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Loans like finwise®

By Matt Mayerle Reviewed by CreditNinja
Modified on May 16, 2024
Loans like finwise

FinWise is a Utah-based financial provider that offers business loans and personal checking accounts. FinWise may be able to help you out if you own a business and need financial services or are looking for a bank account alternative. But, depending on your specific situation, they may not be the right lender for you! Here, you’ll learn about loans like FinWise, how they work, and what your other options are. 

Finding the Right Personal Loans

Whether you’re searching for personal loans, payday loans, auto loans, or any other type of funding, you want to make sure you find the best deal possible. Check out the step-by-step guide below to help you find the right kind of loan for you. 

  1. Calculate your debts: Review any balances you have on bills, credit cards, or other existing accounts and calculate the total. Compare that amount to your income and ask yourself if you can afford to add to that total and pay off more debts. If you cannot, applying for a loan right now may not be the right thing to do. 
  2. Check your credit score: If you decide that getting a loan is best for you, check your credit report. Here, you’ll find a summary of your credit history as reported by the three major credit bureaus (TransUnion, Experian, and Equifax), as well as your credit score. If you have a higher credit score, you should have access to a wide variety of loan products, decent interest rates, higher loan amounts, and flexible terms! However, if you have bad credit, your options may be more limited. 
  3. Research lenders and compare options: Once you are familiar with your credit history and what types of lenders and loan products you may be eligible for, start researching lenders and comparing loan offers. Look at online lenders who are able to offer affordable installment loans. Look at online reviews, and don’t be afraid to call lenders and ask questions! 
  4. Apply for a loan: Once you’ve reviewed your options, it’s time to submit an application. When applying for loans, try not to apply to more than one lender if you can help it. Limiting your credit applications will help prevent unnecessary damage to your credit score.

Loans Like FinWise: What You Need To Know

FinWise is a financial institution that provides business loans, business banking services, and personal checking accounts to approved borrowers and consumers. 

What Products Does FinWise Offer? 

FinWise offers several different financial products, including banking and enablement services for businesses and personal checking accounts. 

Fintech Banking and Enablement

Did you know that 33.3 million businesses throughout the United States qualify as small businesses?1 FinWise provides services designed to help businesses acquire new customers, keep them coming back, and increase their overall business profits. They do this by overseeing card programs, lending options, deposits, and payment systems necessary for many businesses. 

For example, say you had an online business selling homemade crafts. In order for customers to purchase your products online you would need some kind of payment system, similar to the ones FinWise oversees. Ideally, FinWise would be able to provide you with a platform where customers could buy your products in a variety of ways (credit, debit, gift cards, Paypal, Venmo, etc.) that simultaneously allows you to receive the payments and handle finances on your side as well. 

Personal Checking and Savings Accounts

In addition to business banking and financial services, FinWise also provides Utah-based personal savings and checking accounts. So, unless you live in the state of Utah, you may not be able to take advantage of these FinWise products/services. 

FinWise checking accounts work similarly to any other checking account. Consumers can deposit funds, draw money, and receive payments from employers and other parties. The same goes for savings accounts with FinWise, borrowers can deposit funds and continually add to their accounts to build savings.

What Are My Loan Alternatives to FinWise?

FinWise isn’t the only financial service provider out there! In fact, depending on your financial situation, you may be able to get a better deal by going with a different loan or lender. 

Below are some loan alternatives to FinWise: 

Unsecured Installment Loans 

Personal installment loans are probably the most versatile alternative loan option to FinWise. All types of lenders offer personal installment loans, including banks, credit unions, and online private lenders. There are even online personal loans designed specifically for people with lower credit scores! 

Traditional Business Loans 

A business loan is a type of funding used specifically for business purchases. Consumers can access business loans via banks, private lenders, online lenders, and more. Below is more information on a few different types of business loans: 

Type of LoanTypical Use
Term LoanLarge, one-time investments or purchases, such as equipment or facilities.
SBA LoanLong-term financing for business expansion, acquisition, or startup, under favorable terms.
Business Line of CreditOngoing operational expenses, and managing cash flow fluctuations.
Equipment Financing Purchasing or leasing new or used equipment.
Invoice Financing Managing cash flow by borrowing against amounts due from customers.
Merchant Cash AdvanceQuick access to capital based on future credit card sales, typically for urgent cash needs.
MicroloanSmall businesses or startups needing smaller amounts of capital for various purposes.
Commercial Real Estate LoanFinancing the purchase of land or buildings for business use.
Disclaimer: This chart provides a general overview of common types of business loans and their typical uses. The specific terms, eligibility requirements, and conditions for each loan type can vary significantly between lenders and depend on the business’s financial situation, creditworthiness, and other factors. Prospective borrowers should consult with financial advisors or directly with lenders to understand the full terms and implications of any loan. This information is for educational purposes only and does not constitute financial advice.

What Are My Non-Loan Alternatives?

