What Is a Self-Serve Loan & How To Get One

In a recent survey of 500 of our customers, we found out that many people liked the ability to get a self-serve loan online. Learn more below about self-serve loans, including why they’re so appealing and how you can get one.

What Is a Self-Serve Online Loan?

a close-up of a person’s hands typing on a computer keyboard

A self-serve loan is exactly what it sounds like. It’s a loan you can get with minimal interaction and mostly do-it-yourself steps.

It’s a little like the self-checkout option at the grocery store. You’re getting food from the store — it’s not food you grew or raised yourself — but you’re not chatting with a cashier on the way out or having someone else scan and bag your items. 

With a self-serve loan, you complete an application online without talking to anyone. And then you find out about approval status via a message on the website or in your email, and the funding is sent to your bank account without you having to interact with anyone.

3 Benefits of a Self-Serve Loan

a couple shakes hands with a loan officer

The benefits of a self-serve loan depend on your personality and goals. Some people simply prefer not to interact with strangers unless they have to, and they appreciate a product that lets them get important financial matters handled without doing so. Here are some other potential benefits of a self-serve loan.

1. Anytime Convenience

Since a self-serve loan doesn’t require another person to be involved, you can often apply for them whenever it’s convenient for you. Realize on a Saturday or Sunday that you need some funding or want an installment loan to help build your credit? You can easily complete the application process when you think of it. That way, you won’t put it off and forget it when the hectic schedule of the workweek hits.

Or, maybe you’re up late at night considering solutions for a financial emergency. The ability to apply right away and learn whether you’re approved or not can bring peace of mind that helps you get some much-needed sleep.

It’s important to note that while you can apply for these types of online loans anytime, funding does usually go by banking hours. You may need to wait for the bank’s scheduled deposit times to access your funds unless you get instant funding via a debit card.

2. Less Pressure

When you’re not facing or talking directly to a person, you may feel less pressure in completing a loan application or deciding on a product. That can make the entire process less stressful.

3. No Need for Pants

Or any type of clothing — or getting the kids buckled into the car and fighting traffic. Self-serve online loans are possible to get without even getting out of bed, assuming your laptop or mobile phone is handy. This can make the process less annoying, stressful or time-consuming.

Potential Disadvantages of a Self-Serve Loan

a person does online research on their laptop about the potential disadvantages of a self-serve loan

There aren’t many cons to getting a self-serve loan online. However, since you’re not interacting with anyone when applying and choosing your loan, you’re on the hook for all the research and decision-making. This can create a slight disadvantage because you might not know about all your options, which can lead to choosing one that’s not the most optimal choice.

This disadvantage is probably a bigger concern for individuals who aren’t familiar with credit, installment loans and financing. So, if you plan to go the self-serve route, consider visiting the Wise Loan blog first and browsing some of our educational posts to learn more before you apply.

Who Might Consider a Self-Serve Online Loan?

a distraught person talks on their phone, which is why they should consider a self-serve online loan

Anyone who wants to apply for a loan right now and get a fast response might consider a self-serve online loan. If you have an urgent financial need and are fairly well-versed in credit and installment loan options, this is also a good way to go. And if you simply don’t want to talk to a stranger, a self-serve loan may be a great option. It lets you maintain introversion while still seeking out and obtaining financial solutions.

Can You Get a Self-Serve Loan With Wise Loan?

a person places stacks of coins on a desk in front of them

Unfortunately, our services are not available in all states. If you’re in one of the following states, you can apply for a self-serve loan with Wise Loan:

  • Delaware
  • Idaho
  • Louisiana
  • Mississippi
  • Missouri
  • South Carolina
  • Texas
  • Utah
  • Wisconsin

You also need to have a few things to successfully apply for a loan with Wise Loan. First, you need a qualifying bank account. When a loan is approved, Wise Loan deposits funds into your checking or savings account. If you want to apply for a loan with instant funding, you’ll need a qualifying bank account with a debit card attached, as the debit card is how you’ll receive the instant funds.

You’ll also need an address to show you’re a state resident plus some information about yourself and, potentially, your income. In most cases, Wise Loan doesn’t require that you send a lot of documents and we don’t require good credit to approve you for a loan.

Why Apply With Wise Loan Today?

a mobile phone displays online banking information

The main reason most people apply is to get funds they need. A self-serve loan with Wise Loan lets you get fast access to funds once you’re approved.

Another reason to apply with Wise Loan is to build your credit. We report to two of the three credit bureaus to help you build a positive payment history for your credit score (just make sure you’re making those payments on time and as agreed!).

We make it easy for our customers to stay on track by providing rewards for good financial management. When you pay off your installment loan, you’ll gain access to a bonus reward in a Nest Egg account. The reward ranges from $10 to $50 per $1,000 borrowed, and you can get it as a cash payment in your bank account or use it to take out another loan.

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