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Bank Products

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Secured and Unsecured Loans

The bank program and products are originated by FinWise Bank. The bank offers both secured and unsecured installment loans that can fund either the merchant or the consumer directly.

All bank loan products are underwritten, originated and held by FinWise Bank, an FDIC-insured bank in Murray, Utah. American First Finance is servicing these loans on behalf of FinWise Bank.

What is an Early Payoff Discount (EPD)?

An Early Payoff Discount allows you to pay off your contract early at a discounted amount. It typically lasts for 90 or 101 days starting on the date interest begins to accrue after you’ve opened your account. The time frame may vary, so check your contract for specific details pertaining to your Early Payoff Discount Period.

Bank Products - Frequently Asked Questions

When you say “No Credit Required” or “FICO® not required for approval,” what does that mean?

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.

Do I need a certain credit score to get approved?

No. Your credit history is one part of the decision process, but a certain score is not required for approval.

Do my payments get reported to the credit bureau(s)?

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.

Who is my loan with? American First Finance or the bank?

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.

Are bank products cash loans?

Possibly, depending on whether the loan is secured. 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.

Can I pay off early?

Yes, you may pay off a bank loan early at any time and you have a couple of options when it comes to this. First, your loan may be eligible to receive an Early Payoff Discount; refer to your loan agreement to see if you have this discount. Second, by paying the loan in full before the final payment due date, you will pay less interest than if you pay according to the loan amortization schedule. The earlier you pay off the loan, the less interest you pay.

What is the Early Payoff Discount Option and how does it work?

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 if you pay off within the Early Payoff Discount Period: the Amount Financed, an Origination Fee, and other applicable fees (e.g., NSF Fees and Late Fees). The time frame of your Early Payoff Discount Period is disclosed in your agreement.

Note that this is not a “same as cash” program because of the applicable fees described above.

What happens if I over-pay when exercising my Early Payoff Discount option?

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.

When does the Early Payoff Discount Period expire?

The Early Payoff Discount Period typically expires in 101 days from the finance charge start date, but may expire sooner. Some loan offers provide different expiration periods. Refer to your loan agreement for the details applicable to you.