Sunbit is a financial technology company founded in 2016 that offers pay-over-time solutions. You can split purchases into installments with over 10,000 merchants across automotive, dental and retail. Sunbit provides customized financing even for those with little to no credit history by using proprietary algorithms that look beyond traditional credit scores.
Legal name
Sunbit
Short name
Sunbit
Legal address
10940 Wilshire Blvd #1850 Los Angeles, CA 90024-3943
About Lender
Sunbit is a financial technology company founded in 2016 that offers pay-over-time solutions to help consumers buy more affordably. Across industries including automotive, dental and retail, Sunbit provides financing options so customers can split their purchases into multiple payments with custom interest rates and terms. This way consumers can budget for big expenses and avoid debt.
Sunbit’s technology integrates with merchant systems so businesses can offer financing to a wider range of customers, including those with no credit or little credit history. With proprietary algorithms that look beyond credit scores, Sunbit has partnered with over 10,000 merchants. They are most popular in the automotive space where customers need financing for repairs or maintenance. In addition to pay-over-time solutions, Sunbit also offers a no-fee credit card because they want to give customers options to achieve their financial goals.
Key Features
Custom Payment Plans. Sunbit offers custom payment plans to the customer. This means the customer can choose the payment term and interest rate that works for them.
No Hidden Fees. Sunbit is transparent and has no hidden fees. The interest rate and terms are disclosed to the customer before they agree to the financing.
Merchant Integration. Sunbit’s technology integrates with merchant systems so businesses can offer financing to their customers.
10,000+ Partnerships. Sunbit has partnered with over 10,000 merchants across automotive, dental and retail. So customers can get financing for any purchase.
Pros and Cons
Pros
Easy Application. Sunbit technology has a simple application process, apply online or in-store financing.
High Approval Rates. The company's algorithms look beyond credit score to assess creditworthiness.
Transparent Pricing. They are transparent and has no hidden fees.
Merchant Integration. The technology integrates with merchant systems.
Cons
Interest Rates. While Sunbit is transparent, interest rates may be higher than other credit options.
Limited Availability. Sunbit is only available in select industries and locations so not all customers can use the company services.
Late Fees. If a customer misses a payment they may be charged a late fee which adds to the total cost of financing.
Not for All Customers. While Sunbit offers financing to a wider range of customers, not all applicants will be approved for financing.
Additional Debt. Taking on more debt through financing can be risky for customers who may not be able to make payments in the future.
Reliability
Transparent and Affordable Financing. Sunbit offers transparent and affordable financing with no hidden fees. Interest rate and terms are disclosed to the customer before they agree to financing.
10,000+ Merchant Partnerships. With over 10,000 merchant partnerships across automotive, dental and retail, Sunbit shows reliability and the trust that merchants have in the technology and financing solutions.
BBB Accredited with B Rating. Sunbit is accredited by the Better Business Bureau and has a B rating. They are committed to reliability and customer service.
4.5/5 Trustpilot Rating. The company has a 4.5 out of 5 rating on Trustpilot.
How to Apply for Sunbit Loan?
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
Loan Amount. Amounts vary from $50 to $20,000.
Loan Term. Terms may go from 3 to 72 months.
Annual Percentage Rate. Interest rates vary between 0% and 35.99%.
Requirements
Age. Borroweres must be 18 years or older (state law).
Contact. Valid email and mobile number.
Address. Valid street address or AFO/APO address.
Payment Method. Bank-issued debit card at checkout.
Approval Terms. If approved, rates, terms and loan amount will be within the ranges above.
Ways to Receive the Money
Sunbit works on a model where they facilitate the purchase of goods or services directly with the merchant on behalf of the customer. When a customer chooses to use Sunbit’s pay-over-time solutions, they pay the merchant for the purchase amount. The customer then pays back in installments over a set period of time according to the terms of the financing agreement. So customers don’t get the money from Sunbit; they pay the merchant for the purchase and the customer pays back over time. This makes the transaction process easier for both the customer and the merchant so customers can make the purchase and manage their payments over time.
Products
Pay-over-time Plans. 3, 6 or 12 month plans with 6 to 72 month plans for dental care. These plans are designed to make payments more manageable for services like auto repairs, dental and optical needs.
Sunbit Card. No annual fees, no late fees, no application fees, no processing fees. Various payment options. Pay in full for individual transactions or split into 3, 6 or 12 monthly payments to minimize interest paid. Manage your spending with the MySunbit mobile app. Report a lost or stolen card, set controls on card usage and manage payments securely.
Sunbit may deny a loan for several reasons including low credit score that affects creditworthiness, insufficient income to repay the loan, unstable employment history, high debt-to-income ratio indicating financial risk or incomplete or inaccurate application that prevents proper assessment.
