Wallet Wizard Smart Loan
- Maximum loan amount
- $8,000
- Turnaround time
- 24 hours
- Fortnightly repayment
for $1,500 loan - $316.7
- Term of loan
- Up to 2 years
Summary
Wallet Wizard’s Smart Loans are easy to apply for and quickly approved, but they can be expensive, with an interest rate of 47.8% p.a.
With Wallet Wizard’s Smart Loan, you can borrow between $500 and $8,000. The loan comes with many features, like SMS and email reminders three days before your payment is due. It also features a member’s area, which allows people to log on and check on available credit. You could also get a prepaid Visa card, which you can order through the member’s area. Interest rates are high, and an arrears fee of $10 will apply if your repayments are late.
Pros
-
Long repayment terms
-
Low minimum borrowing amount
-
Access redraws and loan top-ups
Cons
-
High interest rate
-
High fees for borrowing money
Details
Product Details
| Product Name | Wallet Wizard Smart Loan |
| Minimum loan amount | $500 |
| Maximum loan amount | $8,000 |
| Arrears Fee | $10 |
| Loan term | Up to 2 years |
| Turnaround time | 24 hours |
| Costs | 47.8% |
| Requirements | You must be an Australian citizen over the age 18 and have a steady income. |
| Available to Centrelink Borrowers? | Yes |
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
How does a Smart Loan from Wallet Wizard work?
Applying for a Wallet Wizard Smart Loan takes a few minutes and can be completed online. There is a member's area that allows you to check the progress of an application. If you're approved you'll receive access to your credit limit usually within three hours. Once you start using your balance you'll notice your "available credit", which is the difference between your credit limit and the current account balance. The balance is what you owe Wallet Wizard.
Your repayments vary depending on the balance of your account. A reminder of your repayment will be sent three days before it will be automatically direct debited from your account. You'll also receive a detailed statement and cost outline in your contract.
This is a continuing credit contract so unless you request to close the account it will remain open.
What are the risks of payday loans?
- Disreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here – lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Features of a Wallet Wizard Smart Loan
The Wallet Wizard Smart Loan comes with the following:
- Repayments. You can make additional repayments at any time and you'll receive reminders via SMS and email three days before your repayments are due.
- Automatic payments. Repayments are debited from a nominated bank account automatically on your scheduled due dates.
- Approvals. The online application does not take long to complete, and once you provide all the required information, Wallet Wizard's loan engine goes through your credentials, works out a suitable loan amount and presents you with a repayment plan. Unless Wallet Wizard requires additional information, you can expect an answer in minutes.
- Prepaid card. Access your approved funds more easily with the Wallet Wizard Visa Card. Once you're approved for and have made repayments on your Smart Loan you can order your card through the member's area.
How much will a Wallet Wizard Smart Loan cost?
You will be charged an interest rate of 47.8%.
What can I use this loan for?
You can use a Wallet Wizard Smart Loan for almost any legitimate purpose. You can make purchases using your Wallet Wizard Visa Card, or take cash directly from your nominated bank account. That being said, if you are unsure as to whether you are able to pay certain bills using a Wallet Wizard loan, it's best to contact the lender directly.
How to apply with Wallet Wizard
To apply for a Wallet Wizard Smart Loan you have to submit an online application. Bear in mind you have to meet the following eligibility criteria to apply:
- Are a permanent resident of Australia
- Are over 18 years old
- Can apply if you receive Centrelink payments
- Can apply if you are a current or discharged bankrupt
To complete the application, you have to part with different kinds of information, which includes the following:
- Your complete name, residential address, phone number and date of birth
- Details of your Australian passport, driver’s licence or Medicare card (any two)
- Employment details
- Financial details
The Wallet Wizard Smart Loan is not the only loan of its kind and you should always compare other options and consider alternative financing methods before taking out this kind of loan.
Your reviews
Elizabeth Finder
Lead Editor
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com.au:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com.au is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
Sarah Megginson Finder
May 17, 2024
Hi Kyle,
We’re a review and comparison site so we can’t provide personal advice, you’ll have to contact Wallet Wizard directly.
Depending on your situation, you may be eligible for up to $3,000 in a no-interest loan through GoodShep: learn more here.
Hope this helps!
Show more Show less
Anthony
August 13, 2018
Can I apply for a credit increase of $5000 for a holiday that I can afford the repayment?
Jhezelyn Finder
August 13, 2018
Hello Anthony,
Thank you for your comment.
Please note that the amount you will be approved of depends on your credit assessment. The lender will decide. To know if you can apply for a credit increase, it’s best that you directly get in touch with Wallet Wizard so they can check it for you.
Alternatively, since you mentioned that it’s for a holiday, you may want to compare holiday loan products. Please note that every lender has its own lending criteria that you must meet to be approved. Best to check your eligibility before submitting an application. To apply for one of the holiday loan products. You may please click the “Go to site” button of your preferred loan product.
Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.
Regards,
Jhezelyn
Show more Show less
Johnny moscato
June 23, 2018
Is there any chance of receiving funds in my account tonight?
Joel Marcelo
June 23, 2018
HI Johnny,
Thanks for leaving a question on finder.
Wallet Wizard only releases funds during business days and before 2:30 PM (Sydney Time), so if your loan is approved on a weekend, your funds will be deposited the next business day.
Just to have an idea on the turn around time, once your loan is approved, Wallet Wizard will usually process the transfer of funds immediately and it will get into your bank account after 1 to 3 hours in some cases. You’d need to check with Wallet Wizard directly in case your funds did not reflect in your account after the given time frame.
Cheers,
Joel
Show more Show less
Col
May 20, 2018
I put wrong acc number on application. How do i change it after letter of offer
Jeni Velasco Finder
May 20, 2018
Hi Col,
Thank you for getting in touch with finder.
As a friendly reminder, while we do not represent any company we feature on our pages, we can offer you general advice.
If you have received the letter of offer from them, I suggest that you contact Wallet Wizard directly as soon as possible to update some info you have given them. You may reach them at 1300 925 538.
I hope this helps.
Have a great day!
Cheers,
Jeni
Show more Show less
Ryan
May 06, 2018
Can I pay a wallet wizard loan off early?
Jhezelyn Finder
May 06, 2018
Hello Ryan,
Thank you for your comment.
Because Wallet Wizzard allows you to make additional repayments at any time, it means that it’s possible that you can pay your loan off early. You may check with them and see the repayment plan that will suit you.
Regards,
Jhezelyn
Show more Show less
Kyle
February 25, 2024
Hi! Obviously I know you’ll have to look at my credit score before giving out a loan. I’m just wondering what’s the interest rate if I asked for a $3500 loan? And how long do I have to repay it back?
Thanks