Wallet Wizard Small Cash Loan Review
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 marketWallet 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.
Maximum loan amount
Next Business Day
Term of loan
|Product Name||Wallet Wizard Small Cash Loan|
|Minimum loan amount||$100|
|Maximum loan amount||$2,000|
|Initial Maximium Loan Amount||$2,000|
|Loan term||4-12 months|
|Turnaround time||Next Business Day|
|Costs||15% of the amount you borrow + 2% each month|
|Requirements||You must be an Australian citizen over the age 18 and have a steady income.|
|Available to Centrelink Borrowers?||No|
Are you struggling financially?
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
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.
Compare Other Payday Loans
As this loan is no longer available, you can compare similar options below.
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.
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