Wisr Personal Loans

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Wisr, while describing itself as a ‘technology company’, is also a peer-to-peer provider of personal loans and investment solutions.

What personal loans does Wisr offer?

Wisr currently provides one general-purpose personal loan product, which offers the following features:

  • Your choice of either a secured or unsecured loan (security may be required for certain loan purposes)
  • Your choice of either a three or five-year term
  • A borrowing range of $5,000-$50,000
  • No early repayment, annual, or account administration fees
  • Loans are available for “any worthwhile purpose”
  • More favourable interest rates may be available for customers with better credit histories

Canstar doesn’t currently rate Wisr personal loans but you can compare other personal loan providers and products on our database.

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What can you use Wisr’s personal loans for?

Wisr states its personal loans can be used for “any worthwhile purpose”, however it does note that some loan purposes may require security.

Some of the purposes Wisr says its personal loans could potentially be used for are:

  • Debt consolidation
  • Buying a vehicle
  • Home renovations
  • A wedding
  • Travel

Check the product disclosure statement (PDS) from Wisr to see what you can and can’t take out a personal loan for.

What are the loan terms on Wisr’s personal loans?

Wisr offers you the choice of either a three or a five-year loan term.

What are the fees on Wisr’s personal loans?

At the time of writing, Wisr charges a $595 establishment fee, as well as a $25 late payment fee, and a $2.75 payment dishonour fee. Wisr does not charge annual or administration fees, or fees for making early repayments.

You can view the fees charged on other personal loan products in our personal loan comparison tables.

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Compare personal loans on Canstar’s database

If you’re looking to compare personal loans, check out the table below which includes a snapshot of the products on Canstar’s database. The table displays 5-Star Rated personal loans based on a $20,000 unsecured loan to be repaid over a three-year period, taken out in NSW. Check upfront with your provider to confirm the details of a particular loan product, and whether it meets your needs, before deciding to commit to it. *Read the Comparison Rate Warning.

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Do Wisr personal loans come with minimum repayments?

Wisr does not specify any minimum repayments on its website, however it does note that repayments must be made monthly. The size of your loan repayments will be determined by factors including the size of your loan itself and the interest rate charged.

How to apply for a Wisr personal loan?

Before getting started, you might first like to use the Canstar website to compare personal loans with other providers before choosing a product that suits your needs (please note that Canstar does not currently compare Wisr personal loan products).

If you decide to go with Wisr, you can apply for a one of its personal loans on its website after creating an account. You will need to complete an initial quote form before being able to apply for a loan proper.

Wisr says that in order to be eligible for one of its loans you must:

  • Have a gross income of over $30,000 p.a.
  • Be over 18 years of age
  • Have no unpaid defaults from the last five years
  • Have no bankruptcies in the last seven years
  • Not be currently in financial hardship
  • Be a permanent Australian resident currently residing in Australia

About Wisr

Wisr claims to be Australia’s only ASX-listed marketplace lender, and says it wants to provide a fair way to financial wellness for all Australians. It hase been featured in the Sydney Morning Herald, the Financial Review, and The Australian.

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Written by: Nina Tovey | Last updated: February 14, 2019