Crunch the numbers for a Wisr loan using our personal loan calculator.
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Details
| Total Repayments | $0.00 |
|---|---|
| Total Interest | $0.00 |
| Amount Required | $0.00 |
| Establishment Fee | + $0.00 |
| Loan Total | $0.00 |
| Interest Rate (p.a.)1 | 0.00% |
How do I use a personal loan repayment calculator?
We get it - maths isn’t everyone’s cup of tea. That’s why we’ve created our handy personal loan calculator. You just tell us what you want out of your loan, such as how much you want to borrow, the type of loan you’d prefer, how long you’d like to pay it all back, and so on.
What’s the difference between a secured and an unsecured personal loan?
An unsecured loan is a loan that’s not secured against an asset. The lender simply lends you the money and you repay the personal unsecured loan in monthly instalments, plus interest, until the end of your loan term.
A secured loan is secured against an asset, like a car. This means that if you stop repaying your secured personal loan, the lender could repossess the asset to recover their costs. As this adds a bit of extra security for the lender, secured loans can come with lower interest rates than unsecured loans.
How much can I borrow with a personal loan?
As mentioned, Wisr offers unsecured personal loans from $5,000 to $64,000 and secured personal loans from $10,000 to $150,000.
That said, how much you’re eligible to borrow will also depend on other factors such as your income surplus and your credit score. This is because a responsible lender won’t lend you an amount that could put you in financial difficulty.
How do I choose a loan term?
Choosing a personal loan term really comes down to you and your money goals. The shorter the loan term, the less interest you’ll repay overall and the quicker you’ll be debt free. Sounds pretty great, right? Well, it also means that your monthly repayments will be higher as you won’t have as long to repay your loan.
Your other option is a longer loan term. The longer the loan term, the lower your monthly repayments will be. This can help make sure that you can more easily afford your loan repayments alongside your other financial commitments. It will, however, cost you more as you’ll have paid back more interest by the end of your loan term.
Where can I get a clearer idea of my credit history?
On Wisr App! Simply download our app on Android or download Wisr App on iOS, create an account, then head to the credit scores tab and follow the instructions.
You’ll be able to see your credit scores with both Equifax and Experian, two of the main credit referencing agencies here in Australia. You’ll also receive personalised insights into what you’re doing well and how you can improve your credit scores. And don’t worry, checking your credit scores won’t impact them in any way.
What’s a comparison rate?
A comparison rate takes into account any additional fees or charges associated with the borrowing option you’re looking at.
How do I know if a personal loan is right for me?
Whether a personal loan is right for you comes down to a few things:
Can you afford the repayments?
This one’s pretty much a no-brainer, isn’t it. Can’t afford the repayments? Then a personal loan isn’t the best option for you right now. That said, there are ways that could make the repayments affordable for you. For instance, you could look to see if you can borrow a smaller amount, improve your credit score to get a better interest rate, or see if you can spread the cost out over a longer repayment term to lower the repayments. You could also consider a joint personal loan with someone you trust to improve your eligibility.
What happens when I get a rate estimate?
Think you’ve found a personal loan that works for you? Great stuff! Getting an estimate will give you an indicative assessment of your Wisr loan options, factoring in your personal interest rate.
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Now you've crunched the numbers, get a quick estimate to see your personalised rate.
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The boring (but important) stuff
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1: This rate applies only to borrowers with excellent credit histories. Wisr will also offer loans at higher rates to applicants with good histories, but do not meet the requirements for our lowest rates. Interest rates range from minimum 8.49% to maximum 23.29% Loan example: for a borrower with excellent credit, a loan of $30,000 over a 5 year term, with an interest rate of 8.49% comparison rate 9.33% and a $595 establishment fee, the monthly repayment would be $627.56 and the total cost over the life of the loan including the establishment fee would be $37,653.35. For secured loans, interest rates range from minimum 8.59% to a maximum 15.49% Loan example: for a borrower with excellent credit, a loan of $30,000 over a 5 year term, with an interest rate of 8.59% comparison rate 10.12% and a $605 establishment fee, the monthly repayment would be $639.24 and the total cost over the life of the loan including the establishment fee and $10 Monthly Account Fee would be $38,354.21.
2: Comparison rates based on $30,000 unsecured loan, fixed over 5 years, with monthly repayments.
3: Comparison rates based on $10,000 unsecured loan, fixed over 3 years, with monthly repayments.
4: Comparison rates based on $10,000 secured loan, fixed over 3 years, with monthly repayments.
5: Comparison rates based on $30,000 secured loan, fixed over 5 years, with monthly repayments with a total loan amount compared to the vehicle asset valuation less than or equal to 130%.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Note: All rates mentioned on this website are calculated on a per annum basis.