Lender Review: Wisr
- Loans from $5,000 to $99,000
- Over 3 to 7 years
Wisr is a financial technology pioneer in Australia’s fast-rising consumer financing industry. The company was founded in 2006 and employs more than 200 employees to date. It has headquarters in The Rocks, New South Wales and is operational from Mondays to Fridays, 9 AM – 5:30 PM. Its ABN is 80004661205, and its Australian Credit License Number is 458572.
Wisr has won multiple awards such as the Australian Banking Innovation Awards Winner 2020, Rate City Gold Award 2020, Fintech Australia Awards 2020, and Financial Review Fast 100 2020. The company has lent over $450 Million as of the third quarter of 2021.
Types of Loans Offered by Wisr
Wisr offers a variety of loan options to meet the different needs of borrowers. Some of the types of loans offered by Wisr include:
- Personal Loans: Wisr provides personal loans for various purposes such as debt consolidation, travel, weddings, medical expenses, and more. These loans are unsecured and have a fixed interest rate.
- New + Used Car Loans: Wisr offers car loans for both new and used cars. These loans are secured, which means the car you purchase will be used as collateral. The interest rates are fixed and vary based on your credit score and other factors.
- Green Loans: These loans are designed to help finance eco-friendly home improvements such as solar panels, energy-efficient lighting, and insulation. Green loans are unsecured, have fixed interest rates, and repayment terms range from 3 to 7 years.
- Home Renovation Loans: Wisr provides home renovation loans to help fund home improvement projects. These loans are unsecured and have fixed interest rates.
- Medical & Cosmetic Loans: These loans are designed to help finance medical and cosmetic procedures such as dental work, cosmetic surgery, and fertility treatments. These loans are unsecured, have fixed interest rates, and repayment terms range from 3 to 7 years.
- Holiday and Travel Loans: Wisr provides travel loans to help finance travel expenses such as flights, accommodation, and activities. These loans are unsecured and have fixed interest rates.
- Debt Consolidation Loans: Wisr offers debt consolidation loans to help consolidate multiple debts into one easy-to-manage payment. These loans are unsecured, have fixed interest rates, and repayment terms range from 3 to 7 years.
- Electric Vehicle Loans: These loans are designed to help finance the purchase of electric vehicles. These loans are secured, which means the vehicle you purchase will be used as collateral. The interest rates are fixed and vary based on your credit score and other factors.
- Wedding Loans: Wisr provides wedding loans to help fund wedding expenses such as venue, catering, and photography. These loans are unsecured, have fixed interest rates, and repayment terms range from 3 to 7 years.
- Leisure and Recreational Loans: These loans are designed to help finance recreational equipment such as boats, jet skis, and caravans. These loans are secured, which means the equipment you purchase will be used as collateral. The interest rates are fixed and vary based on your credit score and other factors.
Wisr Application Process
How to Apply
- Get a rate estimate: The first step is to get a free rate estimate from Wisr to find out what your personalised rate may be. This can be done on the Wisr website, and it won’t affect your credit score.
- Select a repayment option: Once you’ve received your rate estimate, you can select a repayment option that suits you. Wisr offers loan terms of 3, 5 or 7 years.
- Complete the loan application: After selecting a repayment option, you can proceed to complete the loan application online. You will need to answer a few questions and provide some documents, including:
- Proof of identification such as an Australian Driver’s Licence, passport or photo ID card,
- recent payslips or proof of income, employment details covering the last 3-5 years,
- bank statements showing proof of savings and expenses.
Additionally, you may be required to provide a list of assets, debts, and living expenses. Once you have all the necessary documentation, you can complete the loan application process in as little as 10 minutes.
- Review and sign the loan contract: Once you’ve submitted your application, Wisr will review it and determine what they can offer you. If your application is approved, Wisr will send you a loan contract to review and sign.
- Receive your funds: After you’ve signed the loan contract, Wisr will distribute the funds to your nominated bank account, typically within a few business days.
To be eligible for a Wisr personal loan, you must meet the following criteria:
- Your gross income is over $25,000 p.a.
- You are over 18 years of age
- You have had no unpaid defaults in the past 5 years
- You have had no bankruptcies in the last 7 years
- You are not currently in financial hardship
- You are a permanent Australian resident (living in Australia right now)
However, please note that meeting these requirements does not guarantee approval for a loan, as Wisr will also assess your credit score and financial situation before making a decision.
