Wallet Wizard Personal Loans Review

Wallet Wizard offer line of credit loans up to $5000


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Wallet Wizard

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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.

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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.

Compare Wallet Wizard Loans

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Wallet Wizard Smart Loan
Up to 2 years
24 hours
Apply for up to $5,000 and be able to access your approved loan as a convenient line of credit.
Wallet Wizard Smart Loan (Up to 2K)
Up to 2 years
3 hours - conditions apply
Apply for up to $2,000 and be able to access your approved loan as a convenient line of credit.

Compare up to 4 providers

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.

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  • Wallet Wizard Smart Loan

    Wallet Wizard offers small loans up to $2,000 and considers applicants with bad credit, although you'll need to meet the eligibility criteria to receive approval.

  • How much do you need to earn to get a personal loan?

    Not sure how much you can borrow based on your income? If you're looking for a personal loan, find out how lenders determine how much you can borrow and how to see if you're eligible based on your income.

  • Wallet Wizard vs MoneyMe

    Finding the right short-term lender is an important step to ensuring your loan is affordable. We compare two prominent short-term lenders, Wallet Wizard and MoneyMe, to help you find the best loan for you.

  • Instant Payday Loans

    Need money in a hurry but have credit? A payday loan may help you meet your current financial commitments. You can access a small loan amount of up to $1,500 quickly online and repay it in the short term. Find out if you're eligible to apply.

  • Car loans vs personal loans

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  • Wallet Wizard vs Nimble

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  • Can I top up my personal loan?

    If you're looking for some extra funds, you can find out what’s involved in topping up your existing personal loan.

Ask an Expert

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146 Responses

    Default Gravatar
    JudyOctober 31, 2018

    I am on centerlink payments i need to borrow 600 can you help me

      Default Gravatar
      JoelOctober 31, 2018

      Hi Judy,

      Thanks for leaving a question on finder.

      You still may be eligible for a loan if you receive Centrelink payments as part or even all of your income. These include loans from short-term lenders, banks and credit unions. Government and community financial assistance schemes are also available. For more information about loans for people on Centrelink, please click HERE.

      Please send me a message if you need anything else. :)


    Default Gravatar
    AllanAugust 2, 2018

    i have been out of bankruptcy for 18 months, have no debts and have checked on credit with government agency.

    i would like a loan of $5000 but cant get one from traditional lenders.

    Can you help with this

      Default Gravatar
      JoelAugust 2, 2018

      Hi Allan,

      Thanks for leaving a question on finder.

      Credit reporting agencies[?] keep a record of your bankruptcy for 5 years from the date you became bankrupt or 2 years from when your bankruptcy ends, whichever is later so you may have to wait 6 months to get approved for traditional loans.

      You may be able to get a loan if you are a discharged bankrupt or even if you are currently bankrupt. Keep in mind you will be more limited in terms of the lenders you have to choose from and the fees and rates will also be considerably higher on bankrupt loans. You may also be required to attach an asset as security or apply with a guarantor. Find out about your loan options below and see what you might be eligible for if you click HERE.


    Default Gravatar
    VanJuly 3, 2018

    Hi I just wanted to enquire about personal loans and situation requirements ect as I have never had to take out a loan before

      Default Gravatar
      JoelJuly 3, 2018

      Hi Van,

      Thanks for leaving a question on finder.

      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.


    Default Gravatar
    LeeSeptember 12, 2017

    I would like to apply for a personal loan for 3000 to assist with costs of moving house and purchase a car as my car is on its last legs. Cost of getting the car fixed more than what the car is worth. How do I go about this

      Default Gravatar
      GruSeptember 13, 2017

      Hello Lee,

      You can apply for the Wallet Wizard Loan conveniently online.

      To apply, please click on this link


    Default Gravatar
    NaomiJuly 7, 2017

    Hi, I was wondering if I got approved for a $5000 loan. What would be the repayment costs per month, please?

      Avatarfinder Customer Care
      RenchJuly 7, 2017Staff

      Hi Naomi,

      Thanks for reaching out to us. Please note that we are not affiliated with Wallet Wizard or any company we feature on our site and so we can only offer you general advice.

      You can make use of the Personal Loan Repayment Calculator and also calculate how much you can borrow on this page. If you are referring to Wallet Wizard Personal Loans, please contact them directly to inquire. You may click on the green ‘Go to Site’ button above the page.


    Default Gravatar
    SharonJuly 6, 2017

    Hi, I’m just wondering if I could get $2000 to pay a few bills and move to a new home. I’m on Centrelink income and I do need help with some bill and moving expenses.

    Thank you,

      Avatarfinder Customer Care
      RenchJuly 7, 2017Staff

      Hi Sharon,

      Thanks for reaching out to us. Please note that we are not affiliated with Wallet Wizard or any company we feature on our site and so we can only offer you general advice.

      If you are referring to Wallet Wizard Personal Loans, you may click on the green ‘Go to Site’ button above the page to submit an online application through Wallet Wizard official site. You can also check this page to see and compare other options for you.

      Hope this information helped.

      Best regards,

    Default Gravatar
    MuratApril 21, 2017

    The best loan option?

      Avatarfinder Customer Care
      HaroldApril 21, 2017Staff

      Hi Muratmelek,

      Thank you for your inquiry.

      Unfortunately, we cannot recommend what is best for you. Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.

      Should you need a list of providers for short term loan. You may want to consider this options.
      Option 1
      Option 2

      I hope this information has helped.


    Default Gravatar
    NicoleApril 16, 2017

    Hi my name is Nicole in search of a good loan place in Canada I see a lot of loan places for Australia when I typed in Canada

    Could you help me find one with no credit and unemployed

      Default Gravatar
      ArnoldApril 16, 2017

      Hi Nicole,

      Thanks for your inquiry.

      To know your options please click here, here and here

      Hope this information helped.


    Default Gravatar
    DaviaMarch 28, 2017

    Can I apply for a loan from a different country?

      Default Gravatar
      ChesterMarch 29, 2017

      Hello Davia.

      Thanks for your question.

      Currently, the lenders that we have on our website are open for the Australian residents and citizens. You may instead check your local news paper as well as online for the available lenders that are available to help from your country. Please make sure to check their requirements before sending your application or you may also give them a call for your convenience.


    Default Gravatar
    DaveFebruary 23, 2017

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

      Avatarfinder Customer Care
      DeeFebruary 23, 2017Staff

      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.


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