Wise Loan review

Last updated:  

Same-day turnaround available on loans of up to $2,000.

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.

$200

Min. Amount

$2,000

Max. Amount

1 business day

Turnaround time

Details

Product NameWise Loan installment loans
Min. Amount$200
Max. Amount$2,000
Loan Term2 months to 1 year
Loan SecurityUnsecured
Turnaround Time1 business day
RequirementsMonthly income of $1,500, at least 21 years old, active bank account with three months of direct deposit
Avatar

Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.

Expert review

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.

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.

How Wise compares to other lenders

Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $5,000
1 business day
Direct deposit, meet minimum income requirements, live in eligible state
Comes with the option to change your due date so you won’t fall behind on repayments.
Stilt
$1,000 to $25,000
2 to 3 business days
Be employed, have a US bank account, live in a state where Stilt operates, hold one of the following visas: F-1 and OPT, H-1B, H4, O-1, L-1, TN, J-1, DACA or be a US citizen.
No green card? You could still qualify for a personal loan.
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
loading

Compare up to 4 providers

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.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site