Common Hiccups In The Loan Approval Process And How To Avoid Them

Anelle Valdes
Anelle Valdes
an loan application form displays on a tablet with the words “loan approved” stamped across it

Applying for a loan has historically been a time-intensive, frustrating, and, at times, disappointing process. Fortunately, the process for an installment loan has been incredibly streamlined, and can now be done from your phone or computer, without any in-person paperwork required. 

First Steps

The first step in applying for a loan, especially online, should be deciding on what type of loan you want/need. Many people who are applying for a personal loan online have speed at the very top of their list of requirements. If you fall into this category, make sure you’re choosing a loan that has same-day funding available. 

Payday vs. Short Term vs. Installment Loans

The next thing you’ll want to look out for is the terms of the loans. Payday and Short Term loans tend to have extremely high-interest rates, and often try to hide those less-than-desirable rates with “deals” and lots of hidden fees. Make sure you’re reading all the fine print, so you know exactly how much you’ll be paying, and what penalties there may be. 

The safest option is generally an Installment Loan, which enables you to not only get the money you need, when you need it, but does so with a lower interest rate, and better payment options. Wise Loan specializes in these types of loans and ensures that there are no surprises with clear and easy-to-understand terms to help educate our customers on the best ways to borrow money. 

Choosing a Lender

Once you’ve decided what type of loan is best for you, you’ll need to decide on which lender to go through. While there are many options available, at Wise Loan we set ourselves apart by not only providing instant funding for our installment loans but also by providing benefits that go above and beyond just the loan. With our payment history reporting, we help our customers improve their credit scores, and also enable them to receive larger installment loans, at lower rates, for future loans. 

Another truly unique feature that we offer all of our customers, is the ability to save money for the future. Every loan that is paid in full earns a cash reward that is deposited into our customer’s Nest Egg account. This money can either be withdrawn as cash or even saved and applied to a future loan payment.

Why Choose Wise Loan?

At Wise Loan, we truly care about our customers and do everything we can to provide the best solutions for every situation. From start to finish, our process is as streamlined and straightforward as possible, to ensure you get the money you need, without jumping through hoops. Not only can you qualify with less than perfect credit, but our applications are quick, and  take less than 5 minutes. With our Easy Approval and Instant/Next-Day Funding options, you can receive your money quickly, and move on with your life. Perhaps most importantly, though, there are never any hidden fees, and the cost of each Installment Loan is easy to understand, and clear throughout the whole process. Apply today to see these benefits in action!

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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