Wisr

Wisr is an online only, peer to peer lender listed on the Australian Stock Exchange (ASX) under the ticker code WZR. It was the first lender of its kind to trade as a publicly listed company.

This non-bank lender began life as DirectMoney.

Following a major rebrand in March 2018, DirectMoney changed its name to Wisr to better reflect its goal of helping people manage their money more wisely … or as their slogan states find “a smarter way to borrow”.

Since then, Wisr has been shaking up the personal loan market.

Wisr helps you to stay on top and improve your credit score and borrow responsibly by finding a personal loan that meets your needs.

The company offers competitive interest rates, however as with most peer to peer lenders, its rates are based on risk-based pricing strategy. This means your interest rate will reflect your credit history.

Wisr

Wisr is an online only, peer to peer lender listed on the Australian Stock Exchange (ASX) under the ticker code WZR. It was the first lender of its kind to trade as a publicly listed company.

This non-bank lender began life as DirectMoney.

Following a major rebrand in March 2018, DirectMoney changed its name to Wisr to better reflect its goal of helping people manage their money more wisely … or as their slogan states find “a smarter way to borrow”.

Since then, Wisr has been shaking up the personal loan market.

Wisr helps you to stay on top and improve your credit score and borrow responsibly by finding a personal loan that meets your needs.

The company offers competitive interest rates, however as with most peer to peer lenders, its rates are based on risk-based pricing strategy. This means your interest rate will reflect your credit history.

Unsecured Personal Loan - Diamond

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Unsecured Personal Loan - Platinum

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Wise is one of the more popular loan providers based on its strong focus on customer service, speedy approvals and competitive interest rates.

Things you should know about Wisr personal loans

  • You can borrow from $5,000-$63,000.
  • Loan periods are between three and five years.
  • The Wisr Personal Loan has no ongoing fees.
  • The Wisr Personal Loan has no early repayment fee.
  • There is an upfront $195 fee to take out your loan.
  • Late monthly repayments incur a $25 late fee.
  • Wisr only makes soft enquiries with participating credit reporting bureaus, meaning your credit score is not impacted.
  • Quick application process.
  • Borrowers can get same day approval, with access to funds also available on the same day for some borrowers.
  • Unsecured loans mean you don’t have to secure a personal loan with an existing asset.
  • To take out a loan, you must be employed and earn a gross annual income of at least $30,000.

Personal loans

Wisr has personal loans for almost any circumstance including debt consolidation, cars, legal fees, tax debt, weddings, medical expenses, tax debt, gap finance, travel renovations and more…

1. Debt Consolidation

If you need to consolidate your credit card debt, or other personal debt, the Wisr Debt Consolidation loan offers a competitive interest rate. Like all Wisr loans, there are no ongoing fees and you can pay out your loan early without needing to pay a fee to do so. You can receive your personal rate estimate within two minutes. Loan terms are for three, five or seven years and you can borrow between $5000 and $63,000 and pay it back weekly, fortnightly or monthly. There is a late payment fee of $25 and a dishonour fee of $2.75. To be eligible, you should also have no unpaid defaults for the last 5 years and no bankruptcies in the last 7 years.

2. Home Renovation

If you need to fix up your home, Wisr’s Home Renovation loan can be used for any major home improvement project. You can borrow between $5000 and $63,000 and pay it back weekly, fortnightly or monthly over a three, five or seven year period. You can use the money to do anything from kitchen renovations, to adding a new room, putting in a pool, landscaping and more.

3. Green Loans

Wisr offers a personal loan specifically for those who want to ‘green’ their home. For instance, you can take out a loan to install solar panels and energy efficient appliances, purchase air source heat pumps and solar hot water systems or even buy a hybrid, low emission car. This is a great loan for those who want to live more sustainably, however the products you wish to purchase must meet certain energy efficiency and performance standards. To find out eligibility details, consult your Wisr green loan Account Manager.

4. Car Loans

Wisr’s secured car loan offers a competitive interest rate with varying establishment fees.

  • $605 for refinance
  • $605 for dealer sale
  • $655 for private sale

Being a secured loan, you must put up an existing asset against the loan amount. You can borrow between $5000 and $63,000 and pay it back weekly, fortnightly or monthly over a three, five or seven year period. Wisr can refinance your current asset finance contract, however you must supply a valid payout letter from your current financier.

5. Travel Loan

If you have travel plans, don’t put your trip on a credit card, consider taking out a Travel Loan. Wisr’s Travel Loans have a competitive interest rate, generally far lower than your credit card. The Wisr Travel Loan will cover flights, accommodation and general expenses. If your holiday is cancelled, speak to a customer representative to see what can be done.

6. Medical Loans

Wisr’s Medical Loans cover everything from:

  • IVF
  • Hospital expenses
  • Medical surgery
  • Cosmetic surgery
  • Medical treatments
  • Personal medical equipment

The good thing about this loan, is that no matter where you are in the world, your procedure can be covered by a Wisr medical Loan.

7. Wedding Loan

Weddings are becoming increasingly more expensive and difficult to finance. A Wisr Wedding Loan can help you pay for all expenses including ceremony, reception venue, flowers, food, wedding rings music and entertainment and other expenses. Wisr offers joint loans so you can share the costs.

8. Recreational loans

Are you looking to purchase a boat, caravan, RV, jet-ski or motorbike, then a Recreational Loan could be what you need to make it your own. Wisr offers pre-approval, so you have peace of mind when negotiating the purchase with a dealer or private seller.

Pros

  • Competitive interest rates
  • Strong customer service
  • Simple product range
  • Application does not affect credit score
  • Quick application process and approval process
  • No ongoing fees

Cons

  • Late payment fee
  • Dishonour fee
  • Online only
  • Risk based interest rates