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.
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 can address your need for quick access to funds, but take into account this is not the only loan of its kind, so it’s in your best interest to compare a few before applying.
⚠️ 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.
If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Financial Counsellors hotline on 1800 007 007. It is open from 9:30am to 4pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged. It's important to weigh up all your options before applying for any form of credit.