Wise Loan is an online lender that caters to people with bad credit who need smaller loan amounts to meet financial obligations.
As part of a network of lenders across the United States, Wise Loan serves clients throughout the nation, including:
Here are some facts you need to know about Wise Loan:
Loan Amounts | $100 to $2,000 |
Term Length | 2 to 12 months |
Loan Rates | 165.77% to 799% (depends on credit and state) |
Min. Credit Score | Undisclosed, but bad credit accepted |
Better Business Bureau Rating | A+ |
Time to Funding | Same-day or next-day |
When evaluating different lenders for people with bad credit, we look at several elements. Below are some of the features that might appeal to you and may (or may not) make Wise Loan a good choice.
There is no indication that Wise Loan uses a soft credit pull for pre-qualification. With a hard credit pull, applying for a loan can negatively affect your credit score.
Wise Loan does not appear to have restrictions on debt to income ratios for its borrowers. This means you may qualify even if you have high debt.
This lender does not provide a line of credit other than small lump-sum loans to be paid back in installments.
Wise Loan incentivizes good credit health and on-time payments by offering a Nest Egg account.
This account deposits $1 to $5 per $100 that is borrowed and paid back on time or early.
By incentivizing adherence to the terms of the loan, Wise Loan can help borrowers build back a better credit score.
No hardship programs are available through Wise Loan, other than its Nest Egg account feature.
It does not penalize borrowers for paying back their loans earlier than necessary. However, it does impose late fees and additional interest for missed payments.
By offering unsecured loans, this lender may be a fit for people with few assets to use as collateral.
Wise Loan charges late fees depending on the state in which the borrower lives and its relevant laws.
Interest is also added for each day that the payment is late.
However, there are no hidden fees and they are all spelled out in the loan agreement.
Qualification is easy, and it advertises that anyone can qualify as long as they meet typical loan requirements (regardless of credit score). That means:
Wise Loan is an okay option for people with bad credit who need quick cash. However, its exorbitant rates and costly fees can be dangerous.
We recommend other options like Avant or Upstart, which are more transparent with their fees and may be a better fit.
These are also good choices for people who don’t live in the states served by Wise Loan.
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