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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.
Learn how each lender works and compare them below.
Feature | Nimble | Wallet Wizard |
---|---|---|
Loan amount | $300 to $5,000 | $500 to $5,000 |
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. | 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 |
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 similar loan amounts (with credit limits up to $5,000), 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.
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.
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