Maximum Loan Amounts
Wisr offers unsecured personal loans from $5,000 to $62,000 and secured personal loans from $10,000 to $99,000. The loan amount you can receive may depend on factors such as your income, credit score, and the purpose of the loan. It’s always a good idea to check with the lender directly to see what options are available to you.
Applications typically take 10 minutes to complete. Once approved, you will receive the personal or car loan funds in your preferred bank account within 24 to 48 hours.
How is the money transferred?
When you take out a loan from Wisr, the money is transferred directly into your nominated bank account once your application has been approved and you have accepted the loan offer. This transfer is typically processed within one business day after you accept the loan offer.
Wisr uses the Electronic Funds Transfer (EFT) system to transfer funds to your bank account. EFT is a secure and reliable way to transfer money between accounts in Australia. It typically takes one to two business days for the transferred funds to appear in your bank account, depending on your bank’s processing times.
It’s worth noting that Wisr does not charge any fees for loan disbursements or repayments. However, your bank may charge fees for receiving the funds or processing the payment, so it’s a good idea to check with your bank to see if any fees apply.
You can call Wisr’s customer service team at 1300 992 007. They are available Monday to Friday from 8 am to 7 pm (AEST). You can also email Wisr’s customer service team at firstname.lastname@example.org.
Wisr also offers a live chat service on its website. You can access this by clicking on the chat icon on the bottom right-hand side of their homepage. Alternatively, you can fill out the contact form on their website, and a member of their customer service team will get back to you as soon as possible.
Wisr Fees and Repayments
- Personal Loans – $5,000 to $62,000 with loan terms of 3 years to 7 years. Minimum APR starts at 9.04% to 23.79%. Establishment fee is $595
- Car Loans – $10,000 to $99,000 with loan terms of 3 years to 7 years. Minimum APR starts at 9.09% to 17.24%. Establishment fee for refinance and dealer sale car loans are $605 and $655 for private sale car loans
- Other Fees: $25 late payment fee; $2.75 dishonour fee; $10 per month for car loans
- There are no early repayment fees and no mentioned default fees and monthly fees on Wisr’s website
These fees are in line with the information present on Wisr website as of November 2023.
Note that these fees and charges are subject to change and may vary based on the specific loan product and terms that you choose. It’s important to carefully review the terms and conditions of your loan agreement before accepting any loan offer.
Early Repayment Options
Wisr offers early repayment options with no penalty fees. This means that if you have the means to pay off your loan early, you won’t be charged any extra fees. Additionally, Wisr offers a Round Up app which allows you to link your spending accounts and automatically round up your purchases to the nearest dollar. These rounded-up amounts are then applied towards paying down your loan, providing you with an easy and automated way to pay off your loan faster.
Direct Debit Arrangements
When you take out a loan with Wisr, you will need to set up a direct debit arrangement for your loan repayments. This means that the agreed repayment amount will be automatically deducted from your nominated bank account regularly, such as weekly, fortnightly, or monthly.
Direct debit arrangements can be set up during the loan application process or by contacting Wisr’s customer service team. It’s important to ensure that you have sufficient funds in your account to cover the repayment amount on the due date to avoid any late fees or charges.
If you need to change the direct debit arrangement for any reason, you can do so by contacting Wisr’s customer service team. It’s also a good idea to regularly review your loan repayment schedule to ensure that everything is on track and that you’re not falling behind on your repayments.
Notable Loan Product Features
- Quick loan disbursement: Wisr is known for releasing loan proceeds within the day.
- Direct debit repayments: Wisr sets up a direct debit arrangement with your bank account, making it easy to make repayments on time.
- Round-Up app: The Wisr app rounds up your payment for daily transactions to the nearest dollar and allocates the spare to either your savings account or as a contributing payment to your loans, making it hassle-free to manage your debt.
- Financial hardship assistance: Wisr may lower your payback amount or suspend your obligatory repayments for an agreed-upon period of time if you experience financial hardships during the term of the loan.
It’s important to note that while these features can make it easier to manage your debt and make repayments, it’s essential to consider the overall cost of the loan, including any fees and interest charges, before taking out a loan. Make sure you can afford the repayments and understand the terms and conditions of the loan agreement.
The Company: Wisr
- Speedy loan application process and loan approval process.
- Online processing of applications through the self-service portal
- Loan top-up options for eligible borrowers
- Auto-debit arrangement for scheduled payments
- Problems with the user interface of the self-service online portal, resulting in a slow process for online customers.