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