit Approval. Based on creditworthiness, state of residence, prior history with Sunbit technology, and merchant location.
Requirements
- Minimum Age. Customers must be at least 18 years old to be eligible for financing.
- Proof of Income. Customers must provide proof of income, such as a pay stub or bank statement, to demonstrate their ability to repay the financing.
- Annual Percentage Rate. APR ranges between 0% and 35.99%.
- Loan Term. The term ranges from 3 to 72 months.
- Creditworthiness. Sunbit uses proprietary algorithms to assess the creditworthiness of applicants. Customers may be required to have a certain credit score or meet other criteria in order to be approved for financing, as Sunbit runs soft credit checks.
- Valid ID. Customers must provide a valid form of identification, such as a driver's license or passport, to verify their identity.
- Purchase Amount. Some financing options may have a minimum or maximum purchase amount that customers must meet in order to be eligible. In general, loan amounts vary between $50 – $20,000.
- Payment History. Sunbit may also consider a customer's payment history when assessing their eligibility for financing. Customers who have a history of late payments or defaults may be less likely to be approved for financing.
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
