Age Requirement
You must be at least 18 years of age to apply for a personal loan. In some states, including Alabama and Nebraska, the minimum age is 19. You must be of legal age to enter into a binding contract in your state of residence.
Eligibility Requirements
Find out if you qualify for a Sunbit personal loan. Review our requirements and apply with confidence.
Qualification Criteria
Do You Qualify for a Sunbit Personal Loan?
At Sunbit, we strive to make personal loans accessible to a wide range of borrowers. While we do have eligibility requirements to ensure responsible lending, we consider applicants with various credit profiles and financial backgrounds. Our goal is to help you find a loan solution that works for your unique situation.
Review the requirements below to see if you are likely to qualify. Remember, the best way to know for sure is to apply and check your rate, which will not affect your credit score. Even if you have had credit challenges in the past, you may still be eligible for a Sunbit personal loan.
Basic Requirements
Minimum Eligibility Criteria
To apply for a Sunbit personal loan, you must meet the following basic requirements.
Citizenship or Residency
You must be a U.S. citizen or a permanent resident with a valid Social Security Number. You must also reside in one of the 45 states where Sunbit loans are available and provide a valid U.S. residential address.
Income Requirement
You must have a regular source of income sufficient to repay the loan. This can include employment wages, self-employment income, retirement benefits, disability income, or other verifiable recurring income sources.
Bank Account
You must have an active checking or savings account in your name at a U.S. financial institution. This account will be used for loan fund deposit and automatic payment withdrawals throughout the loan term.
Contact Information
You must provide a valid email address and phone number where you can be reached. These will be used for communication about your application, loan status, and account management throughout your loan term.
Identity Verification
You must be able to verify your identity with a valid government-issued identification such as a driver's license, state ID, or passport. This helps protect against fraud and ensures the security of your application.
Credit Profile
Credit Requirements and Considerations
Your credit history is one factor we consider, but it is not the only one. Learn how credit affects your eligibility.
What Credit Scores Do We Accept?
Sunbit considers applicants across a range of credit scores. While having good to excellent credit can help you qualify for lower interest rates, we also work with borrowers who have fair or rebuilding credit. We understand that credit scores do not tell the whole story of your financial situation.
Our evaluation process looks at multiple factors beyond just your credit score, including your income stability, employment history, existing debt levels, and overall financial profile. This holistic approach allows us to serve a broader range of borrowers than many traditional lenders.
Factors That May Affect Your Application
- β’ Payment History β Recent late payments or defaults may impact approval chances
- β’ Credit Utilization β High balances relative to credit limits can affect your rate
- β’ Bankruptcy or Collections β Recent events may require additional consideration
- β’ Credit History Length β Longer history can be viewed positively
- β’ Recent Credit Inquiries β Multiple recent applications may be a concern
Income Verification
Accepted Sources of Income
We accept various types of income to qualify for a personal loan. Your income must be verifiable and sufficient to cover your loan payment along with your other financial obligations.
Employment Income β Regular wages, salary, or hourly pay from a full-time or part-time job with an employer.
Self-Employment Income β Earnings from freelance work, consulting, gig economy jobs, or owning your own business.
Retirement Income β Social Security benefits, pension payments, IRA distributions, or other retirement income sources.
Disability Income β Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), or private disability benefits.
Veterans Benefits β VA disability compensation, pension benefits, or other veteran assistance programs.
Other Regular Income β Alimony, child support, rental income, or other consistent, documented income sources.
Documentation
Documents You May Need to Provide
Having these documents ready can help speed up your application process.
For the Initial Application
- π Personal information (name, date of birth, SSN)
- π Current residential address
- πΌ Employment information and employer contact
- π¦ Bank account and routing numbers
For Verification (If Requested)
- π Government-issued photo ID
- π Recent pay stubs (1-2 months)
- π¦ Bank statements (1-2 months)
- π Proof of address (utility bill, lease)
Ready to Check Your Eligibility?
The best way to find out if you qualify is to apply. Checking your rate takes just minutes and will not affect your credit score.