What if you don’t need a loan? Below are some non-loan alternatives to FinWise. 

Standard Bank Account 

Getting a standard bank account with a traditional bank may be a good idea. You can go with a local branch or major chain, whichever is more convenient for you. Often, you can open up a checking account with little money, and you don’t always need a perfect credit score! Some popular banks you could get a checking account with include: 

  • Chase
  • Bank of America
  • PNC
  • Wells Fargo

Savings Account / Emergency Fund 

In addition to having a standard bank account, you may also want to open up a savings account as well. Usually, checking accounts also come with a savings account, as they are a great tool for just about every consumer. By having a savings account and contributing to it regularly, you can create a financial safety net for yourself to fall back on should you run into unexpected expenses or a financial emergency. 

Investors 

If you are a business owner looking for funds, you may consider getting investors. Investors can help provide money upfront that you can pay back once your business has regular profits. There are also investment programs where investors provide regular funding to your business in exchange for profit sharing. Depending on the size and nature of your business, you may find investors to be a very helpful asset. 

Are Payday Loans A Good Online Personal Loan Alternative to FinWise?

Payday loans, or cash advance loans,  are a kind of funding typically used by people who need supplemental income while in between paychecks. Given their design, lenders usually expect borrowers to repay their payday loans in about two weeks or less. While just about anybody can get loan approval with payday loans, they usually come with very high interest rates. So, depending on your financial situation and when you can repay your payday loan, this kind of funding can be extremely expensive and possibly make your financial situation worse. 

FAQs: Loans Like FinWise 

What should I know about installment loans if I have bad credit?

Installment loans for individuals with bad credit are designed to allow for manageable payments spread out over a period. Due to the increased risk to the lender, these might come with higher interest rates compared to standard loans. Before applying, check your credit report with major credit bureaus to understand your credit score, as this will influence the terms and loan amounts you’re eligible for.

How can I improve my chances of getting approved for a personal loan with a low credit score?

To improve your chances, consider secured loans, where you provide collateral that the lender can claim if you default. This reduces the lender’s risk and can increase your likelihood of approval. Additionally, demonstrating a stable income or having a co-signer with good credit can also help.

What factors do lenders consider when deciding on loan amounts for personal loans?

Lenders consider several factors when determining loan amounts, including your credit score (as reported by the three major credit bureaus; TransUnion, Experian, and Equifax), income level, existing debts, and sometimes the purpose of the loan. Higher credit scores and stable income generally lead to higher loan amounts due to perceived lower risk.

Are there specific secured loan options for individuals with bad credit?

Yes, individuals with bad credit can apply for secured loans, which require collateral like a vehicle, home equity, or savings account. These loans typically have lower interest rates compared to unsecured loans for bad credit due to the collateral offered, which lowers the lender’s risk.

How do different loan types affect my credit report?

Taking out any loan impacts your credit report. On-time payments can improve your credit score, while late payments will hurt it. Different types of credit (revolving, installment, secured, unsecured) on your report can positively affect your credit mix, which is a factor in determining your score by major credit bureaus.

Can using a personal loan help consolidate my debts into a single payment?

Yes, using a personal loan to consolidate debt is a common strategy. It can simplify your finances by combining multiple debt payments into a single installment payment, often with a lower interest rate. This can help manage payments better and potentially improve your credit score by reducing your credit utilization ratio.

What should I know about the terms and conditions of installment loans?

It’s important to understand the interest rates, repayment schedule, total cost over the life of the loan, penalties for late payments, and any possible fees. Always read the fine print and ask the lender about anything unclear before agreeing to the loan terms.

CreditNinja: How Does It Compare?

CreditNinja is an online lender specializing in bad credit installment loans. Throughout our years originating loans, we’ve helped more than 275,000 people with online personal loan products!  

How Do Online Loans with CreditNinja Work?

How do online personal loans with CreditNinja work? The process is super simple; here’s what to do: 

  1. Start by filling out our online application. If you have all your info prepared, you may be able to complete the app in just a few minutes! 
  2. Upon approval, we’ll send over a loan agreement. Read it over, and if you don’t have any questions, sign your contract.
  3. The last step is to receive your money. You should receive your loan proceeds via direct deposit right away!* 

Why Should I Get an Online Personal Loan With CreditNinja? 

Check out just a few benefits you can enjoy when you get installment loans online with CreditNinja: 

  • Bad credit scores are OK
  • Quick same-day funding* 
  • Flexible repayment options 
  • Industry-wide competitive interest rates 
  • Highly reviewed customer service  

Who are CreditNinja Installment Loans For?

A CreditNinja installment loan is for everyday people who may be dealing with a poor credit history. If you need money now and have nowhere to go, CreditNinja may be able to help you out! Head over to our quick online application to see how much personal loan funding you could be approved for today! 

References: 

  1. Top Small Business Statistics of 2024 | Forbes Advisor
  2. FinWise

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