Wise Loan Review: Expensive Fast Cash for Bad Credit
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- Min. Amount
- $200
- Max. Amount
- $3,500
- Turnaround time
- As soon as the same day
Our verdict
Same-day turnaround available on loans of up to $2,000.
Wise Loan offers loans up to $1,500 — or $3,500 for returning customers — to people with bad credit. It provides fast funding and doesn’t charge origination fees or prepayment penalties, and you can earn rewards with each loan you pay in full. It can also help you to build credit because it reports your payment history to the credit bureaus. However, it’s an expensive form of financing with rates up to almost 800%, you have to be 21 to qualify and it’s only available in nine states.
Best for: People with bad credit who don’t qualify for less expensive loans, can afford to pay the loan back early and want to build their credit.
Pros
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Accepts bad credit
-
Same-day funding possible
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Helps build credit
Cons
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Rates up to 799%
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Only available in nine states
-
Must be 21 to apply
Is Wise Loan 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 competitors, it’s up front about how much each loan costs. It’s accredited by the Better Business Bureau with a B rating.
Where Wise Loan falls short
There’s nothing to like about the interest rates Wise Loan charges. And, while it states that rates are between 299.96% and 799%, all the example loans it displays on its website show rates in the 600% range, which kinda implies those are the most likely rates you’ll get. We appreciate that it does not attempt to hide its rates like many high-interest lenders, but you’re better off looking into almost any other loan option.
Alternatives to Wise Loan
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To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
What makes Wise Loan shine?
It’s cool that Wise Loan offers a fast loan option for people with bad credit, with funding possible as soon as the same day you apply. Plus, we like that it reports your payments to the credit bureaus so you can build your credit score and qualify for more affordable funding down the road. But there’s no denying it’s a very expensive form of financing and should only be considered a last resort as long as you can repay it quickly.
Wise Loan loan details
| Minimum credit score/credit range | No minimum score |
| APR | 299.96% to 799% |
| Loan amounts | $200 to $3,500 |
| Terms | 2 to 12 months |
| Approval turnaround | As soon as the same day |
| Availability | Only available in: Delaware, Idaho, Louisiana, Mississippi, Missouri, South Carolina, Texas, Utah, Wisconsin |
| Fees | $30 NSF fee Undisclosed late fee |
| Other fees | No |
Wise Loan contact info
| Phone number | 800-516-7840 |
| Customer service hours | Weekdays: 7 a.m. to 6 p.m. CT Saturday: 7 a.m. to 4 p.m. CT Sunday: 9 a.m. to 5 p.m. CT |
| hello@wiseloans.com | |
| X, formerly Twitter | @wise_loan |
| Wise Loan |
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How to qualify for Wise Loan
Here are the requirements to qualify as listed on the Wise Loan website:
- Be at least 21 years old
- Receive income by direct deposit
- Have a traditional checking account
- Make at least $1,500 a month (after taxes) if you’re employed or receive benefits
- Make at least $3,000 (after taxes) if you’re self-employed or live in South Carolina
- Live in a state that Wise Loan services
How to apply
Here’s how to apply:
- Fill out the online application or call to start the application.
- Wait for approval and review your offer.
- Read the loan terms and conditions, and if you decide to accept, sign your agreement.
- Receive your funds and follow the repayment plan.
Wise Loan reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | B |
| BBB customer reviews | 4.2 out of 5 stars, based on 258 customer reviews |
| BBB customer complaints | 5 customer complaints |
| Trustpilot Score | 2.9 out of 5 stars, based on 2 customer reviews |
| Customer reviews verified as of | 15 November 2024 |
Wise Loan only has two reviews on the Better Business Bureau (BBB). One person complained that they never got a loan decision but were presented with other offers — some that weren’t even loans. Another says they paid off their loan within six days and had to pay $512 for a $390 loan.
The company has numerous positive reviews on the BBB, with customers complimenting the courteous and helpful customer service and fast funding. Others complained of poor customer service, a few billing issues and high rates. However, the majority of people complain about fraudulent loans being opened in their name and suggest that Wise did not properly verify identity before approving those loans.
What do people on Reddit say?
Frequently asked questions
Does Wise Loan do a credit check?
Wise Loan doesn’t conduct a hard credit check when you apply, so there is no impact on your credit score. However, it reports your payment history to credit bureaus, so it can raise your score if you pay on time or lower it if you have late or missed payments.
Does Wise Loan charge late fees?
Maybe. Wise Loan says it “may” charge a late fee, but it doesn’t disclose how much. It says the account accrues additional interest each day you’re late, as disclosed in your loan agreement.
How do I pay off my Wise Loan in full?
To pay off your loan, you can call and use its automated system or go through a customer service team member. You can also pay it off online by logging on to your customer portal and choosing the payment option available. There are no penalties for repaying your loan early.
Your reviews
Lacey Finder
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