Australia: Neo lender Wisr increases personal loan limit

Australia’s first neo-lender, Wisr, recently announced that it will increase their personal loan offering from $35,000 to $55,000. Wisr is a marketplace lender and fintech that offers personal loans with tailored rates, fast applications and no annual fees, exit fees or early repayment fees. The interest rates offered are also lower than the major banks.

Wisr had also announced earlier in the year that they were making improvements to the automated loan evaluation platform and announced that the company had record growth earlier in the year.

CEO of Wisr, Anthony Nantes, says that Wisr has “never been in a stronger position to help more Australians achieve a fairer financial future” as they have seen “increasing borrower demand, continued strong support from institutional lenders and improvements to [their] lending platform”.

Nantes also stated that the personal loan offering would allow creditworthy Australians to “do bigger, more exciting things” as well as having “the opportunity to potentially make significant savings”.

RFi Group data shows that nearly 1 in 5 personal loans taken out are between $30,000 to $60,000, therefore there is evidently some appeal for higher value personal loans, particularly for borrowers aged 25 and above.

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