Wallet Wizard Personal Loans Review

Wallet lighter than you need it to be? There's a Wizard that can help.

Wallet Wizard provides lines of credit up to $5,000 that are available with flexible eligibility requirements. While a lot of bad credit loans are available in the market, the different with Wallet Wizard's product is that it's a line of credit. When you apply you are approved for a total limit and then you get access to a certain amount through your balance. You can then apply to redraw or to top up your loan. The fee structure is straightforward and transparent and you only pay for the balance you use. Find out exactly how this loan works below to see if it is right for you.

Compare Wallet Wizard Loans

Rates last updated September 21st, 2017
Name Product Max. Loan Amount Term of Loan Turnaround Time Costs Fortnightly Repayment $1,500 Product Description
Wallet Wizard Smart Loan
$5,000
Up to 2 years
24 hours
47.8% APR
$316.70
Apply for up to $5,000 as a convenient line of credit.
Wallet Wizard Smart Loan (Up to 2K)
$2,000
Up to 2 years
24 hours
47.8% APR
$316.70
Apply for up to $2,000 as a convenient line of credit.

Compare up to 4 providers

payday-warningDo 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 do Wallet Wizard loans work?

Wallet Wizard loans are created with an eye on flexibility. The loan amounts vary from $500 to $5,000 and it is a continuous credit product – it does not close until you ask Wallet Wizard to close it.

When you apply you will receive a response a few minutes later, and if approved you will be offered a credit limit. This is the maximum level of credit it agrees to make available to you. To access your available credit you can login to the member's area.

Repayments are made weekly, fortnightly or monthly depending on the repayment schedule set out in your loan contract but you are able to redraw and apply for a top up through the member's area. Repayments are automatically direct debited from your account on these dates.

What features does Wallet Wizard offer?

  • Repayment flexibility. Repayments can be made weekly, fortnightly or monthly. Additionally, there is no early repayment penalty.
  • Various credit limits available. Apply for a credit limit between $500 to $5,000.
  • Top-up and redraw. You can login to the member's area to apply to add some extra funds to your credit limit or redraw on your available balance.
  • Bad credit and Centrelink considered. You can apply if you have bad credit, have been bankrupt or receive Centrelink payments.
  • Transparent fee structure. This loan comes with an interest rate of 47.8% p.a.. No ongoing fees apply to this product.
  • Quick approval. The approval process for these loans is quite fast due to the use of loan engine. This automated engine works out the exact loan you're eligible for and also sets out a repayment schedule. Once approved, the cash can be transferred into your account within 60 minutes if the contract is accepted before 2:30pm Sydney time. If not, it is transferred by the next business day.

How to apply for Wallet Wizard loan

This loan can be applied for conveniently online. Take a look at the eligibility criteria and required documents before starting your application:

  • You must be at least 18 years of age.
  • You are able to apply if you have poor credit

Required information

  • Bank details. Your BSB and account number are required to apply, or bank statements that cover the past 90 days.
  • Identification. Two identification records are needed. These can be your driver’s license, Medicare card or passport number.
  • Past records. Details of any credit contract you've repaid in the past 90 days are required.
  • General information. General information like your name, date of birth, address, and employment status should be provided.

Wallet Wizard can provide an attractive choice for anyone who wishes to get some quick cash for short duration, just ensure you compare your options before submitting an application so you get the right loan for you.

Frequently asked questions

Can I check on the progress of my application?

Yes, just login to the member's area of the Wallet Wizard site to see how your application is going.

How do I submit the required documents?

You're able to submit these documents electronically, but inputting your Internet banking details, or manually. Keep in mind that submitting them manually may mean your application takes longer to be processed.

I've been approved. When will I receive my loan?

This depends on when Wallet Wizard processes your application and transfers the cash. If you're approved before 2:30pm Sydney time, your loan will be sent on the same day. If it was approved afterward, it will be sent the following business day. Most major banks will process the funds in under an hour once sent, but others may take up to three hours.

How do I repay my loan?

Wallet Wizard will set up automatic direct debits to help ensure you make your repayments on time. The payment dates will be set out in your loan contract so you know when the money is due to come out. You'll also receive payment reminders via SMS and email three days before the repayments are due.

Can I apply for another loan?

Your able to apply for a loan top-up or to redraw additional funds from your approved credit limit by logging into the member's area.

Ask an Expert

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140 Responses

  1. Default Gravatar
    LeeSeptember 12, 2017

    I would like to apply for a personal loan for 3000 to assist with costs of moving house and purchase a car as my car is on its last legs. Cost of getting the car fixed more than what the car is worth. How do I go about this

    • Staff
      GruSeptember 13, 2017Staff

      Hello Lee,

      You can apply for the Wallet Wizard Loan conveniently online.

