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.
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Whilst we don't compare this loan directly, here are some other loans that are similar.
Warning about Borrowing
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.. The fees are also transparent, with a set service fee being charged depending on your repayment frequency. You can find a free structure in your loan contract.
- 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
- 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.