Wallet Wizard Personal Loans Review

Information verified correct on February 28th, 2017

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 February 28th, 2017
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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 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

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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128 Responses to Wallet Wizard Personal Loans Review

  1. Default Gravatar
    Dave | February 23, 2017

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

    • Staff
      Anndy | February 23, 2017

      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

  2. Default Gravatar
    Gipsy | February 23, 2017

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

    • Staff
      Anndy | February 23, 2017

      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

  3. Default Gravatar
    Ayak | February 22, 2017

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

    • Staff
      May | February 22, 2017

      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

  4. Default Gravatar
    ed | February 18, 2017

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

    • Staff
      Anndy | February 20, 2017

      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

  5. Default Gravatar
    Tristan | February 9, 2017

    Hi, I applied for a loan through another lender but was unsuccessful due to the fact that I generally withdraw the majority of my pay soon after it’s deposited into my account. I do this because I can no longer drive due to an eye disease so it’s far more convenient to have cash on hand than to walk the 7km into town to use the ATM machine. This does not effect my capacity to make repayments as it’s done electronically. Would Wallet Wizard also refuse my application on these grounds? Thanks.

    • Staff
      May | February 9, 2017

      Hi Tristan,

      Thank you for your question and for contacting finder.com.au – we 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.

      Your approval with Wallet Wizard would generally be based on their assessment of your ability to service the loan and if you meet their requirements/criteria. If you’d like to discuss your loan options and chances of approval, you may contact Wallet Wizard directly.

      In case you may like to reconsider other lenders, you may compare your options on this page.

      Hope this helps.

      Cheers,
      May

  6. Default Gravatar
    Rob | January 30, 2017

    I don’t start my full time job until 3rd February. Is it still possible to apply?

    • Staff
      Anndy | January 30, 2017

      Hi Rob,

      Thanks for your question.

      You can apply for Wallet Wizard personal loan even if you are currently unemployed.
      You can check this page for other lenders that may consider you for a loan.

      Cheers,
      Anndy

  7. Default Gravatar
    Shakita | January 19, 2017

    I only have 75 days worth of bank statements am I still able to apply?

    • Staff
      Anndy | January 19, 2017

      Hi Shakita,

      Thanks for reaching out. For Wallet Wizard Personal Loans, they require bank statements that cover the past 90 days. Most payday lenders require that.

      You may want to consider getting a low doc personal loan. You can check our guide on this page.

      Cheers,
      Anndy

  8. Default Gravatar
    Martin | January 12, 2017

    when will i get a loan?

    • Staff
      Anndy | January 12, 2017

      Hi Martin,

      Thanks for reaching out.

      Please note that the loan products we feature on our website are only available to Australian residents.

      You may want to check out with your local bank or lender if they have loan products for your borrowing needs.

      Cheers,
      Anndy

  9. Default Gravatar
    saznwaz | January 9, 2017

    How long do you give for the repayments?

    • Staff
      May | January 9, 2017

      Hi Saznwaz,

      Thanks for your question.

      With Wallet Wizard, the length of time for the repayments varies depending on the amount of your loan and on the frequency of your payments which can be made weekly, fortnightly or monthly. Moreover, there is no early repayment penalty.

      Cheers,
      May

  10. Default Gravatar
    Austin | January 2, 2017

    Could I apply if I get child support per month I am 18 unemployed and in grade 12 and live in Canada would I be able to borrow 5000 for a vehicle and pay back with child support each month

    • Staff
      May | January 2, 2017

      Hi Austin,

      Thanks for your question.

      Unfortunately, the loan products offered by Wallet Wizard is only available to people in Australia and this is the same is true for all other lenders featured on our pages. I’m afraid you’ll need to get in contact with a lender or a bank in Canada instead.

      I’m sorry I couldn’t be of more help.

      May

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