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.
