Wisr Personal Loan
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- Interest Rate (p.a.)
- 7.44% to 25.09%
- Comparison rate (p.a.)
- 8.27% to 25.87%
- Min Loan Amount
- $5,000
Summary
Access a competitive starting interest rate that's in the top half of personal loans we've analysed.The Wisr Personal Loan offers a competitive starting interest rate that's in the top half of lower-rate loans we've analysed. However, this is balanced by a high $595 application fee, which sits in the top 15% of higher fees we've analysed.
Its value is boosted by having no ongoing monthly fees or penalties for early repayment. Overall the loan has a Finder Score of 7.9 out of 10.
Pros
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Personalised, fixed interest rate
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Low fees
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Early repayment without penalty
Cons
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Only 3, 5 or 7-year loan terms
Details
Wisr Personal Loan
| Product Name | Wisr Personal Loan |
| Interest Rate (p.a.) | 7.44% to 25.09% |
| Comparison rate (p.a.) | 8.27% to 25.87% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $62,000 |
| Loan Security | Unsecured |
How does Wisr Personal Loan compare?
- Competitive starting interest rate. Its minimum rate of 7.44% is in the top half for lower rates among personal loans we've analysed.
- High application fee. Its $595 application fee is in the top 15% of higher fees we've analysed.
How does the Wisr personal loan work?
This personal loan from Wisr comes with fixed personalised interest rates. With a fixed rate loan, your interest payments remain consistent throughout the term of the loan.
You'll also get personalised interest rates that are tailored to your credit score.
This means that applicants with good credit are more likely to get lower rates, and applicants with negative credit behaviour get higher rates.
You can use the loan funds for any worthwhile purpose, including debt consolidation, legal fees, gap finance, tax debts, the purchase of a car or other personal expenses.
Eligibility criteria
To be eligible for this loan, you must:
- Be over 18
- Be a permanent resident or citizen of Australia, currently living in Australia
- Have a gross income over $25,000 p.a.
- Have no unpaid defaults in the last 5 years
- Have no bankruptcies in the last 7 years
- Not currently be in financial hardship
How to apply
You can apply for a Wisr personal loan online and get a personalised rate quote within minutes. You'll then need to provide 2 forms of ID (such as your driver's licence, passport or Medicare card) to continue with the loan.
You will also have to provide bank statements for the last 90 days and payslips. Keeping your documents on hand can help speed up the process.
Features of this loan
- Fixed rate. Your interest repayments will remain the same for the lifetime of the loan. This makes it easier to predict and budget for your repayments.
- Personalised rates. Your interest rate is based on your credit score. If you have a good score and good credit behaviour, you’re likely to get a lower rate. If you have negative credit behaviour, your rate will be higher.
- Flexible repayments. You can make weekly, monthly or fortnightly repayments, depending on which option suits your budget best.
- Varying loan terms. Your loan terms can be 3, 5 or 7 years.
- No early exit or repayment fees. You can pay off your loan early without facing a penalty.
- No ongoing fees. No monthly or annual ongoing fees.
How much does the Wisr personal loan cost?
The costs associated with this loan include:
- Loan principal
- Fixed personalised interest rate ranging from 7.44% p.a. to 25.09% p.a.
- Establishment fee of $595
No monthly or annual administration fees are charged. Your comparison rate, which includes fees and interest charges, will range from 8.27% p.a. to 25.87% p.a.
