Wisr Secured Personal Loan
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- Interest Rate (p.a.)
- 8.24% to 20.74%
- Comparison rate (p.a.)
- 9.77% to 22.29%
- Min Loan Amount
- $10,000
Summary
Access a high borrowing amount with the Wisr Secured Personal Loan.With a Finder Score of 7, the Wisr Secured Personal Loan could suit borrowers who need a large loan amount.
However, it is let down by higher costs. Its minimum interest rate is in the top half of the market, while the $605 application fee is among the top 10% of the most expensive we've analysed.
Pros
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Personalised interest rate rewards you for having a good credit profile
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You can secure the loan against vehicles up to 13 years old
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If you’re approved you can receive the funds within 24 to 48 hours
Cons
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There are multiple fees with this loan, including a $10 monthly fee as well as a $50 private sale fee if not bought from a dealership
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This loan has a minimum $560 establishment fee
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You won’t be able to use this loan if you want to borrow more than $147,000
Key takeaways
- This loan requires vehicle security offering lower interest rates but risking your asset if repayments are missed.
- Expect an average interest rate from 8.24% p.a. and an establishment fee of $560 plus a $10 monthly fee.
- Eligible applicants can borrow from $10,000 up to $147,000 with funds often available within 48 hours.
How does Wisr Secured Personal Loan compare?
- High maximum loan amount. This loan offers a higher maximum borrowing amount than many other lenders.
- Higher interest rates. The minimum interest rate of 8.24% is in the top half of the market making it more expensive than many competing products.
- Expensive application fee. The $605 application fee is in the top 10% of the most expensive fees in our database.
How does the Wisr secured personal loan work?
If you're in the market for a personal loan you can borrow up to $147,000 with a competitive interest rate when you secure your loan using a vehicle. You'll benefit from lower interest rates compared to if you used an unsecured loan, but you do risk losing the vehicle if you fail to meet repayments.
The interest rates are personalised to your credit score. The higher your credit score the better your interest rate will be. Interest rates are also fixed so you'll know your repayments stay the same throughout your loan term.
If you don't have a car, you might need to consider the Wisr unsecured personal loan instead.
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
- 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
- Security. This personal loan needs to be secured against a vehicle less than 13 years old. This means if you fail to repay the loan you're at risk of losing the vehicle.
- 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.
How much does the Wisr personal loan cost?
The costs associated with this loan include:
- Loan principal
- Fixed personalised interest rate from 8.24% p.a.
- Establishment fee of $605
- Monthly account fee of $10
- PPSR fee of $10
- Security asset verification fee of $50, unless you're buying a car from a dealership
Your comparison rate, which includes fees and interest charges, will start from 9.77% p.a..
Sources
Your reviews
Rebecca Finder
Editor, Money
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