Be warned that 16-channel boards have a design fault.
Opto couplers, but NO user selectable opto isolation.
Only ok if you don't need opto isolation, otherwise better to buy two 8-channel boards.
Opto VCC must be powered from 5volt.
Opto LED and indicator LED drop 1.2+1.8 = 3volt volt together, so the Arduino pin never sees more than 5-3 = 2volt.
You're right. The 16-ch version has it's indicator LEDs on the ULN output.
2,4,8 channel boards have it as I said.
Sainsmart also falsely states opto isolation, despite me telling them it's not.
Opto LED 'hot' is permanently connected to the 5volt output of the built-in buck converter.
That puts 5-1.2 = 3.8volt on the IN pins. The optos could be partially on when they have to be off.
Just give it a try. You can always add a 1N4148 diode in series with the IN pin if needed.
Leo..