Wallet Wizard Smart Loan Review
Apply between $500 and $5,000 and access your funds as a line of credit.
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.
Maximum loan amount
for $1,500 loan
Up to 2 years
Term of loan
|Product Name||Wallet Wizard Smart Loan|
|Minimum loan amount||$500|
|Maximum loan amount||$5,000|
|Loan term||Up to 2 years|
|Turnaround time||24 hours|
|Requirements||You must be an Australian citizen over the age 18 and have a steady income.|
|Available to Centrelink Borrowers?||Yes|
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.
How does a Smart Loan from Wallet Wizard work?
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.
What are the risks of payday loans?
- Unreputable lenders. Check the lender has a credit licence and is not charging you more than ASIC allows. The lender should be easily contactable.
- Unaffordable repayments. Consider the size of the regular repayments and ensure the loan is able to be repaid during the loan term. If not, extra fees apply to extend it. Be careful, since repayment periods for these kinds of loans tend to be shorter than regular loans.
- Multiple applications. Every loan application shows up on credit reports. While lenders might not consider credit history, several applications within a short period can have a negative impact on your credit score moving forward.
- Check rates and fees. Establishment and monthly fees are capped, so be wary of lenders quoting prices beyond the legal maximum amounts. Be crystal clear on what will be charged for late payments or a default on the loan. The total cost of the loan matters here - lenders can charge interest rates on top of everything else.
- Long-term repercussions and legal issues. Once the loan agreement is signed, the customer is bound to its conditions until the loan and any associated rates and fees have been paid. Typically these loans are unsecured, which means that the lender can initiate legal proceedings against the customer if they can't repay.
Features of a Wallet Wizard Smart Loan
While the Wallet Wizard Smart Loan comes the following:
- Repayments.You can make additional repayments at any time and you'll receive reminders via SMS and email three days before your repayments are due.
- Automatic payments.Repayments are debited from a nominated bank account automatically on your scheduled due dates.
- Approvals.The online application does not take long to complete, and once you provide all the required information, Wallet Wizard's loan engine goes through your credentials, works out a suitable loan amount, and presents you with a repayment plan. Unless Wallet Wizard requires additional information, you can expect an answer in minutes.
- Prepaid card.Access your approved funds more easily with the Wallet Wizard Visa Card. Once you're approved for and have made repayments on your Smart Loan you can order your card through the member's area.
How much will a Wallet Wizard Smart Loan cost?
You will be charged an interest rate of 47.8%.
How to apply with Wallet Wizard
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:
- You are a permanent resident of Australia
- You are over 18 years old
- You can apply if you receive Centrelink payments
- You can apply if you are a current or discharged bankrupt
To complete the application, you have to part with different kinds of information, which includes the following:
- Your complete name, residential address, phone number, and date of birth
- Details of your Australian passport, driver’s license, or Medicare card (any two)
- Employment details
- Financial details
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.