Wise Loan Installment Loans Review

Wise Loan is an installment loan company founded by Tommy Glenn. Tommy has had a long career in finances and technology, spending time in several high-level positions for different companies. He was the president of NetBank Payment Systems for a time and the CEO of Financial Technologies.

Bad - Good Credit Best for
3 /5
$ $200 /
Min. Amount
Visit Site
Table of Contents

    Tommy got his Bachelor's degree in Psychology for Mississippi State University and his Masters in Counseling from Regent University.

    Now the president of Wise Loan, he tries to help small businesses get off the ground. 

    Why Get an Installment Loan from Wise Loan

    When you need a loan for whatever reason, it can be difficult to decide where to get it from. Do you go to a bank for it? Alternatively, do you try to get a loan from a third party? 

    This can be very difficult to decide if you are not familiar with any third party lenders. However, there are companies out there that can be solid options like Wise Loan.

    • The application takes but five minutes to finish.
    • Receive your installment loan incredibly quickly. Once you're done with the application process, you can receive the money within the hour.
    • Get funds directly deposited into your bank account.
    • You can qualify for lending despite having bad credit. Additionally, you can build your credit by establishing a prompt-payment history with the credit bureaus.
    • There are no hidden fees, and the installment loan costs are clear and easy to understand. 

    What Does Wise Loan Offer?

    People use this company to get investments for small businesses so that they can get their company off the ground.

    One of the company's biggest benefits is that having a good credit score is not a requirement to receive a loan.

    Many people build up bad credit when they are young, and they do not understand how credit works. As a result, they struggle to get loans in the future when they need them.

    However, this company understands that bad credit is not always a reflection of the person, and they are willing to give out loans to people with bad credit

    Eligibility Criteria

    If this company sounds like the perfect fit for you, you're probably asking the question, can anyone apply for an investment? Unfortunately, not everyone can apply for an investment from this company.

    However, the eligibility criteria are not that stringent, so there is a good chance you can apply. 

    To qualify for an investment from Wise Loan, you need to be based in the United States.

    You do not even need to be American; you just need to live in the United States.

    You also need to give records of your employment in the application. 

    Wise Loan Pros and Cons


    • Easy to apply
    • Can receive a loan for any reason
    • Good credit is not required
    • Receive money quickly and directly to your bank account


    • Loan size is limited at the time being

    How to Apply for a Wise Loan Installment Loan

    You can apply directly on the company website. You must select your state and the size of the investment you're asking for.

    Once this is done, you will need to provide personal information like your phone number, email address, social security number, employment information, and bank information. 

    Rates, Terms, and Fees

    When you take out a loan, it is important to know how much you will be paying. You can take out a loan between $200 and $1500 with terms ranging from 4 to 12 bi-weekly payments. 

    Specific rates are different from state to state, so you will need to check their website to see how they apply to you. Unfortunately, rates are very high on average as the APR in Texas is over 600%.

    Bottom Line

    Overall, Wise Loan is a decent option for a loan if you don’t have great credit.

    However, it has bad rates as a result. So, it may be better to go with a company like SoFi or Prosper