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.
Wallet Wizard personal loan repayment calculator
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Wallet Wizard personal loans rates
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- Redraws available
- Allows additional repayments
- Loan terms of up to 2 years
- High interest rate
- May charge a late payment fee
- No branch access
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.
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If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.
Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.
Medium amount loans can be repaid between 16 days and 2 years. Many personal loans have terms between 1 year and 5 years, though some are as short as 6 months while others last for 10 years.
Generally, the shorter a loan’s term, the more expensive your regular repayments may be, but the less total interest you’ll pay. Loans with longer terms mean more affordable repayments, but more interest charges over the full term.
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
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.
Personal loans may require a borrower to provide proof of identity, proof of residence, details of any other outstanding loans (including credit cards), details of assets they own (e.g. savings, car, property), and proof of income.
While borrowers in full-time or part-time employment can often provide payslips and similar documents to prove their income, self-employed borrowers may need to provide other documents, such as bank statements or tax returns, to demonstrate that their income can cover a loan’s repayments.
There is a strong link between credit scores and personal loan interest rates because many lenders use credit scores to help decide what interest rates to offer to potential borrowers.
If you have a higher credit score, lenders will probably classify you as a lower-risk borrower. That means they’ll be keen to win your business, so they may offer you a lower interest rate if you apply for a personal loan.
If you have a lower credit score, lenders will probably classify you as a higher-risk borrower. That means they might be concerned about you defaulting on the loan and costing them money. As a result, they might protect themselves by charging you a higher interest rate.
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Comprehensive credit reporting may change your credit score, either positively or negatively, depending on an individual's situation.
Under comprehensive credit reporting, credit providers will share more information, both positive and negative, about how you and other Australians manage credit products. That means credit reporting bureaus will be able to make a more thorough assessment of everyone’s credit behaviour. That will lead to higher scores for some consumers and lower scores for others.
It is possible for students with no available history of borrowing or managing money to get a personal loan, though it may be more difficult as well as expensive than for borrowers with a good credit history.
Having no credit history means having no credit score. While many lenders may consider having no credit score to be better than having a bad credit score, they may still consider it riskier to lend to an unknown borrower and may charge higher interest rates or fees than to borrowers with good credit scores.
Many lenders will allow you to make extra repayments onto a quick personal loan when you can afford them, or even exit the loan early, which can help reduce the total interest you are charged. Be sure to check your quick loan’s terms and conditions, as some lenders charge early exit fees for paying off a loan ahead of schedule.