Wise Loan’s Frequently Asked Questions

How do I apply for my loan?

Use the simple online application. You'll get an immediate response. Email us at [email protected] or you can call us at 1-800-516-7840

Loan Requirements

• 21 years old or older
• Income is received via Direct Deposit
• Income is deposited into a traditional checking account that allows ACH deposit/withdraws
• Benefit & Employed (except South Carolina): Average monthly income $1,500 (after taxes)
• Self-employed & South Carolina applicants: Average monthly income $3,000 (after taxes)
• Reside in one of our licensed states

What personal information is required?

Federal law (USA Patriot Act) requires us to obtain, verify and record information that identifies each person who opens an account. This helps the government fight the funding of terrorism and money laundering activities. To process your application, we must have your name, street address, date of birth and other identifying information and may ask for additional documents as well. You will also be asked to verify your banking and employment information.

Are there hidden Fees?

No, all fees are clearly itemized in the loan payment schedule. When the final payment is made, your account is paid in full.

How much can I borrow?

For first-time applicants, head to our website, complete the application, and if pre-qualified, you'll receive a credit limit indicating the maximum potential borrowing amount upon approval. Returning customers can access their available credit limit by logging into the customer portal or inquire about their available options by reaching out to our customer service team.

Do I need a bank account?

Yes, a traditional checking account that permits ACH deposits and drafts is a prerequisite for securing a loan from Wise Loan. This requirement ensures the secure deposit of funds into your account and facilitates the establishment of automatic payments for your convenience. If you don't currently possess a bank account, we advise opening one before proceeding with your loan application. Should you have additional questions or require assistance, please feel free to let me know.

When will my loan be funded?

You may contact a team member to inquire about the funding status of their loan. The team member will check the account status and provide a more precise update on its readiness.

How do I check my next due date?

If you're looking to check your loan payment schedule you need to:
Log into the customer portal and look for the payment schedule. This option will give you a complete picture of every due date on your contract.

What if My Payment is Late?

For each day that your payment is not received, your account will accrue additional interest as indicated according to the terms of your loan agreement. If your payment is late, we may also assess a late fee, as allowable by the laws of your state, and as disclosed in your agreement.

Can I pay the loan off early?

Yes, save on interest and fees by paying off your loan at any time before the due date.

How do I pay off my loan in full?

To facilitate the payoff of your loan, the process has a few options. If you wish to pay off your loan over the phone, you may call and use the automated system, or speak to a Wise Loan team member. Online payments can be made by logging into your customer portal and choosing the payment option available to you. Regardless of your chosen process, paying off a loan is a crucial step in managing your finances and attaining financial stability. Ensure you determine the total amount owed, choose a suitable payment time, and have your account information ready. If you encounter difficulties, promptly contact us for assistance. Verify all information and ensure sufficient funds for the payment.

What happens if I need another Loan?

With an already established Wise account, you simply log-in and apply for the new loan. On approval, your money is deposited into your checking account.

How do I update my personal information?

To update your information with Wise Loan, please follow these steps:

• Contact the Wise Loan customer service team via phone, email, text, or chat, and provide your first and last name, along with the last four digits of your social security number to locate your account.
• Inform the agent of your request to update your information, such as email, address, bank information and debit card number, and provide the new details.
• A verification process may be required to ensure the accuracy of the updated information.

If you have any further questions or concerns, please feel free to contact our customer service team for assistance.

What is an APR?

APR, or Annual Percentage Rate, is the total cost of a loan expressed as an annual rate. It includes the interest rate and any additional fees, providing a comprehensive measure of the loan's total cost. Lenders must disclose the APR to enable borrowers to compare loan offers effectively, promoting transparency and informed decision-making.

What is Bank verification and why do I need to do this?

Bank verification is an electronic process enabling customers to securely log into their bank accounts through our platform. This process allows the bank to furnish a 90-day transaction history, crucial for verifying the accuracy of provided banking details, determining average monthly income, pay frequency, and evaluating the overall capability to manage the loan successfully.

 

What is an ACH payment and how does it work?

An ACH (Automated Clearing House) payment is a form of electronic bank-to-bank transaction, facilitating the transfer of funds between bank accounts without involving card networks, wire transfers, paper checks, or cash. It serves as an electronic payment system widely employed for direct deposits, bill payments, and online transfers.