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Wallet Wizard's Smart Loan can act like a line of credit, allowing access to between $500 and $5,000. Their member’s area allows people to log on and check on available credit and eligibility for accessing it.
$5,000
Maximum loan amount
24 hours
Turnaround time
$316.7
Fortnightly repayment
for $1,500 loan
Up to 2 years
Term of loan
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Product Name | Wallet Wizard Smart Loan |
---|---|
Minimum loan amount | $500 |
Maximum loan amount | $5,000 |
Arrears Fee | $10 |
Loan term | Up to 2 years |
Turnaround time | 24 hours |
Costs | 47.8% |
Requirements | You must be an Australian citizen over the age 18 and have a steady income. |
Available to Centrelink Borrowers? | Yes |
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
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:
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.
Applying for a Wallet Wizard Smart Loan takes a few minutes and can be completed online. There is a member's area that allows you to check the progress of an application. If you're approved you'll receive access to your credit limit usually within three hours. Once you start using your balance you'll notice your "available credit", which is the difference between your credit limit and the current account balance. The balance is what you owe Wallet Wizard.
Your repayments vary depending on the balance of your account. A reminder of your repayment will be sent three days before they will be automatically direct debited from your account. You'll also receive a detailed statement and cost outline in your contract.
This is a continuing credit contract so unless you request to close the account it will remain open.
While the Wallet Wizard Smart Loan comes the following:
You will be charged an interest rate of 47.8%.
To apply for a Wallet Wizard Smart Loan you have to submit an online application. Bear in mind you have to meet the following eligibility criteria to apply:
To complete the application, you have to part with different kinds of information, which includes the following:
The Wallet Wizard Smart Loan is not the only loan of its kind and you should always compare other options and consider alternative financing methods before taking out this kind of loan.