Wisr Personal Loan Review

Learn all about Wisr’s personal loan offer and find out whether it’s the best option for you here with Savvy.

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, updated on November 9th, 2023       

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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 to help you make the most educated choice on which personal loan is the cheapest and best for your needs, all in one place.

*Rates and product information are correct as of 9 November, 2023.

wisr logo

Wisr personal loan features and benefits

Interest rates starting from 9.04% p.a.

Wisr’s minimum fixed interest rate of 9.04% p.a. (9.88% p.a. comparison) enables you to lock in your personal loan's interest from the outset.

Get approved for up to $62,000

With an unsecured personal loan through Wisr, you can borrow as much as $62,000, with amounts starting from as little as $5,000 without security.

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, so not having to budget for them on your personal loan is always a bonus (Wisr charges a $10 Monthly Account Fee on their Secured Car Loan product, however).

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


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 offers unsecured personal finance which is 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 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. This can take as few as ten minutes to complete. 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 contract to sign which outlines the conditions of your loan. 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 gross income of more than $25,000 annually
  • You must be a citizen or permanent resident of Australia currently living here
  • 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?

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. However, you won't be approved for your loan if you intend to use it for gambling purposes, for example.

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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