Wisr is one of the biggest and most well-recognised non-bank lenders in Australia, specialising in personal finance and car loans to help borrowers obtain financial solutions quickly and effectively.

Before you dive into the application process, though, you should know all about what their personal loans actually are and their key features so you can make an informed decision on which is best for you.

Fortunately, it’s easy to do that with Savvy. We’re partnered with flexible online lenders like Wisr to help you make the most educated choice on which personal loan is the cheapest and best for your needs, all in one place.

Personal loans from Wisr

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Wisr Unsecured Personal Loan

	Advertised Rate from (p.a.)	Comparison Rate from (p.a.)	Loan Term	Min-Max Loan Amount	Monthly Repayments
	8.20% fixed up to 17.95% p.a.	9.04% fixed up to 18.87% p.a. based on $30,000 over 5 years	3 to 7 Years	$5,000 to $64,000	$611.17 over 60 months	Go to site
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Borrow between $5,000 and $64,000 with great low rates for excellent credit. Get a personalised rate estimate in 2 minutes that won't impact your credit score.

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Disclaimer: A comparison rate indicates the true cost of a loan. The comparison rate displayed for this advertiser is calculated based on a loan amount of $30,000 over 5 years and represents the effective rate on the loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.

Wisr personal loan features and benefits

Interest rates starting at just 5.95% p.a.

Wisr’s minimum fixed personal loan interest rate of just 5.95% p.a. (6.77% p.a. comparison) enables you to lock in your finance deal’s interest from the outset and save.

Get approved for up to $64,000

Unlike most unsecured personal loans which cap their amounts at $50,000, you can borrow as much as $64,000 without any collateral (starting from $5,000).

Set your ideal repayment schedule

You can make sure your repayments meet your own income situation, as Wisr enables you to choose between either weekly, fortnightly or monthly instalments.

No ongoing fees

Monthly fees can add up over time to hundreds of dollars, so not having to budget for them or worry about shelling out too much is always a bonus for borrowers.

Take up to seven years to repay

The ability to space out your repayments to ensure they’re affordable for you is always important, so you’ll be able to choose a repayment term of up to seven years to do so.

Direct debits available

If you’re worried about having to remember to make your loan repayments each week or month, you can set up a direct debit so the amount is automatically paid.

The pros and cons of Wisr personal loans

PROS

Early repayments without penalty

You won’t be penalised for paying your loan out ahead of schedule, giving you a clear option for saving money on your loan by potentially slashing the total interest paid.

Money in as little as 24 hours

The process of completing your application online is a fast and simple one, with funding available as soon as 24 hours after you apply, if not in less time in some cases.

No security required

There’s no need to put up your car or another valuable asset as collateral for your loan, as Wisr’s loans are unsecured and accessible to a wide range of people.

CONS

Higher establishment fee

Although there aren’t any ongoing or early repayment fees, you’ll have to pay an establishment fee of $595 as part of the loan agreement.

Fewer loan term options

You’ll only be able to choose from loan terms of either three, five or seven years when applying for your loan, rather than being able to access the full range of one to seven.

Not suitable for borrowers with bad credit

Unfortunately, these loans aren’t suitable for borrowers who have struggled with credit in the recent past, meaning you’ll have to look elsewhere if you find yourself in this position.

More about Wisr personal loans explained

How do I apply for a loan with Wisr?

The process of applying with Wisr is fast and straightforward. The points to follow when doing so are:

Compare with Savvy

First and foremost, it’s crucial to compare your options right here before choosing the best loan for you. Considering the affordable offers on the market available to you will help inform your call on which is the best and cheapest loan available. Once you’re satisfied with Wisr as a lender and have conducted sufficient reviews of other lenders, you can click through from this page.

Get your rate estimate

Before the application form itself, you’ll be able to fill out a quick form to give you an indicative interest rate for your personal loan. With this in mind, you can have a clearer idea of what rate you’re likely to be approved for without affecting your credit score.

Complete your application

Once you’ve learned what your rate is, you can press ahead with your application. This tells Wisr more about you as a borrower and whether you’re able to take on the loan you’re applying for based on your life circumstances. After this is submitted, you’ll receive an instant outcome and, if conditionally approved, you’ll proceed with the application.

Submit your documents

You’ll be required to supply documentation to verify the information included in your application form. This may include:

Your driver’s licence or passport
Recent consecutive payslips and bank statements
Information on your employment history dating back at least two to three years
Information on your assets and debts
Detailed living and otherwise ongoing expenses

Sign your contract and receive funds

If Wisr is happy with these documents and the rest of your contract, you can be formally approved and sent a loan contract to sign. Once this is returned, the approved funds can be advanced directly into your nominated account and you can use them for any purpose you like.

What are the eligibility criteria for a Wisr personal loan?

It’s important to familiarise yourself with the qualification criteria before applying, as it’s a fast and easy way to make sure you aren’t wasting time preparing for an application you’re not eligible to take out. The key factors to meet include:

You must be over the age of 18
You must be earning a stable income of more than $30,000 annually
You must be a citizen or permanent resident of Australia
You mustn’t be in any financial hardship at the time of applying
You mustn’t have any unpaid defaults from the past five years
You mustn’t have been bankrupt within the last seven years

Common personal loan queries answered

What’s the difference between a bank and an online lender?

When it comes to personal loans, banks generally offer them at higher interest rates than non-bank lenders. These lenders aren’t required to increase the cost of their products to cover the cost of significant branch overheads or maximise profits to pass onto a variety of shareholders. However, both banks and smaller private lenders have robust online systems which usually make it simple and fast to apply.

Are there restrictions on how I can use my loan funds?

Not really – personal loans are designed to be flexible and are to be used for a wide variety of purposes. For instance, you may use one to help you fund your wedding, pay for your flights and accommodation for a trip interstate or overseas or even something as simple as consolidating existing high-interest debts.

Does it matter where I live when applying for a personal loan?

No – when you compare with Savvy, you’ll gain access to a range of online lenders who can approve your application no matter where you live. You can find a lender and loan to suit your needs regardless of the location of your home.

Will I be able to take out a loan if I’m self-employed?

Yes – although self-employed borrowers won’t be able to supply payslips in the same way as a PAYG worker, there are other ways to qualify for a personal loan. This will namely come in the form of tax returns and/or Notices of Assessment from the ATO, typically from the last 18 months to two years. Aside from this difference, though, the application process is almost identical for those who work for themselves.

Can I switch to a different loan down the track if I find a better deal?

Yes – this is known as personal loan refinancing and is a common practice for borrowers who want to switch their loan during their repayment term for a variety of reasons. This may be because their financial situation has improved throughout this period and they now qualify for a lower interest rate or something as simple as accessing a new feature on a different loan, such as a redraw facility. If your loan comes without any fees for early settlements, you can often refinance your loan without too much fuss.

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We’re here to help you find the most affordable options, so there’s no better way to compare personal loans and rates than right here, all in one place.

Wisr Personal Loan Review