Frequently asked questions

How does Wisetack financing work?

Wisetack is an easy way to finance a purchase. Your business gets paid when you provide the product or service, and customers pay over time.

Checking loan options does not impact a customer’s credit scores (learn more here). And there are no prepayment fees, late fees, or compounding interest.

Your business sends a financing application directly to the customer. They can apply, see their loan options, and confirm a loan in under a minute and on the privacy of their own phone.

All loans subject to credit approval. Rates, terms, and conditions subject to change without notice. Some restrictions apply. Your rate may be higher based on your credit history and other qualifying criteria. Interest rates and monthly payment information are only estimates. Actual rates and monthly payment amounts are based on your personal credit history and will be provided upon receipt of a completed loan application that has been approved.‍For example, a $1,000 purchase could cost $45.18 a month for 24 months, based on a 7.9% APR.

How will I know if my customer has been approved for a loan?

We send you an email update when your customer is approved for a loan and when they accept their preferred terms. You can also log in to the merchant portal for detailed, real-time information on outstanding loans.

We send emails at every step of the way because we understand that especially for larger purchases, customers apply for loans hours, days, or even weeks in advance, and you need to know whether or not they have been approved and accepted the loan terms before proceeding.

Note that approvals are only valid for 60 days, and the application will expire if left unconfirmed. But don't worry! Your customer can always reapply.

Not receiving our emails? Contact us, and we will get you set up.
Email us: support@wisetack.com
‍Call or text us: 1-833-927-0333

How will I know if I got paid?

Before Wisetack can disburse funds, your customer must confirm they received the service or product in full by selecting 'Done - Release Payment' in the loan application. If not ready to do so at the time of applying, your customer can return to the application later on to confirm.

Depending on your business software, you will receive in-app notifications with updates on outstanding loans, including when the customer confirms and when payment is processing. If you are with the customer in person, you can also request that they show you the confirmation screen on their phone. This means payment is processing, and funds will arrive in your bank account the next business day.

If you do not see that information in your business software or are not with the customer, Wisetack always notifies you via email when the loan is confirmed and again when funds are en route to your bank account. You can also log in to the merchant portal for detailed, real-time information on outstanding loans.

How long does it take to get paid?

Once the customer confirms, Wisetack sends the funds to you the next business day via ACH (bank) transfer. We deposit the funds directly into your bank account so that there are no extra costs. Depending on your bank, it can take up to one additional business day to receive funds.

To receive funds, please ensure that your bank information is up-to-date. If you need to make a change to your bank information, contact us for directions.
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Email us: support@wisetack.com
‍Call or text us: 1-833-927-0333

How do I ensure the customer confirms the loan?

Wisetack sends reminders to your customer to confirm the loan via email and text message.

You can also request payment from the customer in the merchant portal at any time. When a payment request is sent, the customer is notified that payment is due and reminded to return to the application to confirm the loan.

How do I log in as a business?

We recommend you log in to your business software to access reporting, notifications, and additional information on Wisetack transactions.

For more detailed information, you can log in to the merchant portal. To access your account, use the same mobile number you used to sign up.

How does Wisetack work?

Wisetack is a simple way to pay over time for a service or product. From home improvement projects to necessary repairs to your vehicle, Wisetack enables you to break up the cost of a purchase into easy monthly payments. When financing through Wisetack, checking your loan options does not impact your credit score (learn more here). And there are no prepayment fees, late fees, or compounding interest.

The application is initiated by the service provider and completed by you. On average, the application takes about a minute to complete. Once approved, you will receive several loan options to choose from—with various term lengths and monthly payment amounts.

When you take out a loan, Wisetack pays the service provider directly, and you pay us over time.

All loans subject to credit approval. Rates, terms, and conditions subject to change without notice. Some restrictions apply. Your rate may be higher based on your credit history and other qualifying criteria. Interest rates and monthly payment information are only estimates. Actual rates and monthly payment amounts are based on your personal credit history and will be provided upon receipt of a completed loan application that has been approved. For example, a $1,000 purchase could cost $45.18 a month for 24 months, based on a 7.9% APR.

Can I use Wisetack without a mobile phone number?

Unfortunately, no. You need a mobile phone number in order to use Wisetack. For security purposes, we send you a verification code via SMS when accessing the application.

Why would I use Wisetack instead of using a credit card?

The rate you get with Wisetack may be lower than the rate your credit card company charges for maintaining a balance. Wisetack loans are simple interest, while credit cards charge compound interest. We don’t charge late fees, prepayment fees, or origination fees.

With Wisetack, you know exactly how much you will pay. Many people like knowing the exact monthly payment amount and find taking out a loan with a fixed term for a specific purpose may be more affordable than a credit card.

Will viewing my financing options impact my credit score?

No. Unlike many lenders, Wisetack only requires a soft credit check. This means you can see and review your options without impacting your credit score.

You can learn about the difference between a soft versus hard credit check here.

Will taking out a loan impact my credit score?

It might. We report payment history to the credit bureaus. Paying back on time can have a positive effect on a credit score while paying late will have a negative effect. It’s easy to set up automatic payments to ensure on time payments and help build a positive credit history.

Checking your eligibility for a loan does not impact your credit score (learn more here).

Why is the credit score you report different from what I know my score to be?

There is no "one" credit score, as it turns out. The article below explains all the major factors that can account for variability in credit scores:

https://www.creditkarma.com/advice/i/why-credit-scores-differ-between-credit-reporting-agencies/
(note: Wisetack has no affiliation with Credit Karma)

How do I make a payment?

You have the option to automate payments by linking your bank account while completing the loan application. If you choose to skip that step at the time of applying, but wish to step it up later, you will receive an email with instructions. The instructions will walk you through how to set up your online account. Once logged in to your account, you can choose to set up automatic ACH (bank-based) payments.

If you decide not to automate payments, you can also log in to pay manually or mail in a check each month. We do not accept credit cards as a form of payment.

Do I have to link my bank account?

No, linking your bank is not required in the application.

Even though it's optional, we do recommend setting up automatic ACH (bank-based) payments, either during the application or after the loan is finalized, as it helps to ensure on-time payments. Building a history of on-time loan payments can be a good way to improve your credit score.

Can I pay off my loan early?

Absolutely! Simply log into your account and pay off your balance. We’ll never charge you a prepayment penalty.

Can I choose a different payment date?

Sure thing! We want to make the payment date work for your schedule. You will get an email shortly after taking out a loan from us, which will provide information on how to log in to your account where you can set up payments or change your payment date.

I still have questions: How do I contact Wisetack?

Feel free to email, call, or text us anytime! We’d be happy to answer your questions. Also, don't hesitate to contact us with concerns.
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Email: support@wisetack.com
Call or text: +1-833-927-0333