Both are prominent short term lenders, but which is better?Wallet Wizard and Nimble are arguably two of the most popular short term lenders, largely due to brand recognition. While on the surface their products seem similar, there are key differences between the two that should be taken into account when deciding to apply for finance. We break down the differences in this guide to help you make a decision.
|Loan amounts||$300 to $5,000||$500 to $5,000|
|Loan terms||62 days to 2 years||Differs with loan amount as product is a line of credit|
Loans up to $2,000: 20% of loan amount + 4% of loan amount each month
Loans $2,001 to $5,000: Application fee of $400 + 47.62% p.a.
|Do they have a prepaid card?||Yes||No|
|Can you pay off the loan 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 $5,000 for the larger loan option) and pay it off over a set term.
While Wallet Wizard offers loans of similar amounts (credit limits up to $5,000 are available), 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 in to the Wallet Wizard member's area to see if you're eligible to access your available credit and submit a redraw application.
- Nimble. Applicants must be employed and earning a regular income into a bank account. You can 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.
- Nimble. If your loan is confirmed before 4:30pm and you bank with 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 can 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 can be charged a direct debit reversal fee of $10 if a scheduled direct debit fails.
Both lenders offer quick 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.