How can I pay off my loan faster?

Looking to pay off your Wisr loan a bit faster? We love that! At Wisr, we don’t charge you any fees for making extra repayments or repaying your loan early. So, with that in mind, here are a few savvy ways you can bring forward your debt-free date.

What’s Round Up, you ask? Well, it’s essentially a wallet for your digital spare change. Simply link Round Up in Wisr App to your spending account and set it to round up your purchases to the nearest $1, $2 or $5. You can then use the daily savings to either chip away at your Wisr loan, save up for something special or help pay down another debt. Genius, right?

As we mentioned earlier, you can make extra repayments on your Wisr loan with zero penalties at any time in Wisr App. So, if your income fluctuates month-to-month (we’re looking at you self-employed business owners) or you’ve come into a little extra cash, you can use it to pay a chunk off your loan and save on the amount of interest you’ll repay in total. Just note that you’ll still need to make your regular scheduled loan repayments even if you’ve made an extra payment.

Wisr App is full of smart money hacks that can help you make good money habits and save a little extra month to month. Just go into Wisr App, head to Money Hacks on your homescreen and select ‘view all’. If you manage to make a few savings, you can then put them towards paying off your loan by making extra repayments.

We know that life can be unpredictable - and that doesn’t always have to be a bad thing. If your circumstances change and you now have the funds to repay your Wisr loan in full, you can do at no extra cost. 

Inspired to pay your loan off a little faster? No matter if you pick one, two or even three of these ways to bring forward your debt-free date, you’ll save money by chipping away at your loan and reducing how much interest you repay overall. Now, that’s a smart move. 

Hungry for more smart money moves? Check out our 3 zero-effort saving tricks everyone should know about.