Is An Installment Loan from Wise Loan a Good Idea?

Installment Loan

Wise Loan is an online installment loans lender that is offered by the company, Essential Lending. Essential Lending was founded by Tommy Glenn, who currently serves as the company’s President.

The company was started on the idea of offering short-term loans to people with poor credit, who need urgent cash for emergencies such as medical bills, car repairs, and immediate travel.

Wise Loan offers small installment loans that start from $200 and go up to $2,000. The exact offering and rates depend on the state. Wise Loan offers its services in the states of Delaware, Idaho, Illinois, Louisiana, Mississippi, Missouri, South Carolina, Texas, Utah, and Wisconsin.

Wise Loan competes with other installment loand lenders like Ace Cash Express, Advance America, and Simple Fast Loans.

Interest Rates Are Sky-High

The first thing you need to know about Wise Loan is that they charge exceptionally high interest rates. To put things in perspective, rates can end up being higher than payday loans. APRs are generally in the triple digits.

For example, in the State of Delaware, APR starts from 300% and go all the way up to 800%! APRs vary by state and depend on your credit history.

Before applying for a loan from Wise Loan, make sure that you can pay back the installments on time. Late payments can incur even higher interest rates and lock you in a vicious cycle of debt. In some states, the late fee is also charged and added to subsequent debt repayments.

However, early payment is an option and if you have the means, you should avail of it as soon as possible.

Repayment Tenure

Wise Loan’s repayment tenure again depends on the state you are applying from. Generally, the range from which you can choose is between 2–12 monthly payments or 2–26 bi-weekly payments.

Fee Structure

Wise Loan’s fee structure is not very transparent; at least you can’t find them on the website. The website does say that late payment fees are applicable, but it does not state specific amounts.

Make sure there is clarity about fees before you apply, although you might find out the actual amounts after you have applied.

Fees could end up being higher than you expected so you might be better asking someone who has already applied at Wise Loan.

Easy and Fast

There is no doubt that Wise Loan charges very steep rates and isn’t transparent about its fee structure. But one thing that it has going in its favor is that it promises instant payment. According to the website, loan applications that are approved before 11 AM ACT are deposited the same day. It also states that loans are approved within minutes and deposited within 24 hours.

Another advantage of Wise Loan is that it will be added to your credit history as the company reports to most credit bureaus.

See the graphic below for information about the company’s principals, which includes helping consumers improve their credit score.

Cash Bonuses

If you take out a Wise Loan’s installment loan and pay it all back (including interest, fees, and principal) on time, then you are eligible for getting “Nest Egg” cash bonuses.

  • Depending on how many loans you have taken out, you can get cash rewards of $1 to $5 for every $100 you borrow.
  • You can also get up to $25 for referring friends to Wise Loan.

The cash in your “Nest Egg” account, can be either be deposited in your bank account, added to your Wise Loan installment loan, or be used to reduce your next installment payment.

Eligibility Criteria

Eligibility for Wise Loan is not very stringent and people with poor or no credit are accepted as well.

  • To apply for an installment loan you have to be based in the states of Delaware, Idaho, Illinois, Louisiana, Mississippi, Missouri, South Carolina, Texas, Utah, and Wisconsin.
  • Secondly, you need to be employed and have an active bank account.

Guide to Applying for a Wise Loan’s Installment Loan

The application process for an installment loan at Wise Loan is simple and intuitive.

All you have to do is to go to their website and fill out your details in the relevant order.

  • You will first be asked to fill in your name, email address, and phone number
  • Next, you will have to type in your Social Security Number and driver’s license number
  • You will also have to state if you are an active member of the US military
  • Fill in your address
  • Give information about your current employment and income source. You will also have to disclose the frequency of your salary
  • Fill in your bank account details
  • Finally, type in the loan amount you want


The reviews that you see on Wise Loan’s website are mostly positive, but that is to be expected. Most users were of the view that the process was fast and easy and the customer service staff was courteous and helpful.

However, there were many complaints against the company on the Better Business Bureau and Birdeye.com.

Many people complained about the steep usurious rates and the fact that they weren’t aware of the terms and conditions before signing on. Secondly, there were complaints from people who said that they never applied for a loan but their account was credited and subsequent “installments” were deducted.

In the end, Wise Loan has a simple-to-use platform but less than desirable rates. Borrowers will have to determine what their pain threshold is for paying back an installment loan with so much interest. In short, how badly do you need the money?