Installment Loans Online: Borrow What You Need, Repay Over Time
When a car repair or a medical bill can’t wait until payday, you need two things: money quickly, and a way to pay it back that fits your budget. An installment loan is designed for exactly that. Here’s how installment loans online work at Wise Loan, what they cost, and how to decide whether one makes sense for you.
What is an Online Installment Loan?
An online installment loan lets you borrow a set amount of money, receive it all at once, and pay it back in equal scheduled payments until the balance reaches zero. You apply, sign, and manage the whole thing online, so you never have to visit a branch.
A credit card balance can keep growing, but an installment loan can’t. The amount is fixed once you’re approved, and you know your payoff date from the first day. For a deeper look, read our guide to what an installment loan is and how to use one.
How Do Installment Loans Online Work?
You can see the full process on our how it works page.
Apply Online
It takes a few minutes. You’ll share some basic information about yourself, your income, and your bank account.
Get a Decision
You’ll find out whether you’re approved and how much you qualify for.
Review and Sign
Before you sign, you’ll see your loan amount, APR, payment amount, and total repayment. If anything is unclear, talk to a loan manager first.
Get Your Money
Funds go straight into your checking account.
Repay on Schedule
Payments come out on the dates listed in your agreement, which are often lined up with your paydays.
How Much Does an Installment Loan Cost?
We’ll be direct: small-dollar installment loans cost much more than a bank loan. Your rate depends on your state, how much you borrow, and how long you take to repay.
A real example from Texas:
LOAN AMOUNT
$500
10 BIWEEKLY PAYMENTS
$133.74
TOTAL REPAYMENT
$1,337.40
APR
564.24%
Two good ways to keep the cost down:
Borrow only what you need. A smaller loan means less interest.
Pay it off early. Wise Loan doesn’t charge a prepayment penalty, so paying ahead of schedule can reduce the interest you pay.
Can You Get an Installment Loan Online With Bad Credit?
Yes. Wise Loan doesn’t require good credit to approve you. We look at your full situation, including your income and your ability to handle the payments. Your credit history can still affect the terms you’re offered.
If your credit has taken a few hits, our bad credit loans page explains your options. We also have a post on getting approved for an installment loan with bad credit.
What Do You Need to Qualify?
✓ A valid government-issued ID
✓ A checking account in your name
✓ A steady, verifiable source of income
✓ A working phone number and email address
✓ A debit card linked to your checking account (needed for instant funding only)
How Fast Can You Get Your Money?
Same Business Day
Approved by 5:30 PM CT
Deposited by ACH
Instant Funding
As little as 15 minutes
With a qualifying debit card
If you’re approved before 5:30 PM CT, your funds can be deposited by ACH the same business day. If you have a qualifying debit card, instant funding can get money into your account in as little as 15 minutes. Applications approved after the cutoff are usually funded the next business day. Your bank’s processing times can also affect when the money shows up. There’s no extra fee for same-day or instant funding.
Where Are Installment Loans Available?
Wise Loan is licensed in the nine states below. Click a state to see its loan amounts, payment schedules, and APRs.
Minimum loan amounts are $601 in South Carolina and $500 in Mississippi. If you live somewhere else, see your out-of-state loan options.
Installment Loans vs. Payday Loans: What's the Difference?
Wise Loan doesn’t offer payday loans or rollovers. You can read more about payday loan alternatives or learn how installment loans work in more detail.
It’s also worth checking whether a cheaper option is available to you. A credit union small-dollar loan, a credit card cash advance, or help from family may cost less.
Payday Loan
Full amount plus fees, usually due on your next payday
Installment Loan
Several smaller payments with a fixed end date
Is an Installment Loan Right for You?
An installment loan can make sense for an urgent, one-time expense when you’re confident you can afford the payments. It’s not a good fit for ongoing budget gaps or long-term needs, or when you have access to cheaper credit.
Can an Installment Loan Help You Build Credit?
It can. Wise Loan reports your payments to Equifax and Experian, so on-time payments add positive history to your credit reports. Late or missed payments work the other way. Here’s what happens if you don’t pay an installment loan.
When you pay your loan in full as agreed, you can also earn $10 to $50 per $1,000 borrowed in your Nest Egg account.
How Can You Tell if an Online Lender Is Legitimate?
Be careful with any lender that:
✓ Promises “guaranteed approval”
✓ Asks for a fee before you’re approved
✓ Won’t show you the APR before you sign
✓ Doesn’t list a state license
You can review Wise Loan’s state licenses.
Our Office
1-800-516-7840
Monday to Friday: 9 AM – 6 PM
Saturday: 7 AM – 4 PM
Sunday: 9 AM – 5 PM
Essential Lending Inc.
P.O. Box 101265
Fort Worth, TX 76185
Frequently Asked Questions
Can I pay off my installment loan early?
Yes. There’s no prepayment penalty, and paying early can save you money on interest.
How many payments will I make?
That depends on your state and how much you borrow. Your loan agreement lists every payment date and amount.
What if I can't make a payment?
Call us at 1-800-516-7840 before your due date. A loan manager will work with you on payment arrangements.
Can I get another loan after paying one off?
Yes. Returning customers may qualify for up to $3,500, depending on their state.
Ready to get started?
Apply online in a few minutes and see your terms before you commit.