Instant Funding Loans: Money Sent to Your Debit Card in Minutes
When a car repair, a past-due utility bill, or a vet visit can’t wait, a loan that shows up two days later doesn’t do much good. Wise Loan’s instant funding sends approved installment loans straight to the debit card linked to your checking account, so the money can be in your account the same afternoon you apply. Below, we explain how it works, who qualifies, and what it costs, so you can decide if it’s the right fit before you apply.
* Disclaimer: Instant funding is an option for existing customers only at this time.
What Is an Instant Funding Loan?
An instant funding loan is a loan sent to your debit card within minutes of approval, instead of by a standard bank transfer that usually lands the next business day. The loan itself works the same way. What changes is how the money reaches you.
At Wise Loan, instant funding is a delivery option for our online installment loans, not a separate product. You borrow a set amount and repay it in scheduled payments, with a clear payoff date. Instead of sending your funds by ACH, we push them to your debit card, and they post to the checking account that card is tied to.
Instant approval vs. instant funding
Approval
Only the decision
Funding
When the money actually shows up
Plenty of lenders advertise "instant approval," but approval is only the decision. Funding is when the money actually shows up in your account, and with a standard bank transfer that can still mean waiting until tomorrow. When you compare lenders, ask two questions: how fast will I get a decision, and how fast will I get the money?
How Fast Can You Get Your Money?
Wise Loan offers three ways to receive your loan. None of them cost extra.
Instant
As little as 15 minutes after approval
- What you need
- Debit card linked to your checking account
- Approved by
- 5:30 PM CT
Same-day
Later that business day
- What you need
- Checking account that accepts ACH deposits
- Approved by
- 1:30 PM CT
Next-day
The next business day
- What you need
- Checking account that accepts ACH deposits
- Approved by
- After the same-day cutoff
Your bank plays a part, too. Some banks post incoming card deposits within minutes, while others take longer to make the funds available.
What Can Slow Down Your Deposit?
-
You were approved or signed your documents after 5:30 PM CT
-
We need extra documents to verify your income or identity
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The debit card isn't linked to the checking account on your application
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Your bank doesn't accept instant card deposits
-
It's a weekend or bank holiday
How Instant Funding Works
-
Apply online
The application takes less than five minutes. You'll securely connect your checking account so we can review recent transaction history and verify your income.
-
Get a decision
Most applicants get a response right away. If we need more information, we'll let you know what to send.
-
Review and sign your loan agreement
Check the payment schedule and total cost before you sign. Every fee is itemized there.
-
Choose instant funding
Enter the debit card linked to your checking account.
-
Get your money
Funds are sent to your card, and you can check your bank app to confirm the deposit.
Tip: apply early in the day with your debit card and phone nearby. That gives you the most room before the 5:30 PM CT cutoff if we need to verify anything.
Who Qualifies for Instant Funding?
To be approved for a Wise Loan, you’ll need to:
✓ Be at least 21 years old
✓ Receive your income by direct deposit, with at least $1,500 a month after taxes ($3,000 if you’re self-employed or live in South Carolina)
✓ Have a traditional checking account that allows ACH deposits and payments
✓Live in one of the states where we lend
For instant funding, you’ll also need a credit card issued by your bank and linked to that checking account.
Can You Get a Fast Loan With Bad Credit?
Yes, you don’t need good credit to qualify. Banks often turn down small loans because of credit score cutoffs or minimum loan amounts. We look more closely at your income and how your checking account is managed.
We also report your payment history to the credit bureaus, so on-time payments can help you build credit. Late or missed payments can hurt it. If your credit has held you back elsewhere, our bad credit loans page covers more of what to expect.
How Much Does an Instant Funding Loan Cost?
This is an expensive way to borrow, and you should know the numbers before you apply. Rates depend on your state and credit.
In Texas for example:
- Loan amount
- $500
- 10 bi-weekly payments of
- $133.74
- Total cost
- $1,337.40
- APR
- 564.24%
You can see the exact rates and terms for your state before applying.
Two things can bring your cost down:
Pay early
You can pay off your loan at any time before the due date to save on interest and fees.
Earn Nest Egg rewards
Every Wise Loan paid in full earns a cash reward in your Nest Egg account.
Is an Instant Funding Loan the Right Choice?
A fast loan makes the most sense when waiting would cost you more than borrowing, such as a car repair you need to get to work, or a bill that would otherwise lead to a shutoff. Before you apply, it’s worth checking whether a cheaper option is available: a payment plan with the company you owe, a credit card cash advance, a small loan from a credit union, or help from family. If none of those work and you need to cover emergency expenses, we’re here to help.
Frequently Asked Questions
Is there a fee for instant funding?
No. Instant, same-day, and next-day funding all cost the same. You only pay the interest and fees listed in your loan agreement.
How much can I borrow?
New customers can borrow $500 to $1,500, and returning customers may qualify for up to $3,500, depending on the state.
What if my debit card can't receive an instant deposit?
Funds can be sent through ACH for same day or next day transfers, depending on your bank.
Can I get instant funding on a weekend?
Yes, instant funding works on holidays and weekends.
What if I don't live in a state where Wise Loan serves?
If you are from a state where Wise Loan is not licensed, you can get a loan through our out-of-state loans service, where we connect you through a third party lender.
Apply for an Instant Funding Loan
The application takes less than five minutes, and you’ll know where you stand right away. To get your money today, be approved with your documents signed by 5:30 PM CT and have your debit card ready. Questions first? Call our customer care team at 1-800-516-7840, seven days a week.