ISCOVER
Borrowers can use cars or caravans as qualifying assets to secure personal loans with a reduced interest rate.
Non-bank lender Wisr has launched a secured personal lending product, offering loans of between $10,000 and $65,000 (including fees) with vehicles used as security.
Wisr Secured Personal Loans have launched with rates starting from 5.70 per cent per annum (comparison 7.14 per cent).
Fees include a $10 monthly account fee, a $10 Personal Property Securities Register (PPSR) fee, and a $50 security asset verification fee (or private sale fee). Clients can pay off debts early with no exit or early repayment fees.
The new lending product is available exclusively through the lender’s broker network and offers higher loan-to-value ratios (LVRs) and wider vehicle eligibility criteria compared to traditional secured vehicle loans, according to Wisr.
All Wisr’s standard loan purposes are eligible, including debt consolidation, home improvements, travel, and medical expenses.
Borrowers can secure their personal loan with a qualifying asset, such as a car or caravan, to receive a reduced interest rate. However, the asset must be registered in the borrower’s name, less than 13 years old, and not encumbered or under finance.
While the product is launching first through the broker channel, Wisr’s new lending product will be made available to consumers directly in the coming months, as the ASX-listed fintech lender continues to expand its loan offering.
Nicole Evans, head of broker at Wisr, said the new product was a result of broker feedback and part of Wisr’s commitment to delivering new products for the broker channel.
“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,” she said.
“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.”
Wisr said the product launch supported the company’s broader strategy of scaling its lending model and marked a strategic expansion of its lending product range.
Wisr welcomes new COO
The lender also recently welcomed a new chief operating officer, Sam Harding.
Harding joins Wisr with two decades of experience in banking and financial services, having most recently been the chief operating officer of auto finance at major bank Westpac.
Prior to Westpac, Harding had roles at Bankwest, including as head of credit analysis and operations, where he was responsible for acquiring and onboarding new-to-bank clients originated through the commercial broking and small business channels.
In his new role at Wisr, Harding will oversee day-to-day operational strategy and delivery across Wisr’s personal loan and secured vehicle loan business units, as well as transformation initiatives that support long-term growth targets.
Wisr’s CEO Andrew Goodwin welcomed Harding to the company.
“We’re incredibly pleased to welcome Sam to the Wisr team. As we continue to grow a sustainable, profitable business with strong unit economics, Sam’s depth of operational expertise, leadership capability and alignment with our purpose makes him an exceptional fit for this next phase of our journey,” Goodwin said.
Harding added: “I’m delighted to join Wisr at such a pivotal time. The company’s clear sense of purpose, innovative mindset and impressive track record in the lending sector are what drew me to this opportunity. I look forward to working with Wisr’s executive leadership team to drive operational excellence and create meaningful value for customers and shareholders.”
The latest appointment follows financial year 2025 results, which saw Wisr more than double loan originations, driven by strong growth across both personal and secured vehicle loan products.
[Related: Wisr originations up 101% yoy]
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