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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Sunbit

Finanso.Multilogin™

About lender

Sunbit is an American company that provides Buy Now, Pay Later technology online. It assists clients of various local merchants and businesses like auto centers or dentist offices all over the country to purchase using flexible payment plans.

You could easily and quickly borrow in-store, online, or mobile apps. The repayments periods vary from 3 to 6 or 12 months. There is a high approval rate, no fees, and no hard credit check. But a down payment is required.

It's an alternative option for people who don't qualify for the traditional lending model and want to consume with fair conditions and fast financing through their merchant's assistance.

You can borrow up to $20,000 on the same day with an annual percentage rate (APR) from 0% to 35, 99%.

Funds amount and terms depend on your creditworthiness, state of residence, previous experience with Sunbit products, and merchant location. In addition, interest rates, payment periods,s and loan options vary from business to business.

The company was established in Los Angeles, California, USA, by CEO Arad Levertov, CTO Ornit Dweck-Maizel, Head of Sales Tal Riesenfeld, and Head of AI/ML Tamir Hazan in 2016.

The loans are offered by Transportation Alliance Bank, Inc. Dba TAB Bank.

The Sunbit mission is to help people access everyday needs like dental care, vet, eye care, auto repair, etc., without stress.

Pros and cons

Sunbit technology meets the needs of local communities — consumers and retailers. There are a lot of apparent benefits but look through this pros and cons review carefully to decide whether Sunbit suits your financial situation.

Pros

  • Available in the most parts of the USA

  • 100% online services

  • Apply, pay and manage your loan through a personal account or mobile app

  • Fast approval

  • Appropriate and competitive interest rates, starting from 0%

  • No fees and penalties

  • No hard credit check (only soft, which doesn't affect credit score)

  • 90% approval rate

  • Customer service seems very helpful and friendly

  • Better Business Bureau (BBB) accredited business

There is a long list of perks, but explore some drawbacks you should know before applying.

Cons

  • Available only through participating merchants

  • Strict approval requirements

  • Not available in CT, VT, WV, or WY

  • A down payment is required

  • Conditions become worse with a weaker finance

  • Rates, terms, and options are deeply dependent on the state, amount, and merchant

  • A stable source and amount of income are required

  • Loan funding takes some time

Sunbit may be a good option for borrowers who use the services of specific local merchants and have a high creditability. In this case, you could get a larger loan at a competitive (even 0%) rate for a longer-term.

There are advantages and disadvantages of Sunbit financial technology, but please remember that borrowing with an alternative system should not become a regular practice.

Loan conditions

The customers could borrow $50 — $20,000 for 3, 6, or 12 months (up to 72 months for dental care).

The annual interest rates vary from 0% to 35.99% and depend on your creditworthiness and state. Loan rates, amounts, and terms are lower in some states due to legal requirements in some states.

For instance, for Massachusetts residents and locations APR is 0-17.99% for loans less than $1,000; 0-22.99% APR for loans from $1,000 to $6,000; 0-19.99% for loans over $6,000.

There are no charges, including prepayment penalty, late payment, origination, or application fee.

You are welcome to pay off your debt early. It's encouraged by deferred interest options.

If your merchant is a participant, you can avoid paying interest. However, you should prepay borrowed funds in full within one month after the agreement is signed. Otherwise, the claim will accrue, and the borrower is responsible for paying it off. Also, a 3-month 0% APR plan is available for borrowers at participating retailers only.

It's obligatory to make a down payment towards your final amount.

You can have multiple loans through Sunbit as they all are independent contracts with different payment plans from separate lenders. If you want to use Sunbit again, reapply and make sure you are eligible for it.

Methods of loan funding

During the application process, you fill out financial and bank details. If you do it online, you have all the information in your pre-approval agreement: the amount of a loan, interest and down payment, all the charges, and the payment schedule.

You can make a deal using Sunbit technology:

  • Visit the participating company and apply with an associate

  • Use a link sent by email from a merchant

  • Online through an eCommerce checkout process

Finalize the bargain and make a prepayment from the debit card.

You will get an email with a copy of the agreement and paying schedule as soon as you sign it and complete the purchase.

Reviews

FAQ

What is Sunbit?

Sunbit is an alternative installment technology that offers financial services online with transparent conditions in the USA. It works in 13,000 locations with borrowers and merchants who want to make dental, health, and car repair services affordable and simple.

You could borrow up to $20,000 with APR from 0% to 35.99% if you qualify and your merchant participates.

Who owns Sunbit?

Sunbit is a private corporation established in Los Angeles, California, in 2016. The company was established in Los Angeles, California, USA, by CEO Arad Levertov, CTO Ornit Dweck-Maizel, Head of Sales Tal Riesenfeld, and Head of AI/ML Tamir Hazan.

How do you qualify for Sunbit?

It's easy to be approved online by Sunbit. But you should satisfy some personal and financial requirements.

To qualify, a borrower should:

  • Be 18 years or older

  • Have a valid email address, phone number, address

  • Be creditworthy and verify an income

  • Have a bank-issued debit card

  • Have an American residency

If you meet these requirements, you are welcome to apply! 

Note: The most considerable loan amounts, lowest rates, most extended terms, and 0% APR plans are unavailable at all retailers.

How much can you borrow from Sunbit?

From $50 to $20,000, depending on your creditability, state and merchant. 

Is Sunbit a legitimate company?

Yes, it is. Sunbit is a BBB accredited business with a higher rating of A+ and customer reviews rate of 4,37/5. Also, it has over 970 good reviews and a 4.8 score at TrustPilot.

The company has been working in the USA since 2016 and is based in Los Angeles.

Account and payment activity are reported to a major credit bureau. Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications and credit terms, provides loan funding.

Company documents

Accessibility
Privacy Policy
Terms of use
Rates & Terms

Built for local everyday needs. We are a buy now, pay later (BNPL) technology company that reduces the stress of buying everyday needs for everyone, everywhere.

© Sunbit.

Financial products

Sunbit
Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$50-$20,000
Rate
i

Effective interest rate on the product

35.99%
Term
i

Loan term for the financial product

up to 12 months

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Recommended FinScore™
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650
1000
$100-$3,000
Rate
i

Effective interest rate on the product

up to 841%
Term
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Loan term for the financial product

up to 300 days

Calculate loan payments in Sunbit

Sunbit calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

USD
USD
50 $
20000 $
Loan term
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Specify the loan term for the calculation

months
days
3
12

What to focus on before applying for a loan with Sunbit

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Sunbit and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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