Wisr is a leading provider of different financial products as well as services to customers in Australia. It provides services including credit scores, personal loans, home loans, etc. The following guide will highlight all important aspects of Wisr loan reviews, features, and loan requirements.
What Is Wisr?
Wisr is a renowned neo- a lender that is based in Australia. Customers get secured and unsecured options in single personal loan products of Wisr for different purposes. It operates in a different way that is in contrast to traditional lenders and banks. Wisr being a technologically advanced online platform focuses on using digital methods and technologies to offer highly effective and modern financial products and services to Australian customers. Being a digital platform, Wisr does not have any physical branches. It is a premier NEO lender which has been listed on the Australian Securities Exchange, and its head office is situated in Sydney.
- Apply easily online
- personalized rate of interest
- Early payment fees is not required
- An establishment fee is applied
- No physical branches
- Loans are not available at variable rates
Different rates of interest depend on loan applicants’ credit history
Wisr makes use of a highly risky pricing strategy for providing loans to its customers. They provide different interest rates depending on their customer’s credit history.
|Credit rating||Interest percent|
|A grade to||9.34% PA|
|D grade||18.95% pa|
Wisr Loan Types
Wisr is a financial service-providing company that has been listed in ASX and provides personal as well as car loans along with different financial solutions and credit scores to Australian customers. Originally this financial service company was set up to become a peer-to-peer financial service lender, but today, it has moved to a distinct lending model. Summary of fees, rates, and other important features that apply to the personal loans of Wisr are as follows:
Wisr personal loan fees include-
- An annual fee of $0
- A payment dishonor fee of $2.75
- Late payment fee of $25
Total loan amounts can be a way that is in the range of $5000 to $64000, and the loan repayment option will be a three-year, five-year, or seven-year, respectively.
- Repayments can be made on a fortnightly, monthly, or weekly basis
- Repayment can be done in an easy way without including any penalty fee
- With the help of the roundup application customers can quickly pay off their debts and round up the value of the financial transactions that they take through their bank account and put the difference in transactions towards repaying the loan
It should be noted that all the conditions, terms, eligibility, and fees criteria apply to only Wisr personal loan and if you want to take a personal loan then you must read the Target Market Determination (TMD) along with Wisr key documents carefully to make sure that the financial product will cater to all your requirements and is suitable for you.
Wisr Loan Requirement
According to Wisr, all personal loans taken from this company can be used for any productive or worthwhile purpose. An important thing to note is that a few loan purposes require some security. Wisr states that its loans can be used potentially for the following purposes:
- Purchasing a caravan, motorbike, car, or any other vehicle
- Debt consolidation
- Medical expenses
- Home renovations
It is always advisable to read carefully all the Wisr product disclosure statements to make sure about the purpose for which you can or can’t take a personal loan, and then make an informed decision about whether you should go for that personal loan.
Wisr does not provide loans to everyone. While offering loans to people they have a standard eligibility list or criteria to ensure that the loan applicant is capable to repay their loans timely. They also thoroughly check their customer’s credit history, expenses, liabilities, and current employment situation.
The eligibility criteria for availing Wisr personal loan or as follows:
- The gross income of the loan applicant must exceed $25,000 PA
- The loan applicants must be more than 18 years of age
- There must not be any unpaid defaults in the past five years
- The loan applicants must not be under financial stress or hardship
- No bankruptcies details for the loan applicant in the past seven years
- He or she must be a permanent resident of Australia and should also reside in Australia presently
Beside these minimum criteria, other terms and conditions can also apply. If you want to obtain a loan from Wisr, then you must go through the basic and minimum eligibility requirements before directly applying. You can also get special consideration in your loan application, and for that, you have to reach out to the official website of Wisr.
Wisr Personal Loan Review
A personal loan from Wisr is a smart option similar to a debt consolidation loan since it helps lower you’re repayments and reduces the rate of interest. You can use Wisr personal loan to consolidate the number of credit cards you need to pay off each month, thereby removing the related fixed fee of each credit card. You can use these personal loans to fulfill any purpose without any limitation on the kind of debt that can be repaid as long as you have a stable source of income each month.
The personal interest rate can rise to 15% and is lower than the credit card interest rate. Wisr charges an establishment fee of $595, a $2.75 dishonor fee payment, and $25 for late payment fees. It does not charge any administration or annual fees or fees for making quick loan repayments. You can check the personal loan products and fees charged by Wisr on their official website.
Wisr Home Loan Review
Wisr home loans have different types such as debt consolidation, personal loans, and home renovation. Depending on your situation and the type of home renovation you want, you can easily opt for a Wisr home renovation loan. You can also combine all your debts into a Wisr home loan so that you can have a simple monthly repayment option at relatively lower rates of interest. Wisr offers a quick loan application process and the loan amount can be repaid for three, five or seven-year.
Wisr Car Loan Reviews
The eligibility criteria to obtain Wisr car loan is not strict as long as you are 18 years or above and have an active bank account. The maximum loan amount that you can avail of through the Wisr car loan program is around $63,000 and you can get approved for this loan even without having an extraordinary credit history. The repayment term for car loans is flexible and you can reduce your car loan monthly payments if you select a long time frame however you have to pay more interest rates. A downside of the Wisr car loan is that applicants who do not have a good credit history or the ones who are self-employed cannot avail of this loan.
Wisr is an online marketplace that provides investment options and personal loans to customers residing in Australia. As it doesn’t operate like a banking firm or credit union, therefore, it does not come in a full range of accounts or credit cards.
Wisr company provides a fairer and smarter alternative to Australians who can apply for personal loans and can manage their current financial situation in a better way. Sanctioning wiser loan applications takes only a few minutes using a smartphone. While traditional banks and lenders take several days or hours to complete, our task wiser company performs the same task in a few minutes. This is how Wisr is providing a full digital experience to its customers.
Is Wisr Loans Safe?
Organizing a quick and safe personal loan with Wisr is possible as Wisr ensures an efficient and easy process. It is backed by two leading credit bureaus- Experian and Equifax. It provides safe investment options and personal loans to Australian customers.
Is Wisr Credit Check Safe?
With Wisr, your information will be completely secure as they store and manage their customer’s confidential data by the Privacy Act 1988 (CTH).
Is Wisr a good investment?
Wisr is not profitable currently, as its share price has fallen over the last 12 months. Wisr limited stock may not be an ideal investment decision, and investors have faced an 18% loss against the market game of only 13%.
Hi, I’m Damini majumder. I’m the author and writer of this blog and share all the information related to Cryptocurrency, Finance, Market forecast, Stock forecast, US and Indian shares through this website. I’m an experienced content writer and aspire to succeed as a content writer in the virtual realm by generating traffic through my immersive content and engaging taglines. Read More