Lender Review: Wisr

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Company Brief

Personal Loan: $5,000 to $63,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan (Unsecured) 6.49% (for borrowers with excellent credit history) to 20.95% per annum Fixed Interest Rate $5,000 $63,000 1-2 business days 3 years 7 years

The minimum loan amount for a personal loan is $5,000, and the maximum loanable amount is $63,000. The loan payment terms for a personal loan is three years, five years, and seven years.

For example, a personal loan of $10,000 that is paid every month for five years would have a monthly payment of $207.25 with a $595 establishment fee, $1,840 total interest and a 7.31% per annum comparison rate. The computations above apply to a borrower with excellent credit history.

Car Loan: $5,000 to $63,000

Type of Loan  Interest Rate  Interest Type  Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Personal Loan (Unsecured) 4.74% (for borrowers with excellent credit history) to 16.01% per annum Fixed Interest Rate $5,000 $63,000 1-2 business days 3 years 7 years

The minimum loan amount for a personal loan is $5,000, and the maximum loanable amount is $63,000. Car loans can be used to purchase new and used diesel or petrol vehicles. The loan payment terms for a personal loan are three years, five years, and seven years.

For example, for a car loan amounting to $30,000, for a brand-new vehicle purchase, and with a 5-year payment term, the monthly payment would be $583.74 and $4,419.40 total payments in interest (6.27% per annum comparison rate). The computations above apply to a borrower with excellent credit history.

Breakdown of all fees for each loan product

The following are the lending costs of Wisr’s unsecured personal loan:

  • Interest Rate: 6.49% to 20.95% Per Annum
  • Comparison Rate: 7.31% to 20.89% Per Annum (based on $30,000 unsecured loan, fixed over five years, with monthly repayments.)
  • Establishment Fee: $595
  • Late Payment Fee: $25
  • Payment Dishonour Fee: $2.75

Meanwhile, the following are the lending costs of Wisr’s secured car loan:

  • Interest Rate: 4.74% to 16.01% Per Annum
  • Comparison Rate: 5.56% to 16.93% Per Annum (based on a $30,000 secured loan, fixed over five years, with monthly repayments)
  • Establishment Fee: $605 for refinance, $605 for dealer sale, and $655 for private sale
  • Late Payment Fee: $25
  • Payment Dishonour Fee: $2.75

Application Process

To apply for a personal and car loan, go to the Wisr website. You will need to submit the following information in the loan application process:

  • Driver’s license number
  • Documentation of current address
  • Employment details

You will also need to meet the following criteria to have your application considered:

  • Have a gross income of $30,000 per year
  • 18 years old and above
  • No unpaid defaults within the last five years
  • No bankruptcies in the previous seven years
  • Not currently in financial hardships
  • Permanent Australian citizenship

Applications typically take 10 minutes to complete. Once approved, you will receive the personal or car loan funds to your preferred bank account within 24 to 48 hours.

Notable Loan Product Features

Wisr personal and car loans are known for releasing loan proceeds within the day. Repayments are also completed using a direct-debit arrangement setup with your bank account, making it easy to make repayments on time. Another notable feature of Wisr loans is the Round-Up app, where 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.

For example, if you buy a coffee for $2.80, the Wisr app rounds it up to $3.00 and allocates the extra $0.20 to your savings account or as payment to your existing loans. The Wisr app makes it hassle-free to manage your debt, with round-ups enabling you to make repayments after everyday purchases.

The company also extends assistance to users experiencing financial hardships during the term of the loan. The company may lower your payback amount or even suspend your obligatory repayments for an agreed-upon period of time until you can make regular loan repayments.

Please keep in mind that by postponing payments, you will still be subject to arrears and interest on your loan, and you may wind up paying more interest over the length of the remaining loan period. It is essential that you are able to afford these future debt payments as they could impact your credit score, affecting future loan applications.

Positive Features of Wisr

  • Online application process
  • Quick approval for applications (as early as 10 minutes from the application)
  • Manageable interest rates
  • Up to seven years of repayment
  • Assistance to borrowers with financial hardships during the term of the loan
  • The customer service team provides fast and reliable customer service.

Negative Features of Wisr

  • Difficulty in navigating the website for some new users

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