Applying for a Wallet Wizard loan? Here’s what you need to know about its free prepaid Visa card.
Payday lenders offering approved borrowers debit cards is nothing new. Nimble, MoneyMe and other lenders have sweetened their short-term lending deals with prepaid Visa cards that borrowers can receive their loans onto.
With prepaid cards abound in the payday space, let’s break down Wallet Wizard’s new offering and see how it stacks up:
- Eligible borrowers
You can only get the card if you’re an existing Wallet Wizard, MoneyStart or ClearCash customer or if you’re currently paying off one of these loans.
- Loading funds
You cannot load your own funds onto the card. This is currently the only prepaid payday loan card in the market that will not allow you to do this. Spotme previously offered a card that did not allow you to do this, but its product is over 50% cheaper for a three-month loan. This card is currently not available to new borrowers.
- Inactivity fee
Once you have the card, there is an inactivity fee that kicks in “when no ATM withdrawals, POS purchases and Electronic Transactions have occurred within 180 days”. The $2.99 fee is charged after six months, from the seventh month until your card expires.
- Card delivery time
Wallet Wizard aims to get the card to you within 15 working days and says to get in contact if you haven’t received your card within 20 days. However, depending on your repayment schedule, you may have made a repayment before you receive your card and can make use of it. If you need your loan instantly, you should opt to receive your loan into your bank account.
Is the card worth it?
The card does offer some benefits in that it gives you a convenient way to receive your loan – once you've received the card. If you plan on being a repeat customer and want immediate access to approved funds, then it may be worth considering. However, being a repeat payday borrower is not a long-term financial solution, and this card seems to target existing customers who will be borrowing again.