5 Ways To Help Get a Quick Loan Approval

Wise Loan simplifies the process of obtaining quick funds once your loan is approved. Our instant loan funding option ensures that the money is swiftly deposited into your checking account, either on the same day or within minutes. By opting for instant funding, you can receive the loan funds on the very day of approval. To facilitate same-day funding, it is crucial to apply and get approved before 11am CST. However, the speed at which you receive the funds may vary depending on your financial institution’s procedures. Nonetheless, obtaining fast cash hinges on a prompt approval process, and there are specific actions you can take to expedite it.

Consider the following five tips, designed to help you navigate the application and approval process with Wise Loan at a quicker pace. These tips are also applicable when applying for loans from other companies, although it’s important to remember that requirements can differ.

Before you implement the steps below, it’s advisable to perform some preliminary tasks to smoothen the process. Begin by checking your credit score to assess your eligibility for the loan you’re applying for. While Wise Loan doesn’t necessitate an excellent credit score, other lenders might have different criteria.

You can access your credit reports at no cost by requesting a copy from each of the three major credit bureaus once a year through AnnualCredit.com. Additionally, services like Experian’s Boost can provide you with your credit score.

Once you have your credit score, conduct research on potential lenders. Make note of their specific requirements so that you can have all the necessary information and documents prepared when you apply. Having the right information readily available can expedite the application process, sometimes taking mere minutes.

If you lack the appropriate documentation, you may need to search for it or order copies of specific items. This could transform the application process from a quick task into a lengthy endeavor that takes several days.

If you plan to apply for a loan with Wise Loan, here are some methods to hasten the process.

  1. Prepare Your Proof of Identity

Protecting against fraudulent activities, lenders typically require applicants to verify their identity. Whether you’re applying in person or online, it is essential to have the necessary documentation to prove your identity. The most commonly accepted documents for this purpose are copies of driver’s licenses (or other state-issued IDs) and/or Social Security cards or numbers.

When asked to provide a copy of your ID, there are a few methods you can use. If you’re applying for a loan in person, you can simply hand over your ID to the representative, who will make a copy or scan it into their system.

For online applications, you will need to handle the scanning process yourself. You can use a printer/scanner or even your smartphone to scan or take pictures of your license or eligible ID. It is usually required to capture both the front and back of the ID. Once you have the digital files on your computer or mobile device, you can upload them to the secure application system as instructed. Alternatively, the lender may provide other secure options for submitting your personal information.

  1. Gather Proof of Residence

Wise Loan operates within specific states, and it’s common for other lenders to have similar geographic restrictions. Consequently, you may be required to provide proof of residence to demonstrate that you actually live at the address you provided.

To fulfill this requirement, you’ll need a statement or document in your name that displays your physical address. It’s important to note that this address may not necessarily be the same as your mailing address. Wise Loan does not accept documents that solely feature a P.O. Box address for this purpose.

Consider various types of documents that can serve as proof of residence, such as a mortgage statement or agreement, lease agreement, or utility bill. The document should be dated within the last 30 days to ensure its relevance.

  1. Be Open to Instant Bank Verification

In order to facilitate the funding process, Wise Loan and other lenders often require your qualifying checking account information. Additionally, you should be prepared to authorize instant account verification, commonly referred to as IAV.

When you opt for IAV, you will need to provide the username and password associated with the bank account you wish to use for funding. A secure, third-party system will then perform an automatic login to verify crucial details such as your routing and account number, as well as your ownership of the account. This verification process typically takes only minutes, or even seconds, enabling you to proceed swiftly with your loan application.

Different banks may employ alternative methods to verify accounts. For instance, micro deposits are commonly utilized. This approach involves the lender depositing one or two tiny amounts, often just a few cents, into your account. You would then enter these amounts into a form on the lender’s website to confirm your ownership and accessibility of the account. However, it’s worth noting that this method can take several days to complete, which is why Wise Loan does not employ it.

  1. Ensure You Have an Eligible Debit Card for Instant Funding

If you decide to opt for instant funding once your Wise Loan application is approved, it is essential to possess a qualified debit card. Since instant funds are transferred through the credit card networks, you will need a debit card linked to the relevant bank account that bears either a Visa or Mastercard logo.

Allocate some time to verify whether the debit card you intend to use meets the eligibility criteria and is not expired or nearing expiration within the next day or two. If your debit card has expired by the time your loan is approved, the transfer may not be successful.

  1. Stay Prepared to Respond to Inquiries and Submit Documents

Last but not least, it is crucial to remain accessible and ready to address any inquiries or furnish additional documents that the lender may request when you apply for a loan. While Wise Loan applications are typically streamlined and efficient, even a minor mistake or typo can hinder your application and necessitate your prompt involvement to ensure its smooth progression.

If you are eager to commence the process and submit a swift and hassle-free loan application, we encourage you to apply with Wise Loan today!

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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