To pay back a Sunbit loan you can set up automatic debit payments so funds are automatically withdrawn from your debit card or bank account on your due date. Manage your payments online at my.sunbit.com where you can update payment info, make early or additional payments or authorize recurring payments using your bank account and routing number. Or you can mail a check or money order to Sunbit Payments, 10940 Wilshire Blvd #1850 Los Angeles, CA 90024-3943—make sure to include your name and agreement number. If you need to change your due date or request a payment extension contact Sunbit Customer Support at 855-678-6248.
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Editorial Opinion
Sunbit aims to create a more inclusive financial system especially for those underserved by traditional institutions by using proprietary algorithms for credit evaluations beyond just credit scores. This allows individuals with no credit or limited credit history to get financing. With transparent pricing and no hidden fees Sunbit builds trust with consumers. Despite high approval rates and user friendly platform potential drawbacks include higher interest rates and limited service across industries and regions. With over 10,000 merchants Sunbit has reach and business trust but room for growth in industry coverage and geography. The no fee credit card and focus on customer service shows Sunbit’s commitment to a supportive financial experience but late fees could be a financial burden for some customers. Sunbit with its consumer centric approach seems like a promising fintech company balancing business goals with consumer financial wellness but with room for more inclusivity and service.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
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.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
To qualify for a Sunbit loan or financing, customers typically need to meet certain eligibility requirements, which may include the following:
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.
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.
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.
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.
Depending on the merchant's preferences, customers can apply for Sunbit financing online or in-store. The application process typically involves filling out a simple form and providing the necessary documentation to verify eligibility. Once the application is submitted, Sunbit will review the information and provide a decision on the financing within minutes. Customers can choose the payment term and interest rate that works best for them and complete the purchase if approved.
How much can you borrow from Sunbit?
The amount that customers can borrow from Sunbit depends on several factors, including the specific financing option, the customer's creditworthiness, and the merchant's requirements. In general, Sunbit offers financing options that range from a few hundred dollars to several thousand dollars.
For example, some pay-over-time solutions offered by Sunbit may allow customers to borrow up to $20,000.
Does Sunbit approve everyone?
No, Sunbit does not approve everyone who applies for financing. While Sunbit uses proprietary algorithms to assess creditworthiness and may be able to offer financing options to customers with lower credit scores, not everyone who applies will be approved.
Sunbit's credit assessment process considers various factors beyond just credit score, including income, payment history, and other financial data. Customers who have a history of late payments, defaults, or other financial issues may be less likely to be approved for financing.
However, Sunbit's goal is to provide financing options to as many customers as possible. The company's algorithms are designed to be inclusive and to evaluate creditworthiness more holistically. Customers who are not approved for financing by Sunbit may still be eligible for financing through other lenders or financing options.
Overall, while Sunbit strives to provide financing options to as many customers as possible, not everyone who applies will be approved, and approval is based on a variety of factors beyond just credit score.
Is Sunbit a legitimate company?
Yes, Sunbit is a legitimate financial technology company offering customers various financing options. The company is based in Los Angeles, California, and has been in operation since 2016.
Sunbit is a registered lender with state and federal regulatory agencies, including the California Department of Financial Protection and Innovation and the Consumer Financial Protection Bureau. The company is also a member of various industry associations, including the Online Lenders Alliance.
Sunbit is accredited by the Better Business Bureau (BBB) and has an A+ rating from the organization.
Sunbit has partnerships with over 10,000 merchants across various industries, including automotive, dental, and retail. The company has received positive reviews from customers and has a strong reputation in the industry for its innovative financing solutions and commitment to transparency and customer service.
Sunbit is a legitimate and reputable financial technology company providing customers with affordable and flexible financing options. The company's partnerships with a wide range of merchants and its commitment to regulatory compliance and customer service demonstrate its legitimacy and trustworthiness.
What is Sunbit used for?
Sunbit is utilized for a variety of financial purposes, catering both to individual consumers and merchants across various industries. Here are some of the primary uses of Sunbit:
Flexible Payment Solutions. Sunbit provides pay-over-time solutions allowing customers to split purchases into multiple manageable installments. It offers personalized payment plans, making it easier for consumers to budget for larger expenses without falling into debt.
Merchant Partnerships. By integrating seamlessly with merchant systems, Sunbit helps businesses offer financing options to their customers, aiding in customer retention and potentially boosting sales. It partners with over 10,000 merchants across various sectors including automotive, dental, and retail, making financing more accessible for necessary services and purchases.
Credit Assessment. Sunbit uses proprietary algorithms to evaluate the creditworthiness of applicants, considering more than just credit scores. This widens the scope of who can access financing, including individuals with little to no credit history.
Credit Card Services. Sunbit offers a no-fee credit card, providing an additional avenue for customers to manage their finances and make purchases.
Revenue Enhancement for Merchants. Through co-branded card partnerships, Sunbit assists in enhancing revenue for merchants both inside and outside their stores. It also aids in customer engagement by extending rewards programs.
Customer Financial Management. The Sunbit Card and its pay-over-time solutions are tools that customers can use to better manage their finances while having access to necessary services and purchases.
Retail Financing. Sunbit facilitates retail financing, helping customers afford purchases across various retail sectors.
