Both are prominent short term lenders, but which is better?
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.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? | Yes | 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 $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.
Eligibility criteria
- 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.
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.
Final verdict
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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