We may all face financial challenges occasionally, no matter how responsible we may be. If you need extra funds for an emergency expense, you may be searching for loan options. As you may already be aware, there are several different lenders and loan types! One lender you may come across is Wise Loan. Wise Loan offers online Installment loan options for borrowers.
However, how do you know if they are the best choice for you? You should consider several things before picking a loan or lender you want to work with. Knowing these will be essential to finding the right option for you. Continue reading to learn more about loans, like Wise’s options and alternatives.
Finding the Right Personal Loan
When you begin your search for a personal loan, you may find various options. However, how do you decide the best option for you? There are several variables you should consider to find the right personal loan:
The Interest Rate — Interest rates are an important factor to consider when trying to find the right loan. Rates can make up the majority of the cost of your personal loan, and you will pay them every month in addition to your principal amount. Your credit score and credit history can have a large impact on your interest rate—usually, the best interest rates are given to borrowers with good credit scores and vice versa.
The APR — The APR of a loan encompasses all the different costs included. This can include interest, origination fees, balloon payments, etc. The mistake that many people make is to consider interest as the total cost of a loan; however, that is the APR!
The Repayment Terms — Paying attention to repayment terms for a loan is fundamental. You’ll want to find a personal loan with a monthly payment that is affordable and fits your budget well. That is because most lenders may report to the three major credit bureaus. On the other hand, a loan that takes a longer time than needed to repay can mean paying more over time. Finding a happy middle ground between those two things is key!
Loan Amount — The loan amount is another factor you should pay attention to with a personal loan. Ideally, your personal loan should be enough to cover your expenses. Keep in mind that you never have to borrow more money than you need, even if you are approved for it.
The Lender — you may not think about this too much, especially if it’s your first time applying for a loan. But, your lender plays an essential role in your loan experience. And so, before you choose a personal loan, make sure your lender provides flexibility and fairness with loan terms/the loan contract.
Different Loans You Will Find for Emergency Expenses
When looking for emergency funds, chances are you will find a few different options; here are some standard options you may come across:
- Payday Loans — Payday loans are extremely short-term funding options that make a small number of funds available for borrowers. Instead of credit scores, payday loan lenders focus more on income and the ability to repay the loan. Payday loans, although they may seem convenient, can be expensive and usually need to be repaid in a matter of a few weeks. Because of this, they can quickly lead people into a cycle of debt. With all the different alternatives to payday loans, there may be no need to seek out one of these loan options.
- Personal Loans — Personal loans are some of the most popular and versatile loans out there. You can find online lenders for personal loans or in-person options at financial institutions like banks and credit unions. Loan amounts and terms will vary depending on the lender, credit score, and income. Applying and getting a personal loan can be simple with online lenders.
- Installment Loans — These loans are repaid in equal monthly installments, which can make them a good fit for a variety of budgets. When searching for installment loans, you’ll find several options that can fall under this loan category and multiple lenders. On a macro level, there are secured and unsecured installment loans; when going into more detail, you’ll find different kinds. Examples include personal loans, mortgages, student loans, and auto loans.
- Bad Credit Loans — Bad credit loans are precisely what they sound like. They offer funding options for bad credit borrowers who may be working to establish credit or repair it. If you have poor credit, you may think these are your only options, but that is not the case! These types of loans are just a few examples available to bad credit borrowers.
- Cash Advance Loans — Cash advance loans make a small amount of money available to borrowers in the form of cash. There are several types of cash advance loans to choose from, for example, credit card cash advances, payday advances, and employer cash advances. Although cash advance loans can be fast, many of them can be expensive and hard to repay.
Why Personal Loans May Work Well for Short-Term Emergencies
Personal loans may be best for short-term emergencies because they provide all kinds of benefits for borrowers. Here are some benefits of personal loans that you should know about:
- Get a longer or shorter loan term for flexible payments.
- Loan amounts can range, so they can be small loans or larger ones.
- You may get funds on the same business day that you apply, depending on the lender.
- These loans work well for different emergencies like medical bills, child support payments, rent payments, gas, groceries, etc.
- You may get pre-approval with a soft credit check. This can make it easy to compare loan terms to find the lowest rates you may qualify for.
- You may save money with the right loan and lender.
- Many lenders offer personal loans, so they are easy to find.
Can a Personal Loan or Installment Loan Affect My Credit Scores From the Major Credit Bureaus?
