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Wallet Wizard Small Cash Loan Review

Elizabeth Barry
Elizabeth Barry
Last updated:  

Wallet Wizard Small Cash Loan previously offered small cash loans up to $2,000 but this product is no longer available.

Product no longer in market

Wallet Wizard no longer offer the Small Cash Loan. Find out about the current Wallet Wizard Smart Loan product here.

The Wallet Wizard Small Cash Loan offers loan amounts between $100 and $2,000. Upon the approval of your loan, Wallet Wizard gives you different repayment schedules from which to choose, so you can go with one that suits you best. You can apply for the Wallet Wizard Small Cash Loan even if you have bad credit.

If you choose to take this loan the charges and fees are laid out clearly before you apply. All borrowers have to pay application fees and monthly account-keeping fees, which are outlined on the page below.

$2,000

Maximum loan amount

Next Business Day

Turnaround time

4-12 months

Term of loan

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Details

Product NameWallet Wizard Small Cash Loan
Minimum loan amount$100
Maximum loan amount$2,000
Initial Maximium Loan Amount$2,000
Arrears Fee$10
Loan term4-12 months
Turnaround timeNext Business Day
Costs15% of the amount you borrow + 2% each month
RequirementsYou must be an Australian citizen over the age 18 and have a steady income.
Available to Centrelink Borrowers?No

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If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ 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 Other Payday Loans

As this loan is no longer available, you can compare similar options below.

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
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Credit24 Short Term Loan
Credit24 Short Term Loan
$2,000
6-12 months
Same day - conditions apply
$10
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Credit24 offers this loan up to $2,000 and gives you 12 months to repay.
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Nimble Short Term Loan
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
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Safe Financial Small Loan
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
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Fair Go Finance Small Loan
Fair Go Finance Small Loan
$2,000
3-12 months
1 business day
$35
Establishment fee 20% of loan amount + monthly fee 4%
$354
A small loan between $500 and $2,000 that can be funded in 24 hours.
Go to site
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Ferratum Cash Loans
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
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Compare up to 4 providers

How do Wallet Wizard loans work?

Applicants can apply for loan amounts between $100 and $2,000, and the loan term depends on the amount you wish to borrow. You can apply for this loan online in a few minutes as long as you meet the eligibility criteria.

You should receive a response shortly after submitting the application. If approved, Wallet Wizard may issue the funds within an hour from approval.

Features of a Small Cash Loan from Wallet Wizard

The Wallet Wizard Small Cash Loan comes with a number of features including:

  • Repayment flexibility. Repayments are set up according to when you get paid to help you manage and budget your repayments. These repayments are automatically debited from your nominated account on the day they're due.
  • Loan terms. For up to $600, loan terms can vary in between four months and six months. If you’re borrowing between $600 and $1,200, loan terms can extend up to nine months, and for loan amounts between $1,200 and $2,000, loan term varies in between six and 12 months.
  • Maximum fee guarantee. How much you end up paying as fees depends on how much you borrow and your loan term, but Wallet Wizard guarantees that fees will never exceed 100% of the amount you borrow.
  • No early termination penalty. If you want to pay the loan off ahead of time, you can do so and you won't be charged a penalty.

Fees and charges

The Wallet Wizard Small Cash Loan doesn't charge early repayment fees, but the following costs apply:

  • Application fee: 15% of the sum you borrow
  • Monthly account keeping fee: 2% of the sum you borrow
  • Printed statement fee: $0
  • Reprinted statement fee: $0
  • Late payment fee: $0 if you contact Wallet Wizard before the due date to make suitable arrangements. If not, $10.
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How to apply for a Small Loan from Wallet Wizard

You can apply for the Wallet Wizard Small Cash Loan online in around to 15 minutes. Before you get started, check if you meet the eligibility requirements:

  • You’re at least 18 years old
  • You’re a permanent Australian resident

To complete the application, you have to provide different kinds of information, details of which are as follows.

  • Personal information like your name, date of birth, and contact details
  • Details from your Australian driver’s license, passport or Medicare card (you’ll have to choose two)
  • Your employment details
  • Information regarding your finances and current loan commitments
  • Your Internet banking details or your bank statements from the last 90 days
  • Your BSB and account number
  • Details of any credit contract you've repaid in the last 90 days

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20 Comments

    Default Gravatar
    Sean
    November 24, 2017

    How long is wallet wizards loan contracts? Nimble offer up to a year.

    Reply
      Avatarfinder Customer Care
      Rench
      November 24, 2017

      Hi Sean,

      Thanks for your inquiry. 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 start by applying for any amount in between $100 and $2,000, and the loan term depends on the amount you wish to borrow. Usually the term of loan is up to 2 years. You may inquire with this directly with Wallet Wizard.

      Cheers,
      Rench

      Reply
    Default Gravatar
    Lexie
    January 9, 2017

    If you have a loan approved on say 10am Saturday morning. What time would it come in on the Monday. Is it likely to be more morning or afternoon?

    Reply
      Avatarfinder Customer Care
      Dee
      January 9, 2017

      Hi Lexie,

      Thanks for your question.

