How do I apply for a personal loan?
It depends on the lender. These days, it's common to apply for a personal loan online directly with the lender. Other times, you may need to visit a branch or speak to someone over the phone.
At Wisr, we've created a fully digital experience. It only takes two minutes to get a rate estimate and about 10 minutes to complete the full application. We'll then aim to let you know the outcome within 24 hours and, if approved, disburse the funds the next business day. Getting a rate estimate with Wisr doesn’t affect your credit scores.
Does applying for a personal loan affect my credit scores?
Yes, when you apply for a credit product, a hard enquiry is recorded on your credit file. This will temporarily impact your scores. With good credit behaviour, your scores will improve over time.
What happens if my personal loan application gets declined?
There are many common reasons why loan applications get declined. You can reach out to the lender directly and ask for clarification. If they aren't willing to provide an explanation, you may find some answers in your credit report. If your credit score is on the lower side, you have a history of missed or late repayments or a high number of enquiries, these factors may have contributed to the decision. You can view your own credit scores on the Wisr dashboard and receive personalised insights that summarise your credit behaviour.