Wallet Wizard vs Nimble

Wallet Wizard offers a revolving line of credit while Nimble gives you cash upfront.

Updated Jan 29, 2021. What changed?

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Wallet Wizard and Nimble are arguably two of the most popular short term lenders in Australia. While they offer similar products, there are a number of key differences you should keep in mind when looking for a short-term loan.

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.

⚠️ 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.

Learn how each lender works and compare them below.

Feature	Nimble	Wallet Wizard
Loan amount	$300 to $25,000	$500 to $8,000
Loan term	62 days to 2 years	Differs with loan amount as the product is a line of credit
Loan cost	Loans of up to $2,000: 20% of loan amount + 4% of loan amount each month Loans from $2,001 to $5,000: Application fee of $400 + 47.62% p.a. for $2,050 to $5,000	47.8%
Do they have a prepaid card?	No	No
Can you pay the loan off early?
Want to apply?	Review and apply	Review and apply

What else do you need to compare?

How the loans work

Nimble works more like a traditional short term loan, where you borrow up to $2,000 (or up to $25,000 for the larger loan option) and pay it off over a set term.

While Wallet Wizard offers similar loan amounts (with credit limits up to $8,000), the loans are offered as a line of credit. You'll be approved for a maximum loan limit, which you can then use during your loan period. Just log into the Wallet Wizard member's area to see if you're eligible to access your available credit and submit a redraw application.

Eligibility criteria

Nimble. Applicants must be employed and earning a regular income into a bank account. You may still be considered if you are dependent on Centrelink.
Wallet Wizard. The minimum eligibility criteria aren't clearly stated, but discharged bankrupts and Centrelink borrowers are eligible.

Funding time

Nimble. If your loan is confirmed before 4:30pm and you bank with the Commonwealth Bank, you will receive your loan within minutes. If you have your loan confirmed by 4:30pm but bank with another institution, your loan will be funded within one hour but the clearance time depends on your bank. Loans confirmed after this time will be funded the following business day.
Wallet Wizard. If you accept your contract before 2:30pm (Sydney time) you should receive your funds that day. Loan contracts accepted after this time will be funded the following business day.

How late repayments and defaults are handled

Nimble. If your direct debit fails you may be charged by your bank as well as a $15 fee from Nimble. If your repayments are rescheduled for a later date your account is considered "overdue" and you will be charged daily fees. If your loan is rescheduled for the following month you will be charged an additional monthly fee.
Wallet Wizard. You may be charged a direct debit reversal fee of $10 if a scheduled direct debit fails.

What are the risks of short term loans?

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.

Final verdict

Both lenders offer financing to assist those that need it, but differ greatly on loan terms (Wallet Wizard offers a revolving credit line as opposed to a term loan), their transparency (eligibility criteria especially) and their fees. Take everything into account before you apply with either lender.
Image: Shutterstock

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Elizabeth Barry

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Elizabeth Barry is senior editor for Finder's global financial niches. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).

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