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The Wallet Wizard Smart Loan works like a line of credit, with loan amounts ranging between $500 and $5,000. Loan terms are up to 2 years. While they offer longer repayment terms than most payday lenders, this loan is more expensive. They charge an interest rate of 47.8% p.a., and an ongoing service fee that is based on how often you make your repayments. Payday loans are an expensive form of finance and are not long-term financial solutions. You should only borrow in case of an emergency.
$2,000
Maximum loan amount
3 hours
Turnaround time
conditions apply
$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 (Up to 2K) |
---|---|
Minimum loan amount | $500 |
Maximum loan amount | $2,000 |
Arrears Fee | $10 |
Loan term | Up to 2 years |
Turnaround time | 3 hours - conditions apply |
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.
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.
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.
Customers can apply for the Wallet Wizard Smart Loan online if they meet the following eligibility requirements:
To complete the application, applicants will need to include the following information:
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.
2 Comments
March 15, 2019
What is the best site/company for a small loan if I’m not a resident of Australia?
March 16, 2019
Hi Moosa,
Thank you for leaving a comment.
There are different lenders who can allow non-Australian residents to get small loans. Although I may not be able to point out what is the best company as you may have a different preference when it comes to loans. You may refer to our list of personal loans for temporary residents and personal loans for migrants to compare your options.
You can also learn more about loans for non-residents. This page will guide you on what to expect and what to prepare if you’re a non-Australia resident and wish to apply for a loan.
Hope this helps! 😊 Please feel free to contact us back should you require further assistance.
Kind Regards,
Mai