Wallet Wizard personal loans

WalletWizard is a part of the ASX-listed Credit Corp Financial Services, an Australian financial services business operating in the credit-impaired consumer segment. WalletWizard offers short-term ‘Smart Loans’ to borrowers across Australia. This lender uses technology to assess loan applications and determine a borrower's credit limit.

As WalletWizard does not operate brick-and-mortar branches, customers must apply for smart loans through its online website.

Bria Horne

Personal Finance Writer

Content updated

14 Oct, 2022

Product data updated

25 Apr, 2024

Why choose Wallet Wizard

Benefits

Redraws available
Allows additional repayments
Loan terms of up to 2 years

Drawbacks

High interest rate
May charge a late payment fee
No branch access

Personal Loans calculator

Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.

Your estimated repayments

Total interest

Total repayments

Compare personal loans

This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
The calculation rounds of the personal loan repayment to the closest dollar value without decimals.

All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
Calculator does not include the cost of fees or other extra charges.
Calculator does not account for changes to interest rates over time.
This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.

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.

Share this page

About our expert

Bria Horne

Personal Finance Writer

Bria Horne was one of RateCity's Personal Finance team. Aside for writing about financial advice and making complicated terms easier to digest, she loves travelling.

Did you find this page helpful?

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Wallet Wizard personal loans

Why choose Wallet Wizard

Benefits

Drawbacks

Wallet Wizard Personal Loans

Personal Loans calculator