Wise Loan
Wise Loan
in Personal Loans from Essential Lending

Wise Loan

in Personal Loans from Essential Lending
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APR  (Factor Based) 299.96% - 799.00%
(Verified 03/23/2023)
Loan Amount $200 - $3,500
Loan Term (Months) 2 - 12 months

Wise Loan Review

Wise Loan is offered by Essential Lending, a direct lender founded in 2015 and based in Fort Worth, TX. Wise Loan are available in 50 states (and Washington, DC).

Key Takeaways

  • Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Wise Loan early.
  • Short loan terms. Wise Loan have loan terms as short as 2 months.

Wise Loan Pros & Cons

Pros Cons
  • APRs as high as 799.00%.
  • Charges an origination fee.
  • Short loan terms (maximum of 12 months).
  • Do not offer pre-approval with soft credit pull.
  • Wise Loan does not report to credit bureaus.
  • Charges prepayment fees.
  • Charges a late fee.

Wise Loan FAQ

What interest rates and personal loan terms does Wise Loan offer?

Wise Loan has higher than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Wise Loan offer?

Wise Loan offers a personal loan product that ranges from 299.96% APR up to 799.00% APR.

How much can you borrow via Wise Loan?

Personal loan amounts start at $200 and go up to $3,500.

What is the maximum loan term you can get with Wise Loan?

Wise Loan offers loans with terms of up to 12 months.

Wise Loan Interest Rates & Loan Terms
Personal Loan Amount $200 - $3500
Loan Term 2 - 12 months
APR 299.96% - 799.00%

What fees does Wise Loan charge?

Does Wise Loan charge an origination fee?

Wise Loan may charge a personal loan origination fee.

Does Wise Loan charge a late fee?

No, Wise Loan will not charge you a late fee if you miss one of the monthly payments.

Does Wise Loan charge prepayment fees?

No, Wise Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Wise Loan Fees
Origination Fee No
Prepayment Fee N/A
Late Payment Fee No

What do you need to qualify for Wise Loan?

Wise Loan does not require or does not disclose a credit score minimum. The minimum age to be eligible is 21 or the state minimum, whichever is higher.

Wise Loan does not have or does not disclose a minimum annual income eligibility requirement. Wise Loan only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Wise Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Wise Loan.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Driver's license
  • Proof of citizenship or residence permit
  • Proof of residence
Wise Loan Eligibility Criteria
Minimum Age 21
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • Credit Score N/A

    Are Wise Loan legit?

    Wise Loan was founded in 2015. It is an established company that has been in business for 8 years.

    Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

    SuperMoney Disclosure: is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.


    Hours of Operation

    • Sunday Closed
    • Monday 7:00am - 6:00pm
    • Tuesday 7:00am - 6:00pm
    • Wednesday 7:00am - 6:00pm
    • Thursday 7:00am - 6:00pm
    • Friday 7:00am - 6:00pm
    • Saturday 7:00am - 6:00pm

    About Wise Loan


      Available in 50 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • Washington, DC
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 21
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    • Tax Returns
    Verification Documents Required
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    • Proof of Income
    • Proof of Residence
    • Social Security Number
    • Employer Identification Number
    APR Type Factor Based
    Loan Amount $200 - $3,500
    APR (Factor Based) 299.96% - 799.00%
    (Verified 03/23/2023)
    Loan Term 2 - 12 months

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