Wise Loan
 | |
| Industry | Financial services |
|---|---|
| Founded | 2015 |
| Founder | Tommy Glenn |
| Services | Installment Loans |
| Website | wiseloan |
Wise Loan is an online financial services company that provides no-hassle, online installment loans to borrowers in select U.S. states.[1] The company was founded in 2015 by Tommy Glenn, based in Texas, United States. Wise Loan operates as a direct lender, offering loans ranging from $200 to $2,000 for first-time borrowers and up to $3,500 for returning customers. The company operates on risk-based lending practices, where borrowers with better credit scores are eligible for more favorable interest rates.[2]
Overview
Founded in 2015, Wise Loan was established by Tommy Glenn, who serves as president. The company aimed to offer accessible financial solutions to individuals facing immediate challenges.[3] The company operates primarily in ten states within the United States: Delaware, Idaho, Illinois, Louisiana, Mississippi, Missouri, South Carolina, Texas, Utah, and Wisconsin. It offers installment loans ranging from $200 to $2,000, with specific minimum loan amounts set for first-time borrowers in South Carolina and Mississippi (minimum loan amounts of $601 and $500, respectively). For returning customers, the maximum loan amount is $3,500. Wise Loan's lending process aims to accommodate individuals with good credit histories and those with less favorable credit scores.[4]
In addition to its core lending services, Wise Loan contributes positively to its customers' overall financial stability. By providing avenues for credit score improvement, credit diversification, and offering incentives for responsible borrowing behavior, the company aims to empower individuals to achieve better financial outcomes.[5]
Wise Loan reports timely repayments to credit bureaus, elevating the borrowers' credit scores and potentially leading to improved loan terms.[6]
The Nest Egg cash-back program further supports borrowers' financial health. The amount of the cash reward corresponds to the number of previously paid-off loans, ranging from $1 to $5 for every $100 borrowed and repaid, aiding ongoing or future loan payments.
Additionally, Wise Loan values its loyal customers through the Wise Owl rewards tiers: Bronze, Silver, Gold, and Platinum, determined by the number of loans repaid. Introduced in July 2020, the Wise Owl program acknowledges loyalty and lays the groundwork for future rewards.
Application process
Wise Loan provides an expedited application process, enabling borrowers to complete an online application in less than five minutes. Applicants provide personal information such as their name, phone number, email address, social security number, income and employment details, and bank account and routing number. The company employs risk-based pricing, wherein borrowers with higher credit scores are offered more favorable interest rates, following standard industry practices. Loan managers at Wise Loan review applicants' income to ensure affordability and validate the bank account. Upon successful verification and approval, funds are deposited into the borrower's bank account within 24 hours of loan approval. Additionally, customers applying before 11 a.m. Central Standard Time can benefit from same-day funding.
Types of loans
- Installment Loans: Installment loans entail borrowing a predetermined sum and repaying it over a specific term through regular, fixed payments. Common instances include student loans, mortgages, vehicle loans, and personal loans.
- Bad Credit Loans: Tailored for individuals with poor credit histories, these loans serve diverse purposes such as debt settlement, unexpected expenses, or significant purchases. Collateral is generally not required.
- Personal Loans: Wise Loans offers online personal loans designed to address users financial needs.
- Instant Funding Loans: Available with a linked debit card and approval before 5:30 p.m. CT, these loans provide rapid fund transfers directly to your bank account within minutes to an hour.
- Quick Cash Loans: Providing immediate financial solutions for urgent cash requirements
- Payday Loans (Cash Advances): Short-term, unsecured loans designed to swiftly cover unforeseen expenses until your subsequent paycheck, with repayment due on the following paycheck or over the next two pay periods.
In the media
References
- ↑ "wise loan". zoominfo.com. Retrieved 16 August 2023.
- ↑ Baluch, Anna (25 February 2020). "Wise Loan review: Sky-high rates for emergency loans". Intuit Credit Karma. Retrieved 16 August 2023.
- ↑ "wise-loan-products-can-help-improve-credit-scores". cardrates.com. Retrieved 16 August 2023.
- ↑ "What Is an Installment Loan & How Does It Work? | Web Story". Wise Loan. Retrieved 16 August 2023.
- ↑ "Wise Loan Reviews (2023)". SuperMoney. Retrieved 16 August 2023.
- ↑ "competitors". similarweb.com. Retrieved 16 August 2023.