Bottom line: Wise Loan offers smaller installment loans with higher rates than the competition. But it can help build your credit score — and you may even be able to get funding the same day you apply.
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Wise Loan review
- Min. Amount
- $200
- Max. Amount
- $2,000
- Turnaround time
- 1 business day
Our verdict
Same-day turnaround available on loans of up to $2,000.
Wise Loan is an upfront online lender that services 10 states. It offers same-day funding on some of its loans and is transparent about its terms — although you can expect rates up to 799%. However, you'll earn rewards for every loan you pay in full, and you may be able to improve your credit score with on-time repayments. Wise Loan also allows you to cancel your loan within three days with no penalty, which is a good option if you're not sure about borrowing such an expensive loan.
You'll need to be at least 21 years old to borrow. In many states, the loan amount is also restricted to just $2,000. While this certainly keeps the costs down, you can compare more installment loans to find an option that has a lower APR and allows you to borrow more.
Details
Product details
| Product Name | Wise Loan installment loans |
| Min. Amount | $200 |
| Max. Amount | $2,000 |
| Loan Term | 2 months to 1 year |
| Loan Security | Unsecured |
| Turnaround Time | 1 business day |
| Requirements | Monthly income of $1,500, at least 21 years old, active bank account with three months of direct deposit |
Pros
- Same-day funding available
- Transparent about terms
- Reports on-time payments to credit bureaus
- Earn rewards for on-time payments
- Up to three days to cancel loan
Cons
- APR up to 799% in some states
- Not clear about eligibility requirements on its website
- Only available in 10 states
- Must be at least 21 years old
Wise Loan rates, fees and terms
Wise Loan is up front about its loan terms and the total cost of its installment loans.
| Delaware | $200 to $2,000 | 2 to 12 months | 299.96% to 799% |
| Idaho | $200 to $2,000 | 2 to 12 months | 299.96% to 799.00% |
| Illinois | $200 to $1,000 | 4 to 6 months | 205% to 415% |
| Louisiana | $200 to $2,000 | 2 to 12 months | 299.96% to 799.00% |
| Mississippi | $500 to $2,000 | 6 to 12 months | 299.96% |
| Missouri | $200 to $1,500 | 2 to 12 months | 299.96% to 799% |
| South Carolina | $650 to $2,000 | 2 to 12 months | 299.96% to 799% |
| Texas | $200 to $1,500 | 1 to 6 months | 299.96% to 799.00% |
| Utah | $200 to $2,000 | 2 to 12 months | 299.96% to 799% |
| Wisconsin | $200 to $2,000 | 2 to 12 months | 299.96% to 799% |
If you’re late on a payment or don’t have the money in your account to cover the full amount owed, Wise Loan will also charge a $20 fee.
What is Wise Loan and is it legit?
Wise Loan is a legit lender with an encrypted website and a clear privacy policy. It outlines how it collects and shares your personal information. And, unlike many of its competitors, it’s up front about how much each loan costs.
Compare alternatives to Wise Loan
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Wise Loan reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.65 out of 5 stars, based on 31 customer reviews |
| BBB customer complaints | 5 customer complaints |
| Customer reviews verified as of | 15 December 2020 |
Wise Loan receives mixed reviews from the few comments left on its BBB page. While many customers compliment its customer service, some report issues with Wise Loan representatives — and are often upset with the high interest rates. But Wise Loan’s interest rates are in line with many other payday lenders, which typically have APRs of 300% or more.
Am I eligible?
While Wise Loan doesn’t specify its eligibility requirements, we’re told borrowers have to meet these criteria to qualify for a loan:
- Active bank account
- Monthly income of $1,500 or more
- At least three months of direct deposit
- At least 21 years old
- Not working with a debt relief company
- No previous bankruptcy
How the application works
To get started, visit Wise Loan’s website and click Apply. Select your state and loan amount, then provide some basic details about yourself, including:
- Social Security number
- Date of birth
- Driver’s license number
- Monthly income
- Employer name and contact information
- Bank account and routing numbers
It can take a few minutes for Wise Loan to process your information. Loans approved before 11 a.m. CT may be funded on the same day at no extra cost to you.
Wise Loans also has an instant funding option for loans approved before 5:30 p.m. CT — but you must have a debit card and meet normal requirements to qualify. And it isn’t clear about what instant funding costs, if anything.
What are my repayment options?
Wise Loan only accepts direct transfers from your bank account. But when you make on-time payments, you have a chance to improve your credit score and earn cash with its Nest Egg program.
If you decide against borrowing, you can also cancel your loan within three business days of signing.
Wise Loan isn’t the most competitive lender out there, but it does have some unique features. Take your time and compare more payday loans to pick the best choice for your finances.
Frequently asked questions
Our answers to more questions you might have about Wise Loan.
How does loan cancellation work?
To cancel your loan, you can repay Wise Loan within three business days of origination. You won’t be charged any interest or fees — convenient if you realize the cost of your installment loan is too high.
What is the Nest Egg program?
Wise Loan’s Nest Egg program rewards you with cash back for every loan you’ve successfully repaid. It can be used to reduce a payment or increase the amount you can borrow on your next loan, or you can have the money deposited into your bank account.
The exact amount you receive will depend on the number of loans you’ve taken out with Wise Loan. But while this may be a convenient program if you need to borrow frequently, consider an alternative to installment loans if you find yourself in need of a loan regularly.
Wise Loan installment loans is not currently available on Finder
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