      This depends on the bank where the funds will be credited. For most major banks, the funds will be available in your account in under an hour from when Wallet Wizard transfers the cash. However, it may also take longer.

      Wallet Wizard has a cutoff time of paying out the money for approved loans at 2:30 pm Sydney time. If you missed the cutoff time, you’ll have the money the next business day.

      If you are still looking to apply for a fast cash loan, you may also want to check your options here.

      Cheers,
      Anndy

      Reply
    Default Gravatar
    Peter
    February 12, 2016

    I’m broke and my financial status isn’t looking good and its ready to stress me out bad..

    Reply
      Avatarfinder Customer Care
      Elizabeth
      February 15, 2016

      Hi Peter,

      While I can’t offer you any personal advice, there is a free financial counselling service you can call on 1800 007 007. You may also want to consider some of the community financial assistance programs listed in one of your guides in this section.

      Hope this helps.

      Elizabeth

      Reply
    Default Gravatar
    Brodii
    October 24, 2015

    I applied and it says I’ve been approved still waiting on money. Unsure what’s going on. I’ve tried calling and nothing

    Reply
      Avatarfinder Customer Care
      Elizabeth
      October 26, 2015

      Hi Brodii,

      Thanks for your question.

      If you are approved before 2.30pm on a business day you will receive your money that same day – usually around two hours, but sometimes up to three. If you are approved on the weekend or after the 2.30pm cut-off time on a business day, you will need to wait until the following business day to receive your funds.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    lhito
    September 29, 2015

    There’s is no link on wallet wizard website to check the status and balance of my money start loan account?

    Reply
      Avatarfinder Customer Care
      Elizabeth
      September 30, 2015

      Hi lhito,

      Thanks for your question.

      You will need to visit the Money Start website to check on the status of your Money Start loan.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    Tiffany
    September 6, 2015

    I need to apply for a loan of $1000 dollars to register my car and keep getting turned away. I’m just wondering can you still apply for a loan if you are unemployed on benefits and if you have a bad credit rating thank you Tiffany

    Reply
      Avatarfinder Customer Care
      Elizabeth
      September 7, 2015

      Hi Tiffany,

      Thanks for your question.

      You are able to apply for a Wallet Wizard loan if you are receiving Centrelink benefits and have bad credit. The main thing they look for is your ability to manage your repayments. If you’re looking to submit your application you can do so on the Wallet Wizard website.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
      Default Gravatar
      Tiffany
      September 8, 2015

      I have tried wallet wizard and was declined I have tried 27 on line loan companies and have been declined for all of them no one will give me a chance. I have never had a loan before and can’t get one because no one is willing to let me prove to them that I can make the repayments. If no one gives me a chance I have no hope

      Reply
      Avatarfinder Customer Care
      Elizabeth
      September 9, 2015

      Hi Tiffany,

      Thanks for your question.

      There are a few reasons why a lender may decline you for a loan, but it comes down to you not meeting its lending criteria. Each time you apply for a loan the enquiry will be listed on your credit file and the rejected application may affect your chances to be approved for further loans, which may explain why you’ve had trouble being approved. I’m unable to give you personal advice but you may want to give the free financial service a call on 1800 007 007. You can also consider the alternative loan options listed here and see if you’re eligible.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    lisa
    August 28, 2015

    iam just enquiring I want to buy a car but it says only 5000 is that all I can borrow

    Reply
      Avatarfinder Customer Care
      Elizabeth
      August 28, 2015

      Hi Lisa,

      Thanks for your question.

      Tha maximum loan amount available from Wallet Wizard is $5,000. If you’re after a higher amount, you can compare other bad credit loans up to $10,000 on this page, and car loans on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    KD
    July 6, 2015

    NEVER go with this company.

    Next hour payment is a load of bollocks. Owe this company 2000 bucks plus interest and they still haven’t loaned me anything four days after approval.

    Reply
      Avatarfinder Customer Care
      Elizabeth
      July 6, 2015

      Hi KD,

      Thanks for your comment and sorry to hear about your experience with Wallet Wizard. Your first step to rectifying this would be to get in contact with Wallet Wizard – if they have not sent you the money yet you shouldn’t be required to make repayments.

      If they cannot solve the issue for you in a timely manner or do not honour your contract, you have the option of registering a complaint with the Credit and Investments Ombudsmen who can act on your behalf. You can do this on their website.

      I hope the situation is resolved for you.

      Thanks,

      Elizabeth

      Reply
    Default Gravatar
    Ebony
    June 21, 2015

    With the application fee if I say borrow, 2,000 would I only get 80% of that amount? So in all not receiving the full amount I need at all? Correct me if my understanding is flawed I’m new to this loan business thing

    Reply
      Avatarfinder Customer Care
      Elizabeth
      June 22, 2015

      Hi Ebony,

      Thanks for your question.

      If you borrow $2,000 you will need to pay 20% of that amount as an establishment fee on top of the $2,000 you borrow. You will also need to pay a monthly fee that is 2% of the amount you borrow. All of these fees will be added on top of your principal loan amount.

      I hope this has helped.

      Thanks,

      Elizabeth

      Reply
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