Secured and Unsecured Loans
The bank products are originated by FinWise Bank. The bank offers both secured and unsecured installment loans that can fund both the merchant or the consumer directly.
Finance U Graduation program
This program allows customers the opportunity to qualify for lower rates on subsequent loans. It requires taking financial education modules online and making payments on time. Customers can reduce their rates up to 50% on qualifying future loans.
Bank products are underwritten, originated, and held by FinWise Bank, an FDIC-insured bank in Murray, Utah, Member FDIC. American First Finance services these loans on behalf of FinWise Bank.
When applying with FinWise Bank, it is likely that your credit history or FICO Score will be pulled. However, it is possible to not have a credit history or FICO Score and still receive an approval from the bank.
No. Your credit history is one part of the decision process, but a certain score is not required for approval.
Yes. Payments are reported to Transunion, Clarity Services, Inc., and Data X each month. This can give you the opportunity to pay on time and have those payments reported to the credit bureau as a means of building credit history over time.
Your bank loans are underwritten, originated, and held by FinWise Bank. American First Finance is servicing your account on behalf of the bank. Should you need assistance or have questions about your loan at any time, you can speak to an American First Finance representative to assist you with your FinWise Bank loan.
Possibly. Make sure you understand the difference. The secured installment loan products are not cash loans. The unsecured installment loan products are cash loans. The difference between the two is how and where the loan funds are being used. If you are purchasing goods and services from a merchant and using the bank loan for such purchases where the funds from the bank for the purchase will be sent directly to the retailer, this is a secured installment loan. If you are getting funds directly to your instant debit card, via ACH, or on a virtual card that you can then use to make purchases across a number of merchants, this is an unsecured installment loan.
In some cases, a down payment may be required at signing. Any down payments you make will be applied to the amount being financed. You have the option to make a down payment, even if not required, if you choose to lower the amount you want to finance.
Yes, you may pay off any bank loan contract early at any time and you have a couple of options when it comes to this. If you pay off during your Early Payoff Discount period, you can pay the principal amount plus the lesser of accrued finance charges or a small fee (plus late and NSF fees, only if you have them). You may also pay off early after the Early Payoff Discount period by simply paying the accrued finance charges and your principal balance at that time, in addition to applicable late and NSF fees.
FinWise Bank installment loan customers may save money on interest by paying off the full balance within the Early Payoff Discount Period. Here’s what is included in the full balance. By paying the Amount Financed plus the lesser of the accrued interest or discounted interest, an Origination Fee, and other applicable fees (e.g., NSF Fees and Late Fees) within the Early Payoff Discount Period, a customer may pay a FinWise account off in full. The expiration date of your Early Payoff Discount Period is disclosed on your agreement.
Note that this is not a “same as cash” program because of the applicable fees described above.
If you pay more than what is owed, including during the Early Payoff Discount Period, a refund will be issued to you via the same method of payment that you used.