Wise Loan

Wise Loan Overview

Wise Loan is an online lending company offering installment loans for bad credit, between $200 to $1500, in the United States.

The lender is known for sky-high interest rates and fast emergency funding services. Wise Loan currently offers its services in only nine states in the U.S.

Wise Loan Highlights

• Loan Amounts: Wise Loan offers small loans, from $200 to $1500.
• Available States: Wisconsin, Mississippi, Missouri, Utah, Texas, South Carolina, Louisiana, Idaho, and Delaware.
• Loan types: Wise Loan offers credit-building installment loans to interested borrowers.
• Minimum Credit Score: Wise Loan does not specify its minimum credit score on its website. However, the lender does not require its borrowers to have excellent credit scores of history.
• Credit Check: Wise Loan does not do a hard credit check.
• Funding Time: Wise Loan offers same-day loan deposits to its borrowers. However, your deposit may be made 24 hours after approval or the next day, depending on the time your loan was approved.
• Repayment Term: Borrowers get a loan term of 2 up to 12 months.
• Interest Rates: Wise Loan's APR differs from state to state and lender to lender. However, you can expect it to be any percentage between 299.96% to 799%.
• Fees: Wise Loan collects late fees but does not specify how much they are on its website. Your late fee will depend on the lender whose offer you have accepted.
• BBB Rating: Better Business Bureau rates Wise Loan with an A+. Wise Loan gets a 3.65 /5 stars based on customers' reviews, with only five complaints lodged against the lender.

Where Wise Loan Stands Out

Wise Loan Offers Loans To People With Bad Credit

Thanks to Wise Loan, more borrowers with bad credit have a higher loan approval rate. You can apply and qualify for a loan even with your bad credit score and thin credit history.

In addition, you can build your credit score when you settle your debt on time because Wise Loan reports the timely payment to the bureaus.

It Is Easy And Fast To Finish a Loan Application at Wise Loan

Applying for a loan on Wise Loan is straightforward and quick. All you have to do is fill out one form that will be shared with some lenders.

You will get a unique offer tailored to your needs in return. Once you apply and the loan gets approved, you can expect funding within 24 hours. Wise Loan also offers an instant funding option to borrowers with emergency needs.

There Are No Strict Eligibility Criteria on Wise Loan

Qualifying for a loan on Wise Loan is pretty easy because almost any borrower can meet them. You have a high chance of getting your loan approved if you don't mind the high-interest rates and extra fees involved.

Where Wise Loan Falls Short

Wise Loan Charges High-Interest Rates

One thing you should be wary of when borrowing from Wise Loan is its outrageous interest rates, higher than payday loan APRs.

Your total debt can sometimes triple the original amount borrowed. If you are not planning to repay early, you might enter a debt trap borrowing from Wise Loan.

Wise Loan Offers Loans In Only 9 States

Wise Loan currently operates in 9 States; Wisconsin, Mississippi, Missouri, Utah, Texas, South Carolina, Louisiana, Idaho, and Delaware. So, your loan application will not be considered if you don't reside in those states.

Wise Loan Offers A Somewhat Small Loan Amount

Borrowers who need a high loan amount to cover large expenses, like medical bills and home improvement, cannot get it on Wise Loan. The online lender does not offer loans beyond $2000, which could be limiting for some borrowers.

Compare Wise Loan with Other Lenders

While Wise Loan makes it easy for borrowers with bad credit to get loans, it falls short in some areas, like sky-high APRs and not offering its services in most states.

Due to that, it is reasonable to check out other lenders to secure the best loans for your financial situation.

Here's how Wise Loan compares with two other lenders in its category - Personal Loans ™ and BadCreditLoans:

3.3 Wise Loan GET RATE	4.5 Personal Loans™ GET RATE	4.5 BadCreditLoans GET RATE
299.96% to 799%	Estimated APR 5.99% to 35.99%	5.99%-35.99%
$200-$2000	Loan Amount $$1,000-$35,000	$500-$10,000
Not Disclosed	Minimum credit score No minimum credit score is required	No minimum credit score is required
Only 9 states	Available areas All states	All states
2 to 12 months	Loan Term 3 - 72 months	3 - 72 months

Wise Loan vs. Personal Loans ™

Personal Loans™ betters Wise Loan in many ways. It offers loans at an APR 50 times less than Wise Loan APR. Borrowers with bad credit seeking lower interest rates will significantly benefit from Personal Loans ™ offers than Wise Loan.

