Home Loans Education Finwise loans – Eligibility, terms and interest rate

Finwise loans – Eligibility, terms and interest rate

Finwise Bank is a financial institution based in Utah and in addition to serving as a traditional bank, it offers Finwise loans in the form of personal loans to through partnerships with an array of fintech institutions.

In this article, we will take a look at the criteria of persons eligible for a Finwise personal loan, the purposes and circumstances under which one can get the facility approved.

Types of Finwise loans

Finwise Bank issues its line of personal loans under three modules. They are aimed at helping borrowers acquire or develop their home or property. The types of loans are:

1. Home Construction Loans

If you’re planning on getting your dream home built, Finwise loans for home construction will be the loan facility to fall on. As a top home construction lender in Utah, Finwise Bank offers loans up to $1.75 million. Not only that but you get faster approval times than other Utah lenders to get your home project started as soon as possible.

2. Lot and Land Loans

If you have located a perfect land or lot that you wish to be the place of your future home, a land loan from Finwise Bank is a great solution. Finwise can help you secure your lot and easily convert it to a construction loan when it’s time to start building.

3. Home Equity Line of Credit

Home equity line of credit, also known as HELLOC is a great way to leverage the equity of your home. Unlike a loan, HELOCs let you borrow only what you need, when you need it. Loans are amortized for 180 months with a 36-month rate adjustment. Use your HELOC to finance home renovations, basement remodels, or consolidate high-interest debt.

See also  All about Commercial Loan Truerate Services

5. Finwise Small Business Association loans (SBA loans)

Finwise loans

For businesses that don’t the requirements for conventional business loans, such as those in the service industry with little or no fixed assets to use as collateral and want lower down payments than conventional loans, an SBA loan is great for you.

Finwise is an SBA loan lender and offers among others, the following benefits:

  • Up to $5 million in loans through the SBA
  • Loan terms starting from 10 years and up to 25 years before full amortization.

How finwise Loans works

Through fintech organizations such as LendingPoint, Upstart, Empower, Great American Finance among others, Finwise collects applications, perform credit determination and fulfill loan requests upon approval.

While the ordinary applicant may think the Fintech through which they applied is the organization providing the loan, Finwise is the financial institution actually doing the background work.

Finwise loans reviews

Finwise Upstart loans has a 3.7 rating on Trustpilot with several positive reviews. Below are a few of the reviews.

I found myself in a bind financially this month Credit Karna recommended a loan from Finwise Upstart. I filled out the paperwork and everything went very smoothly I will be able to pay the things that hit unexpectedly. I suggest Finwise Upstart for emergency cash or just a little extra Thank you Finwise UpstartJames Harrison of TrustPilot

“Thank you to Upstart/Finwise for giving me a loan even with my less than great credit score at a really good interest rate considering my score. I would highly recommend them for someone with a fair /poor credit rating. I would bet they give better rates for better credit too” Teri D of TrustPilot

See also  Top Banks in Ghana with highest dollar exchange rate


Finwise loans will spot you a loan facility when you need it most through the numerous fintech platforms that Finwise Bank partners with to receive and fulfill loan requests.

READ ALSO: All about Commercial Loan Truerate Services

Previous articleBest paying jobs in life insurance in 2022
Next articleSteps to cancel Stockx order