      To apply, please click on this link

      Cheers,
      Gru

  2. Default Gravatar
    NaomiJuly 7, 2017

    Hi, I was wondering if I got approved for a $5000 loan. What would be the repayment costs per month, please?

    • Staff
      RenchJuly 7, 2017Staff

      Hi Naomi,

      Thanks for reaching out to us. Please note that we are not affiliated with Wallet Wizard or any company we feature on our site and so we can only offer you general advice.

      You can make use of the Personal Loan Repayment Calculator and also calculate how much you can borrow on this page. If you are referring to Wallet Wizard Personal Loans, please contact them directly to inquire. You may click on the green ‘Go to Site’ button above the page.

      Cheers,
      Rench

  3. Default Gravatar
    SharonJuly 6, 2017

    Hi, I’m just wondering if I could get $2000 to pay a few bills and move to a new home. I’m on Centrelink income and I do need help with some bill and moving expenses.

    Thank you,
    Sharon

    • Staff
      RenchJuly 7, 2017Staff

      Hi Sharon,

      Thanks for reaching out to us. Please note that we are not affiliated with Wallet Wizard or any company we feature on our site and so we can only offer you general advice.

      If you are referring to Wallet Wizard Personal Loans, you may click on the green ‘Go to Site’ button above the page to submit an online application through Wallet Wizard official site. You can also check this page to see and compare other options for you.

      Hope this information helped.

      Best regards,
      Rench

  4. Default Gravatar
    MuratApril 21, 2017

    The best loan option?

    • Staff
      HaroldApril 21, 2017Staff

      Hi Muratmelek,

      Thank you for your inquiry.

      Unfortunately, we cannot recommend what is best for you. Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.

      Should you need a list of providers for short term loan. You may want to consider this options.
      - Option 1
      - Option 2

      I hope this information has helped.

      Cheers,
      Harold

  5. Default Gravatar
    NicoleApril 16, 2017

    Hi my name is Nicole in search of a good loan place in Canada I see a lot of loan places for Australia when I typed in Canada

    Could you help me find one with no credit and unemployed

    • Staff
      ArnoldApril 16, 2017Staff

      Hi Nicole,

      Thanks for your inquiry.

      To know your options please click here, here and here

      Hope this information helped.

      Cheers,
      Arnold

  6. Default Gravatar
    DaviaMarch 28, 2017

    Can I apply for a loan from a different country?

    • Staff
      ChesterMarch 29, 2017Staff

      Hello Davia.

      Thanks for your question.

      Currently, the lenders that we have on our website are open for the Australian residents and citizens. You may instead check your local news paper as well as online for the available lenders that are available to help from your country. Please make sure to check their requirements before sending your application or you may also give them a call for your convenience.

      Regards,
      Chester

  7. Default Gravatar
    DaveFebruary 23, 2017

    Can in get a loan if I started a new job only 3 weeks ago

    • Staff
      AnndyFebruary 23, 2017Staff

      Hi Dave,

      Thanks for your question.

      If you are a new employee, you can check your loan options here. The required minimum time you should be employed may vary among lenders.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Cheers,
      Anndy

  8. Default Gravatar
    GipsyFebruary 23, 2017

    I am on pension and I need $5,000 for furniture what would I eligible for would be have a lone

    • Staff
      AnndyFebruary 23, 2017Staff

      Hi Gipsy,

      Thanks for your question.

      Wallet Wizard accepts applicants who are receiving Centrelink payments. However, the amount that you can borrow will depend on their overall assessment of your financial condition.

      You may also check this page to compare other pensioner loans.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Cheers,
      Anndy

  9. Default Gravatar
    AyakFebruary 22, 2017

    I am looking for loan with you to know that I have to pay the loan on time thank you.

    • Staff
      MayFebruary 22, 2017Staff

      Hi Ayak,

      Thanks for your question and for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site, so we can only offer a general advice.

      If you think you’ve met the eligibility requirements set out by Wallet Wizard, please contact them directly to discuss your loan options. In case you may want to compare your options with other lenders, please click here.

      Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.

      Hope this helps.

      Cheers,
      May

  10. Default Gravatar
    edFebruary 18, 2017

    i need a loan and im unemployed how do i get a loan?

    • Staff
      AnndyFebruary 20, 2017Staff

      Hi Ed,

      Thanks for your question.

      Wallet Wizard accepts applicants who are currently unemployed, but subject to other eligibility criteria. Please make sure that you’ve read the relevant T&Cs of the loan product you are interested in before submitting your application.

      You may also check this page to compare other personal loans for unemployed.

      Cheers,
      Anndy

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