Wallet Wizard Smart Loan

How does a Smart Loan from Wallet Wizard work?

After checking that customers meet the eligibility criteria and can afford the repayments, they can apply for a Smart Loan from Wallet Wizard online. They can usually receive a response within a few minutes. If approved, the funds will be deposited in the nominated account within 60 minutes if applicants accept the contract by 2.30 pm Sydney time on a business day. If it's after this time, they can expect the funds within the next business day.

As customers use the funds, they can view the "available credit" in their online account. This is the difference between the credit limit and the current account balance. Repayments will line up with the borrower's pay cycle (for example, they may be required to make repayments weekly, fortnightly or monthly depending on how often they are paid). If they don't make a repayment on time, they will be charged a late fee. Once they have repaid the loan, they must contact Wallet Wizard to close the account.

Features of a Wallet Wizard Smart Loan

• Repayments. Customers are required to make weekly, fortnightly or monthly payments (depending on the frequency of their pay and what they agree to in their contract) but they can make additional repayments if they wish. Customers will receive reminders via SMS or email within three days of the repayment due date and the funds are automatically debited from their account. If they miss a repayment, they will be charged a late fee and if they default on the loan, it will be listed on their credit report for up to five years.
• Interest rate. Borrowers are charged an interest rate of 47.8% p.a.
• Turnaround. The online application does not take long to complete, and once customers provide all the required information, Wallet Wizard’s loan engine goes through their credentials, works out a suitable loan amount, and presents them with a repayment plan. Unless Wallet Wizard requires additional information, they can expect an answer in minutes.
• Service fee. Applicants will be charged an ongoing fee that is based on how often they make repayments. They can check their statement to see the minimum repayment that is due.

How to apply with Wallet Wizard

Customers can apply for the Wallet Wizard Smart Loan online if they meet the following eligibility requirements:

• A permanent resident of Australia
• Over 18 years old
• Receive Centrelink payments
• They can apply if they are a discharged bankrupt, they may be able to apply but will need to meet the other eligibility criteria

To complete the application, applicants will need to include the following information:

• Their complete name, residential address, phone number, and date of birth
• Two types of identification (such as driver's licence, Medicare card or passport number)
• The BSB and bank account number for the account receiving the loan
• Provide internet banking details or bank statements from the last 90 days
• Confirm their annual income, employment status, ongoing expenses and any liabilities (such as existing loans or credit cards)

Short term loans are an expensive form of credit and shouldn't be treated as a long-term solution. They should only consider this line of credit if they meet the eligibility criteria and are sure they can afford to make the regular repayments.