In addition, Personal Loans ™ offers loan amounts up to $35000, while Wise Loan stops at $2000. Borrowers with large expenses will prefer Personal Loans ™ instead.

On the brighter side, borrowers who want small loan amounts, such as $200, can get it from Wise Loan, unlike Personal Loans ™, which starts at $1000.

Another major gap between Personal Loans ™ and Wise Loan is the number of states they do business. While Wise Loan operates in only 9 U.S. states, Personal Loans offers its services in all 50 states.

Lastly, Personal Loans ™ offers a longer loan term than Wise Loan. Borrowers who prefer to repay their loans in smaller amounts can choose Personal Loans ™, but the total interest will be higher than normal. Those who prefer shorter loan terms can select Wise Loan, but their installment amounts will be higher.

Wise Loan vs BadCreditLoans

Both BadCreditLoans and Wise Loan favor borrowers with bad credit.

However, BadCreditLoans offer a much lower APR than Wise Loan. Borrowers can easily enter debt traps due to Wise Loan's outrageous APR and spend years settling the outstanding amount.

BadCreditLoans has a longer repayment term than Wise Loan. If you want to pay your debt in smaller bits, BadCreditLoans may be the right option. However, your total interest will increase as the loan term stretches. Likewise, if you prefer a shorter loan term, Wise Loan offers that, but your monthly payment will be higher.

Borrowers who want a higher loan amount of up to $10000 will prefer BadCreditLoans as it has a higher loan limit. Those who want small amounts, starting from $200, will choose Wise Loan because it offers smaller loan amounts.

Lastly, Wise Loan serves only 9 states in the U.S., meaning those who don't reside in those locations cannot use its services. BadCreditLoans, on the other end, operates in all the states in the U.S., so more borrowers can access its loans.

Requirements For Wise Loan

Age: You'll need to be at least 21 years old to borrow.

Citizenship: You must be a legal citizen or a permanent resident in the nine approved states in the U.S.

Minimum Income: You must earn at least $1500 monthly after deducting the tax.

Contact Information: Borrowers are expected to have an active email address and telephone number for home and work.

Bank Account: You must have a verified checking account or bank account in your name.

4 Steps To Apply For an Installment Loan at Wise Loan

Application for Wise Loan happens online and is very simple, swift, and secure. Get your loan approved in 4 steps:

1. Apply: Apply online via wiseloan.com with your valid email, loan amount, and state. You will be required to fill out other information, like your full name, mobile number, SSN, military status, and driver's license number.
2. Review and sign your loan agreement: After applying, you will be offered a loan option with some terms and conditions. You will go through the term and sign the agreement if satisfied.
3. Verify your Bank account: Before getting your deposit, you will be asked for your checking account and routing number. After providing that and verifying your account, you can proceed to the next stage.
4. Receive deposit: Wise Loan funds borrowers instantly, within 24 hours of approval, or the next day. You can get instant funding if you own a debit card and your loan gets approved by 5:30 pm CT. Same-day funding works for borrowers that get their loans approved before 11 AM CT.

Note that Wise Loan offers immediate loan decision, but your approval may take more time if additional means of verification are required or your debit card isn't associated with the checking account submitted.

How CreditYelp Rates Wise Loan

Wise Loan FAQs

Q1: Is Wise Loan A Legit Company?

Wise Loan is a legit online lender offering loan services to borrowers in 9 States in the U.S. It is recognized by Better Business Bureau (BBB) and owns an encrypted website where you can learn more about their services and use them.

However, taking a loan is a risk as it is with other lending companies. So, ensure that Wise loan terms and conditions are suitable before borrowing. Watch out for the APR, particularly because Wise Loan charges very high rates.

Q2: Is There A Loan That Offers Cashback?

Yes, Wise Loan has a cash-back bonus offer called the Nest Egg Reward program. When you borrow a loan and repay it on time, you get rewarded $10 to $50 on every $1000 borrowed and paid back (depending on how many loans you've paid back as agreed). The money you earn goes into your Nest egg.

You can decide to:

• Withdraw the fund in your Nest Egg Rewards.
• Add it to your next loan amount.
• Or use it to settle part of an existing loan.

Q3: Can I build Credit With an Installment Loan?

Yes, you can build your credit score with installment loans from Wise Loan. The company reports on-time payments to the credit bureaus, so when you pay your loan as agreed, it can improve your score. If you don't already have a credit score or history, timely payment on Wise Loan can help you start one.