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 which lender to apply with. We break down the differences in this guide to help you make a decision.
| Feature | Nimble | Wallet Wizard |
|---|---|---|
| How much you can borrow | $300 to $5,000 | $500 to $5,000 |
| How long you have to repay | 62 days to two years | Differs with loan amount as product is a line of credit |
| How much the loan will cost | Loans up to $2,000: 20% of loan amount + 4% of loan amount each monthLoans $2,001 to $5,000: $400 (application fee) + 47.62% p.a. interest | 47.8% APR |
| Eligibility criteria | Applicants must be employed and earning a regular income into a bank account. | Not clearly stated. Discharged bankrupts and Centrelink borrowers are eligible. |
| How quickly the loan is funded | Within 60 minutes if the loan is confirmed by 4:30pm. Next business day for loans confirmed after this time. | Within two to three hours if the loan is approved before 2:30pm. Next business day for loans confirmed after this time. |
| Do they have a prepaid card? | Yes | Yes |
| How much you are charged for a late repayment | Direct debit dishonour fee: $15Default fee: $5 per day | Direct debit reversal fee: $10 |
| Can you pay off the loan early? |  | |
| Want to apply? | Review and apply | Review and apply |
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.
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