Any loan you take out can impact your credit depending on the lender’s reporting, your actions, and your existing credit. The first thing you may notice after taking out a loan is that the amount of debt you have increases. Adding more debt can increase your debt-income ratio and your credit utilization, which can affect your credit. Additionally, how you make your payments will have a large impact on your credit scores! Late payments can harm your score, while on-time payments may help!
Loans Like Wise Loan: What You Need To Know
Wise Loan is an online direct lender based in Texas; currently, they only service Idaho, Delaware, Louisiana, Missouri, Utah, South Carolina, Wisconsin, Texas, and Mississippi (for returning customers only). They offer installment loans for borrowers and claim flexibility with credit scores. Wise Loan states that their loans are best used for short-term emergencies and offer same-day funding.
What Could Online Installment Loans with Wise Loan Look Like?
With a personal loan/installment loan through Wise Loan, you can expect loan amounts that vary between a minimum loan amount of $200 and a maximum of $2,000, depending on your monthly income, credit score, and general finances. You will have to make steady monthly payments until the loan is paid back in full.
The Application Process With Wise Loan
Because Wise Loan is an online lender, everything about the application can be done so there. If approved for one of their online loans, the funds will be directly deposited in a bank account. Here is what you can expect with the application process with Wise Loan:
- Fill out a loan application — The first step of the process requires you to fill out a loan application to begin. Wise Loan will first ask about your checking account information for direct deposit. Then about your email, the loan amount you are considering, and where you are located. To continue, you must provide some personal and financial information.
- Find out about approval for the installment loan — Once you fill out an online application, you’ll have to hit submit and wait for them to reach out.
- If approved, get funds — Once approved for the funds, Wise Loan will send the funds via direct deposit straight into a bank account.
More Information on Their Rewards and Return Policy
Wise Loan has a rewards program for every paid-off installment loan in accordance with the loan agreement. Borrowers can receive $10-$50 per $1000 borrowed funds paid back. To be eligible, you must:
- Have taken out a Wise Loan of any amount.
- For each loan, you have paid back 100% of the principal, interest, and fees within the original terms of the loan.
With their return policy, borrowers have 3 days to change their minds and return the full loan without paying any fees.
CreditNinja: How Does It Compare?
At CreditNinja, we are an online lender that has helped thousands of people find financial solutions over the years. We offer fast, easy, and flexible online personal loans. From beginning to end, our loan process reflects the needs of our users, which are everyday people!
Personal Loans With CreditNinja
A personal loan with CreditNinja can range in the loan amount and terms and will largely be based on your finances. The convenient thing about our loans is that once approved, you’ll get funds fairly quickly. Along with that, you can expect steady monthly payments until the loan is repaid in full.
When applying for a loan with CreditNinja, you should have some information/documents:
- A government-issued photo ID: a driver’s license, military ID, permanent resident card, passport, etc.
- Proof of income: pay stubs, bank statements, invoices, etc.
- Proof of residency: pieces of mail, bank statements, utility bills, etc.
- Bank account information for direct deposit.
- Your social security number or TIN
Remember, all this can be done online from the comfort of your home!
Some Potential Benefits of CreditNinja’s Online Loans
Never worked with CreditNinja before for online loans? If not, you may not be aware of all the great benefits we have to offer! Here are just some of them you can look forward to when working with our team:
No Prepayment Penalties With Our Online Loans
You can pay off your loan early without having to worry about any fees or penalties! So if you want to, feel free to pay your loan back as early as you want.
You Don’t Need Excellent Credit History to Apply
We have helped many borrowers in the past get access to funding, even if they don’t have the best credit scores or credit history! We consider more than just credit; we’ll take a close at your income and ability to repay the loan. Along with that, there isn’t a minimum income requirement to apply.
Convenient Loan Terms
Our loan terms are personalized for every applicant; apply to find out yours!
A Great Customer Service Team
Our customer service team is available to help you before, during, and after you take out a personal loan. They are helpful, friendly, and attentive.
Apply Online Easily
Everything about the application process can be completed from the comfort of your home online.
Receive Money Fast Once Approved
Once approved, you may get funds deposited on the very same day!*
Find Out if You Qualify Fast for Installment Loans!
Once you submit your application, we’ll let you know about final approval quickly!
Manageable Installments Tailored To Fit Your Budget
Our loans are repaid in monthly installments, which we’ll figure out for you based on your financial situation!
*Applications approved before 10:30 a.m. CT Monday-Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case the loan, if approved, will be funded the business day after such additional verification is completed.
References:
Homepage | Wise Loan
Installment Loan Page | Wise Loan
About us Page | Wise Loan