Wallet Wizard personal loan repayment calculator

Thinking about taking out a personal loan with Wallet Wizard? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Wallet Wizard personal loans compare with other options.

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at interest rate 10.00 %

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Pros and cons

  • Redraws available
  • Allows additional repayments
  • Loan terms of up to 2 years
  • High interest rate
  • May charge a late payment fee
  • No branch access

Wallet Wizard personal loans rates

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Features of a WalletWizard personal loan

WalletWizard's ‘Smart Loans' operate much like a line of credit. It gives you access to between $500 and $5000. Like other short-term loans, ‘Smart Loans’ offer a high-cost, quick fix borrowing solution.

Unlike some payday loan providers, WalletWizard does not charge establishment, ongoing, or service fees, but does charge late fees. WalletWizard earns money by charging high interest rates.

Because the 'Smart Loan' is a continuing credit contract, the account will stay open until you request to close it. You can continue to request access to your available credit when the account is open. 

WalletWizard allows redraws and additional repayments.

Borrowers can use WalletWizard for purposes such as buying a new car, paying medical bills, or covering unexpected expenses.

WalletWizard personal loans – customer service

WalletWizard does not operate physical branches, so customer service must be accessed over the phone or by email. Customers can contact WalletWizard's customer service 24 hours a day, 7 days a week.

Applying and Eligibility

Who is eligible for a WalletWizard personal loan?

  • People aged 18+
  • Australian citizen or Australian permanent resident

How to apply for a WalletWizard personal loan?

  • Choose your credit limit.
  • Complete the online application form.
  • Provide contact details and identification.
  • Submit your application and wait for a response.
  • Read your contract carefully.

WalletWizard personal loan review

Short-term loans, sometimes called cash loans or quick loans, are a high-cost borrowing option. Because their fees and interest rates tend to be very high, borrowers should be wary. Using short-term payday loans could put borrowers at risk of an ongoing cycle of debt that is difficult to overcome.

WalletWizard personal loans, called ‘Smart Loans,’ do not charge establishment or ongoing fees, but do charge a high interest rate and late fees. The interest rate is much higher than those of standard personal loans. The longer it takes for a customer to pay off the balance, the more interest customers will pay.

Although WalletWizard performs a credit check on applicants, bad credit borrowers may still be approved. WalletWizard serves a variety of customers, but customers should be comfortable with their loan and customer service operating entirely online.

Learn more about personal loans

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What can quick loans be used for?

Many borrowers use quick loans to cover short-term or urgent costs, such as paying for car repairs, medical bills, or replacing broken appliances or electronics. Quick loans often have high interest rates compared with regular personal loans.

Before applying for a quick loan, consider your other available options, such as working out a payment plan or applying for an advance or extension. 

How do I know if I've got a bad credit history?

You can find out what your credit history looks like by accessing what's known as your credit rating or credit score. You're also able to check your credit report for free once per year.

What causes bad credit history?

Bad credit history is caused by filing for bankruptcy, defaulting on your debts, falling behind on your repayments and having loan applications rejected. Lenders are wary of borrowers who demonstrate this sort of behaviour because it suggests they might struggle to repay future loans.

Borrowers with bad credit may find it more difficult to be approved for a loan, or they may get higher interest rates when they do get approved.

Which lenders offer bad credit personal loans?

Several dozen lenders offer bad credit personal loans in Australia. These are generally smaller lenders that aren’t household names.