Wallet Wizard Personal Loans Review

Wallet Wizard provides lines of credit up to $5,000 that are available with flexible eligibility requirements. Wallet Wizard's product, as a line of credit, is fairly unique in the bad credit lending sphere. When customers apply, they can be approved to a total limit which they can draw down funds from. They can then apply, if they wish to, redraw or to top up their loan. The fee structure is transparent and customers only pay for the balance that they use. Despite this flexibility, these loans are an expensive way to borrow money so read the following guide carefully to see if it applying for one of these loans makes sense for you.

⚠️ 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.

Compare Wallet Wizard Loans

How do Wallet Wizard loans work?

Wallet Wizard loans vary from $500 to $5,000 and are offered as a continuous credit product – this mean the loan does not close until you ask Wallet Wizard to close it.

Applicants will receive a response shortly after submitting their application, and if approved they will be offered a credit limit. This is the maximum level of credit made available to that applicants based on their circumstances. To access or view their available credit balance, customers can login to the member's area.

Repayments are made weekly, fortnightly or monthly depending on the repayment schedule set out in an applicant's loan contract, but loan customers are also able to apply to redraw and top up their loan with additional repayments through the member's area, for no additional cost. Repayments are automatically direct debited from a nominated bank account on specific dates set out in the loan contract.

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. Customers can login to the member's area to to pay extra funds on their balance or apply for a credit limit extension.
• Bad credit and Centrelink considered. Prospective applicants can apply if they have bad credit, have been bankrupt or receive Centrelink payments.
• Transparent fee structure. This loan comes with a high interest rate of 47.8% per annum. No ongoing fees apply to this product.
• Quick approval. The approval process for these loans is quite fast due to the use of their loan engine technology. This automated engine works out the exact loan someone is eligible for and also sets out a repayment schedule. Once approved, funds can be transferred into someone's account within 60 minutes if the contract is accepted before 2:30pm Mon-Fri Sydney time. If not, it is transferred by the next business day.

What are the risks of a Wallet Wizard loan?

High interest loans can leave you in a worse financial position than before you borrowed the money so consider these risks carefully before you apply:

• Unaffordable repayments. Short term credit is a high-cost way to borrow money. If you miss a repayment and don't tell them then Wallet Wizard will charge a late fee that increase the amount you owe.
• High interest rates and fees. Rates and fees on these products are high and there can be more fees if you get behind on making payments. Make sure that you can comfortably avoid the repayments to avoid any unexpected fees.

How to apply for a Wallet Wizard loan

This loan can be applied for conveniently online. Applicants must meet the following eligibility criteria before starting an application:

• Must be at least 18 years of age.
• Must be an Australian citizen or permanent resident

Applicants will also need to have access to the following required documents:

• Bank details. A 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 a driver’s license, Medicare card or passport number.
• Past records. Details of any credit contract repaid in the past 90 days is required.
• General information. General information about the applicant, including their name, date of birth, address, and employment status should be provided.

Applicants should ensure that they compare their options before submitting an application, to get the best deal possible for their circumstances.

Frequently asked questions

Can I check on the progress of my application?

Yes, customers can login to the member's area of the Wallet Wizard site to see how their application is going.

How do I submit the required documents?

Applicants are able to submit these documents electronically by inputting their Internet banking details and relevant ID numbers into the system. If Wallet Wizard request further documentation from any applicant, that application will likely take somewhat longer to be processed.

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

This depends on when Wallet Wizard processes the application and transfers the cash. If someone is approved before 2:30pm Mon-Fri Sydney time, their loan will be sent on the same day. If it's approved afterward, it will be sent the following business day. Most major banks will process the funds in under an hour, 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 customers can make their repayments on time. The payment dates will be set out in applicants loan contracts. Customers will also receive payment reminders via SMS and email three days before the repayments are due.

Can I apply for another loan?

Customers are able to apply to top up their approved credit limit by logging into the member's area.