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Wise Business Loans review
Apply online for quick access to small business capital in as little as two business days after approval.
Wise Business Loans offers funding of up to $2,000,000 to small businesses in over 725 industries. Find out how this online business lender stacks up to other providers offering business financing and how you can apply today.
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Details
| Min. Amount | $10,000 |
|---|---|
| Max. Amount | $2,000,000 |
| Min. Credit Score | 500 |
| Requirements | You must have been in business for at least a year with annual revenue of at least $100,000 in the past 12 months. You must also have a personal credit score of 500+. |
Do you qualify?
You must meet three general points of eligibility in order to qualify for a Wise Business Loan:
- Time in business: 1+ years
- Business revenue for past 12 months: $100,000+
- Personal credit score: 500+
What makes Wise Business Loans unique?
Wise Business Loans, offered through Sunwise Capital, can provide the opportunity for business owners who may have been turned down from traditional banks to get the funding they need. Wise Business Loans was founded after its owners found themselves unable to get the financing they needed to grow.
Providing services all across the US, the lender uses a performance-based model that makes fair financing available to business owners who previously were denied a traditional bank loan.
What is a Wise Business Loan?
Wise Business Loans can be used to expand a business, provide working capital, manage cash flow and more. The lender operates in all 50 states and provides funds to businesses in over 725+ industries.
The lender analyzes more than an owner’s credit history, taking into account the business’s overall cash flow to determine rates and loan terms.
What are the benefits and drawbacks of Wise Business Loans?
Pros
- Fast turnaround. You could receive a decision on your loan within a day and your funds within two days.
- Minimal paperwork required. The lender can guide you to your best loan option with little paperwork.
- No prepayment penalty. If you’re in a position to pay off the loan early, you won’t be penalized with a prepayment fee.
- Apply with poor credit. Borrowers have been approved with credit scores in the 500s.
- Focus on business financial health rather than personal credit. The lender concentrates more on the financial strength on the business, instead of only the credit score of the owner.
- Approves new business owners. Wise requires that you be in business for only a year before you can apply for a loan.
Cons
- Application required for rates and terms. You’ll need to go through the process of applying for a loan before you learn the rates and terms you qualify for.
- Daily loan repayment. Daily repayments are a huge drawback that could erode your business’s cash flow. While Wise Business Loans doesn’t explicitly report an autopay requirement, daily repayments tend to require daily automatic withdrawals.
- High rate of loan renewals. While this sounds OK on the surface, it could mean that borrowers are ending up unable to pay back the large amount due over a short period of time, requiring another loan as a temporary fix.
- High minimum annual revenue required. Borrowers need to have at least $100,000 in revenue in the past year before they are eligible to apply.
Compare Wise Business Loans to other online business lenders
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Am I eligible for a Wise Business Loan?
The three main points of eligibility for a Wise Business Loan are you must have:
- Been in business for at least a year.
- A personal credit score of at least 500.
- Attained business revenue of at least $100,000 in the 12 months prior to applying.
What do I need to apply?
To initially apply for a Wise Business Loan, you’ll complete a simple one-page online application with:
- Your legal business name.
- Your full name and contact information.
- Your company’s type or industry and years in business
- Your business’s annual gross revenue.
- Your business’s monthly credit card sales.
- The loan amount you’re requesting.
Additional information may be requested in order to disburse funds after you’ve been approved for your loan.
I got a Wise Business Loan. Now what?
As with any business loan, you’ll want to keep on top of your payments to avoid unnecessary interest and late charges. This is especially important with Wise Business Loans, which come with daily loan repayments, most likely automated withdrawals each day you carry the loan balance.
Bottom line
Wise Business Loans could be a way for you to get the funding you aren’t able to get from a traditional bank. But it comes with a few major drawbacks that include daily loan repayments, which could eat into your bottom line. Be sure to explore your other business financing options, including lenders like Wise Business Loans that may not require daily repayments.
