Wisr Review

Best for

Flexible across different income sources - Wisr accepts certain Centrelink income as a sole income source, and they are also very flexible on employment situations (e.g. if new to a role)

No early repayment fees - you can end your loan early without having to pay any additional charges

Draw backs

Slower to approve, with some approvals taking up to 2 days to come through - but with a very fast settlement process once approved

Applicants are unlikely to be approved if there is evidence of adverse bank statement conduct

Personal loans are generally restricted to use for debt consolidation or car purchases

Wisr overview

Formed in 2006 and headquartered in Sydney, Wisr is an ASX-listed non-bank lender. Since its inception, their specialty has been the unsecured Wisr personal loan product. But in 2020, Wisr introduced their new car loan product meaning they now offer both secured and unsecured personal loans.

Wisr tries to differentiate itself by offering a number of resources to their customers including a mobile app that helps customers meet saving goals and a free credit score retrieval service. They also have no fees or early repayment charges (except for a small establishment fee).

Like other non-bank lenders, Wisr doesn’t take deposits which means they rely on other sources (e.g. warehousing) to secure funds to lend to consumers. These funds come from institutional investors like NAB, as opposed to deposits that come from everyday consumers.

How to apply for a Wisr car loan

Wisr is heavily reliant on brokers for the origination of their loans, which means to apply for a secured car loan you’ll most likely need to apply through a broker. For their unsecured personal loan product, you can apply directly on their website.

You’ll also need a fairly clean credit history, with a minimum Equifax score of 500 and no tolerance for bankruptcies or unpaid defaults.

See if you qualify for a Wisr loan in minutes

Find my rates

Fixed rates from:

10.09% (11.78% comparison rate*)

Loan amounts:

$5,000 - $65,000

Loan terms:

3, 5 or 7 years

Loan types:

Secured and unsecured personal loans (Only for car loans or debt consolidation purpose)

Min. credit score:

500

Min. income:

$30,000 per annum (gross)

Co-applicants?

Yes

Fees:

Establishment fee: $475-865 (depending on loan size)
Monthly: $0
Early termination charges: $0
Brokerage up to $2,000

*Last updated 15/04/24

Big no-no's (automatic declines)

More than one payday loan

Unpaid bankruptcies or defaults

Less than 4 months of casual employment

Driva tip: Wisr might make 'common sense' exceptions to their policies for explainable circumstances or particularly strong applicants. Your Driva loan expert is able to liaise directly with Wisr to find out if you’ll be able to receive an exception if you fall outside of one of their policies but are otherwise a strong applicant, but if you apply directly with Wisr their policies will be observed to the letter.

Other hot tips

Wisr offer personal loans and secured car loans so they have options no matter how old your vehicle is

Wisr - Frequently Asked Questions

How does Wisr decide what rate to charge me?

For their secured car loan product, Wisr looks at three key factors when determining what rate to charge:

The age of the vehicle being purchased (must be less than 12)
The Equifax credit score of the customer
Whether or not the customer is a homeowner

Unlike other lenders, Wisr does not provide more favourable interest rates for homeowners versus renters.

With Driva, the hard work of figuring out exactly what rate Wisr will give you is done for you. Just enter some basic personal information to see what tailored interest rate you are eligible for both secured and unsecured Wisr personal loans (and the other lenders on our panel) without impacting your credit score.
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Learn: what other lenders look for when pricing your loan

Does Wisr charge fees?

Wisr charges no early repayment fees or monthly fees, which is fairly unusual amongst Driva lenders. The only fee Wisr charges is an establishment fee, which ranges from $475-865, depending on loan size.

Don't forget that every lender charges fees, and that these charges (including any money that lenders pay to Driva) are already built into the monthly repayment quoted - which reflects the total cost of the loan.

How does Driva get paid by Wisr?

We get paid for sending Wisr high-quality customers that have been pre-vetted to ensure they meet all policies before they are lodged. This payment generally includes two components:

Brokerage: up to $990
Commission: Up to 1% of the amount financed (to a maximum of $350)

As with all lender fees, these are not payable from you to Driva directly and are not required to be paid upfront. Instead, Wisr incorporates this payment into your total loan amount, which is paid off over the life of the loan.

Driva’s rate quotes for Wisr are higher than what I’ve seen elsewhere!?

All car loan brokers have access to the same interest rate, whether that be for Wisr's secured or unsecured loan products. If you decide to apply through Driva, we can also match the rate you would receive from Wisr by going directly, regardless of the loan term. This means that if you're seeing a different comparison rate for Wisr elsewhere, it could be because other brokers are showing generic comparison rates that will be increased later in the process because of an older vehicle, your living situation, or credit score.

If you still think our comparison rate is higher than you’re seeing them elsewhere, we’re confident we’ll be able to beat it. Email us at contact@driva.com.au.

What is a good credit score in Australia?

In Australia, credit scores generally range from 0 to 1,200, depending on the credit reporting agency. A good credit score is typically considered to be:

Excellent: 800 - 1,200
Very Good: 700 - 799
Good: 625 - 699
Average: 550 - 624
Below Average: 0 - 549

A higher credit score reflects a more favourable credit history, potentially leading to better loan terms, lower interest rates, and more opportunities for credit. It is beneficial to maintain a good credit score by making timely payments, keeping debt levels manageable, and avoiding unnecessary credit applications. To find out more check out our article here ‘What Is A Good Credit Score In Australia?’