Wallet Wizard Personal Loans Review

Information verified correct on October 24th, 2016

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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Rates last updated October 24th, 2016
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Warning about Borrowing

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 39.95% 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

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.

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91 Responses to Wallet Wizard Personal Loans Review

  1. Default Gravatar
    Luci | October 2, 2016

    Hi just asking as we have a loan with Moneystart and will be finish in December ?? Just asking to borrow more if able ?? Please

    • Staff
      Elizabeth | October 4, 2016

      Hi Luci,

      You can login to the Wallet Wizard’s members area to see if you’re eligible for more money.

      Hope this helps,


  2. Default Gravatar
    DeAnnie | September 30, 2016

    Can the borrower of this loan be from another country?

    • Staff
      Elizabeth | September 30, 2016

      Hi DeAnnie,

      Unfortunately you need to be a resident of Australia to be eligible for this loan.

      Hope this helps,


  3. Default Gravatar
    Laureen | September 28, 2016

    I am urgently in need of $2700,I am on widows pension (Newstart) am I eligible for a loan I have worked it out in my budget that I can afford it, but the different lenders don’t seem to think I can. How can I overcome this?

    • Staff
      Anndy | September 28, 2016

      Hi Laureen,

      Thanks for your question.

      In the above page, there are several lenders that accept loan applications from borrowers who are receiving Centrelink Payments. Among them are:


      Good to Go Loans

      Rapid Finance

      Cash Stop

      Approval is handled on a case to case basis and other eligibility criteria apply.

      You will also have a good chance of approval if you keep your credit score high.


  4. Default Gravatar
    Spunky | September 24, 2016

    I dont actually have any Photo I.D im 19 and just havent had the spare money to get my Ls or 18+ will i still be able to get a loan?

    • Staff
      Elizabeth | September 26, 2016

      Hi Spunky,

      Unfortunately you need two form of ID to be approved with Wallet Wizard, from you driver’s licence, Medicare card or passport number.

      This is standard practise for lenders as they need to be able to identify you. You may be able to be approved with another lender with an 18+ card.

      Hope this helps,


  5. Default Gravatar
    Choni | September 20, 2016

    Hi I am really in need of money very soon if I am eligible because of my bad credits that I borrowed from my friend for my grandma’s treatment.

    • Staff
      Elizabeth | September 21, 2016

      Hi Choni,

      Wallet Wizard considers applicants with bad credit as long as they show they have the ability to repay the loan (shown using your income or employment). You can apply for a loan on the Wallet Wizard website.

      I hope this has helped,


  6. Default Gravatar
    Rondell | September 9, 2016

    Inwas curious if I am eligible for a loan. I am currently unemployed but will be employed within the next 2 weeks. In need of money asap please help!

    • Staff
      Elizabeth | September 9, 2016

      Hi Rondell,

      Wallet Wizard considers unemployed applicants for loans but you normally need to be earning some form of income (for example, from Centrelink benefits) to be eligible. You may want to contact them directly before you apply to confirm your eligibility.

      Hope this helps,


  7. Default Gravatar
    gaye | August 26, 2016

    Hi, I’m currently unemployed. I get $629 per fortnight, was wondering if I could get a short term loan. I’ve had loans with others in the past and haven’t defaulted.

    • Staff
      Elizabeth | August 26, 2016

      Hi Gaye,

      Wallet Wizard consider unemployed applicants for personal loans as long as they have the capacity to repay the loan (you will usually need to be earning some form of income, such as through Centrelink benefits).

      You can apply directly on the Wallet Wizard website.

      I hope this helps,


  8. Default Gravatar
    Ree | August 17, 2016

    When trying to fill out loan application I couldn’t go any further than the ID question as I only have 1 of the 2 options given.

    • Staff
      May | August 17, 2016

      Hi Ree,

      Thanks for getting in touch. Just to confirm though that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually Wallet Wizard.

      With Wallet Wizard, you are indeed required to submit two (2) identification records, which can be your driver’s license, Medicare card or passport number. If you need further assistance with your application, please contact Wallet Wizard directly.


  9. Default Gravatar
    marie | August 17, 2016

    am i able to get a loan of 2000 on the disability pension

    • Staff
      May | August 17, 2016

      Hi Marie,

      Thanks for your question.

      Yes, generally, Wallet Wizard accepts applications from people who receive Centrelink payments. Please contact them to discuss your loan options or visit Wallet Wizard’s website to submit an application.


  10. Default Gravatar
    cath | August 11, 2016

    I receive newstart,ftb 1 and 2 and carers allowance.

    • Staff
      Elizabeth | August 16, 2016

      Hi Cath,

      Wallet Wizard considers applicants in a range of financial situations, including those receiving Centrelink income. If you have the means to repay the loan you’re applying for you can submit your application on the Wallet Wizard website.

      I hope this helps,


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