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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. You’ll learn how this online business lender stacks up to other providers offering business financing, and how to 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+. |
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 that could eat into your bottom line.
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. But Wise isn't up front with its rates and terms prior to applying. Research other business lenders to find a loan with terms, rates and repayments that best suit your needs.
Pros
- Fast turnaround on your loan, within a day and your funds within two days.
- No prepayment penalty means you won’t be penalized with a prepayment fee.
- Poor credit borrowers have been approved with credit scores in the 500s.
- Focus on business financial health instead of only the credit score of the owner.
- Approves new business owners with application requirements that you be in business for only a year.
Cons
- Nontransparent rates and terms mean you won't know what you're eligible for until you apply.
- Daily loan repayment tend to require daily automatic withdrawals, which can eat away at your business's cash flow.
- High rate of loan renewals could mean borrowers unable to repay large amounts due over a short time period require another loan as a temporary fix.
- High minimum annual revenue required of at least $100,000 in revenue in the past year before they're eligible to apply.
Our take on Wise
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.
Providing services all across the US, the lender uses a performance-based model that makes fair financing available to business owners who were previously denied a traditional bank loan. Wise Business Loans can be used to expand a business, provide working capital, manage cash flow and more.
And repayment frequency tends to be daily, which could hurt your cash flow if your business account balances vary widely throughout the month. Explore your other business financing options, including lenders like Wise Business Loans that may not require daily repayments.
Compare Wise Business Loans to other online business lenders
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3 main points of eligibility for a Wise Business Loan
Meet this eligibility criteria before you apply.
- 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.
6 items you'll need to apply
You’ll complete a simple one-page online application that includes:
- A legal business name.
- Your full name and contact information.
- Company’s type or industry and years in business
- Business annual gross revenue.
- Business monthly credit card sales.
- The loan amount you’re requesting.
Additional information may be necessary to disburse funds after you’ve been approved for your loan.
