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 straightforward and transparent and customers only pay for the balance that they use. Find out exactly how this loan works below.
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⚠️ 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.
If you’re experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.
How do Wallet Wizard loans work?
Wallet Wizard loans are created with flexibility in mind. 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.
Applicants will receive a response a few minutes 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, free of charge. 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 an interest rate of 47.8%. 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.
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.