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The non-bank lender revealed that its latest offering is available now, exclusively to accredited brokers, while borrowers will be able to access it directly in the coming months.
The Wisr Secured Personal Loan is available for a minimum of $10,000 and a maximum of $65,000.
Borrowers can secure the loan with an asset such as a vehicle to access a reduced interest rate, so long as it’s registered in the borrower’s name, is less than 13 years old at the time of application, and is not under finance.
The loan starts from 5.70 per cent per annum (comparison 7.14 per cent) and can be used for any circumstance, including home improvements, debt consolidation, vehicles, travel, medical expenses, legal fees, tax debt, and gap finance.
Wisr said the Secured Personal Loan has higher LVRs and broader vehicle eligibility criteria compared to traditional secured vehicle loans.
According to Wisr’s head of broker Nicole Evans, the rollout of the new personal loan was due to broker feedback.
“Brokers have consistently asked us for a secured personal loan product and we’ve delivered. This launch reflects our commitment to building products that best serve brokers and their clients. It also highlights Wisr’s focus on deepening relationships with our broker partners and ensuring they have the tools and products they need to succeed,” she said.
The loan-to-value ratio on secured personal loans has a maximum cap of 350 per cent.
There is a monthly fee of $10 plus a $10 PPSR fee for secured loans and before inclusion of any broker origination fee.
Comparison rates are based on $30,000 secured loan, zero to one-year-old asset, fixed over five years, with monthly repayments, including a $560 loan establishment fee.
