Sunbit Is Not a Lender
Sunbit operates as a lending marketplace that connects consumers with third-party lenders. We are not a lender, do not make loans, and do not make credit decisions. When you submit a loan request through our platform, your information may be shared with one or more lenders in our network who may contact you with loan offers. The terms, conditions, rates, and fees of any loan are determined solely by the lender that approves your application.
APR Disclosure
The Annual Percentage Rate (APR) for personal loans obtained through lenders in our network ranges from 5.99% to 35.99%. The APR you receive is based on multiple factors, including your credit score, credit history, income, employment status, loan amount, and loan term. Not all applicants will qualify for the lowest rate. The APR represents the cost of credit as a yearly rate and includes both interest and any applicable fees.
Loan Amount and Terms
Loan amounts range from $500 to $5,000, depending on your creditworthiness and the lender's requirements. Repayment terms range from 3 to 72 months. The loan amount, term, and monthly payment for which you qualify may vary based on your credit profile and the lender's underwriting criteria. Your actual loan terms, including monthly payment and total cost, will be clearly disclosed before you accept any loan offer.
Credit Impact Disclosure
Checking your rate on Sunbit requires a soft credit inquiry, which does not affect your credit score. However, if you proceed with a loan offer and submit a formal application, the lender will perform a hard credit inquiry, which may impact your credit score. Additionally, your payment history on any loan you receive may be reported to consumer credit bureaus and could positively or negatively affect your credit score depending on your payment behavior.
No Guarantee of Approval
Submitting a loan request does not guarantee that you will receive a loan offer or that you will be approved for a loan. All lending decisions are made by the individual lenders in our network based on their own underwriting criteria. Factors that may affect your eligibility include your credit score, income, debt-to-income ratio, employment status, and state of residence.
State Availability
Personal loans through Sunbit's network of lenders are available in 45 states. Due to state regulations, loans are currently not available to residents of Nevada, North Dakota, South Dakota, Vermont, and West Virginia. Additionally, loan amounts, terms, and rates may vary by state based on applicable laws and regulations.
Fees
Sunbit does not charge origination fees for connecting you with lenders. However, individual lenders in our network may charge fees as part of their loan products. Any fees charged by a lender will be clearly disclosed in your loan agreement before you accept the loan. There are no prepayment penalties for loans obtained through our marketplace, meaning you can pay off your loan early without additional charges.
Loan Purpose
Personal loans obtained through Sunbit's marketplace are intended for personal, family, or household purposes only. Loans should not be used for business purposes, investments, or other prohibited uses as defined in your loan agreement. Common acceptable uses include debt consolidation, medical expenses, home improvements, moving costs, and emergency expenses.
Repayment Terms
Loan repayment is typically made through automatic monthly payments from your bank account. Missing payments may result in late fees, collection activities, and negative reporting to credit bureaus. If you anticipate difficulty making a payment, contact your lender immediately to discuss available options such as payment plans or hardship programs.
Representative Example
For illustrative purposes only: A $2,500 loan with a 36-month term at an APR of 18.99% would have monthly payments of approximately $91.65 and a total repayment amount of approximately $3,299.40, which includes $799.40 in interest charges. Your actual rate, monthly payment, and total cost will depend on your individual loan terms.
Third-Party Relationships
Sunbit may receive compensation from lenders in our network when you submit a loan request or accept a loan offer. This compensation does not affect the loan terms offered to you by lenders. Our goal is to connect you with suitable loan options, and compensation arrangements do not influence the rates or terms provided by individual lenders.
Regulatory Information
Sunbit and the lenders in our network are committed to complying with all applicable federal and state lending laws, including the Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), and Fair Credit Reporting Act (FCRA). If you believe your rights under these or other laws have been violated, you have the right to file a complaint with the appropriate regulatory agency.
Contact Information
If you have questions about these disclosures or our services, please contact us at [email protected].