Personal loan regulations in the United States vary significantly from state to state because lending laws are primarily governed at the state level rather than federally. This means that borrowers in different states may have access to different loan products, interest rate ranges, and consumer protections. Understanding how your state's laws affect personal lending can help you make more informed borrowing decisions.
Each state has established its own regulatory framework to balance consumer protection with access to credit. Some states take a more restrictive approach with lower interest rate caps and stricter requirements for lenders, while others allow more flexibility in lending terms. These differences exist because state legislatures have different perspectives on how to best serve their residents' financial needs while protecting them from predatory lending practices.
States where Sunbit is not currently available typically have lending regulations that make it challenging for us to offer our standard products while remaining compliant. This could be due to very low rate caps that do not allow sustainable lending for smaller loan amounts, unique licensing requirements that we are still working to fulfill, or other regulatory considerations specific to those states.
We believe strongly in operating within the law and being fully transparent with our customers. Rather than trying to work around regulations or offer products that might not be in borrowers' best interests, we choose to only operate in states where we can provide our full range of services in complete compliance with local laws. This commitment protects both you as a borrower and ensures our business practices meet the highest standards.
Our team continuously monitors changes in state lending laws and works to expand our availability where possible. If you live in a state where we are not currently available, we encourage you to check back periodically. We are always exploring opportunities to serve more customers across the country while maintaining our commitment to responsible lending practices and regulatory compliance.
For residents of states where Sunbit is available, you can feel confident that our loan products have been designed to comply with your state's specific requirements. The rates, terms, and disclosures you receive are tailored to meet all applicable state regulations, providing you with the consumer protections your state has established.