Online Personal Loans
Your car won’t start, the vet needs a deposit, or the electric bill came in higher than you planned. When that happens, you probably don’t want to take time off work to sit in a bank lobby. That’s where online personal loans come in. You apply from your phone or computer, get a decision quickly, and if you’re approved, the money goes straight to your checking account.
Here’s how they work, what they cost, and how to tell if one makes sense for you.
What Is an Online Personal Loan?
Handled completely online
Usually unsecured
How Do Online Personal Loans Work?
The process is pretty simple:
You fill out an application with basic personal, income, and banking details.
You fill out an application with basic personal, income, and banking details.
If you’re approved, you review the loan amount, APR, payment schedule, and total repayment.
You e-sign the agreement.
The money is deposited into your checking account.
You repay the loan in fixed installments until it’s paid off.
What Do You Need to Qualify?
Every lender sets its own rules. At Wise Loan, you’ll need:
✓ To be at least 21 years old
✓ A valid Social Security number
✓ A traditional checking account (prepaid and savings accounts don’t qualify)
✓Your income deposited directly into that checking account
✓ A physical home address (a P.O. box works only as a mailing address)
✓ At least $1,500 in monthly income, or $3,000 if you live in South Carolina or are self-employed
✓ To live in a state Wise Loan serves: Delaware, Idaho, Louisiana, Missouri, South Carolina, Texas, or Utah (Mississippi is open to returning customers only)
Have your government-issued ID and proof of income handy before you start. For a fuller checklist, see our post on what you need to apply for a personal loan.
Less-than-perfect credit?
How Fast Can You Get the Money?
15 min
Possible with a linked debit card, signed by 5:30 pm CT
Once you’re approved and sign your loan agreement, you’ll receive your funds the same or next day. You may get your money within 15 minutes if you meet normal loan qualifications, provide a debit card linked to your checking account, and sign your loan documents by 5:30 pm CT. You can read more about how instant funding works. A few things can slow things down:
- Missing documents
- A debit card that isn't tied to the account on your application
- Signing after the cutoff
- Your bank's own processing times on weekends and holidays
How Much Do Online Personal Loans Cost?
Here’s the part many lenders gloss over: small online personal loans for people who may not qualify at a bank are an expensive way to borrow. Your APR depends on your state, how much you borrow, and your repayment schedule.
For example, from Wise Loan’s Texas rates and terms page:
- Loan amount
- $500
- 10 biweekly payments of
- $133.74
- Total repayment
- $1,337.40
- APR
- 564.24%
Rates differ by state, so check yours before you apply. Your loan agreement also shows your exact APR, payment amount, and total cost before you sign.
A few ways to keep your costs down:
-
Borrow only what you need for the expense in front of you
-
Pick the shortest repayment schedule you can comfortably afford
-
Set up automatic payments so you don't miss one
-
Pay the loan off early if you're able to
Is an Online Personal Loan Right for You?
These loans are built for short-term, unexpected costs, like an auto repair, a vet bill, or a utility bill that can’t wait until payday. They aren’t meant to cover long-term financial needs.
Before you apply, ask yourself whether a cheaper option is available. A credit union loan, a credit card with room on it, your savings, or help from family may cost less. Federal credit unions, for example, cap personal loan rates at 18%, although approval there can be harder to get and slower to come through.
If a small online loan is still the right fit, make sure the payment works in your budget with room to spare. Our responsible lending page covers what to think about before you borrow.
Frequently Asked Questions
Are online personal loans safe?
They can be, as long as you’re working with a licensed lender. Look for a lender that lists its state licenses, shows its rates and terms before you apply, and uses a secure application. You can view Wise Loan’s state licenses anytime.
Will applying affect my credit score?
Yes, applying for an online personal loan may affect your credit score.
How much can I borrow?
New customers typically borrow between $500 and $1,500, and returning customers may qualify for up to $3,500. The amount you’re offered depends on your income, your state, and your history with Wise Loan.
Can an online personal loan help my credit?
It can. Wise Loan reports positive payment history to credit bureaus, so paying on time can work in your favor.
What happens if I can't make a payment?
Reach out to Wise Loan as soon as you can, ideally before the due date, so our team can talk through your options. Late payments may lead to fees and can affect your credit.
Are online personal loans the same as payday loans?
No. A payday loan is usually repaid in one lump sum on your next payday. An online personal loan from Wise Loan is repaid in several scheduled installments. You can see how they compare on our payday loan alternatives page.
Ready to Get Started?
If you’ve weighed your options and a small online personal loan fits your situation, you can apply for a personal loan online from your phone or computer. You’ll see your full terms before you commit, and our team is available by phone, email, or live chat if you have questions along the way.