WalletWizard is a part of 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. Customers must apply for smart loans through an online application, as WalletWizard does not operate bank branches.
WalletWizard also offers a prepaid card, which allows customers to more easily access their approved funds.
Wallet Wizard personal loan repayment calculator
Wallet Wizard Personal Loans rates
Features of a WalletWizard personal loan
WalletWizard calls their personal loans ‘Smart Loans,’ but they operate much the same as any other microloan. 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. Instead of charging high fees, WalletWizard earns money by charging high interest rates.
WalletWizard offers loan terms of up to 2 years, and allows redraws and additional repayments. Borrowers can use WalletWizard ‘Smart Loans’ for a variety of circumstances, such as buying a new car, paying medical bills, or covering unexpected expenses.
WalletWizard personal loans – customer service
WalletWizard does not operate bank branches, so customer service must be accessed over the phone or by email. Customers can contact WalletWizard customer service 24 hours a day, 7 days a week.
Applying and Eligibility
Who is eligible for a WalletWizard personal loan?
- Over the age of 18
- Australian citizen or Australian permanent resident
How to apply for a WalletWizard personal loan?
- Choose your credit limit and loan term
- Complete the online application form
- Provide contact details and identification
- Submit your application and wait for a response
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 a troublesome ongoing borrowing cycle that is difficult to overcome.
WalletWizard personal loans, called ‘Smart Loans,’ do not charge establishment or monthly fees, but do charge a high interest rate. This interest rate is much higher than those of standard personal loans. Because customers will pay more interest the longer their term, the overall cost goes up with the loan term.
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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It may be much more difficult for a self-employed borrower to successfully apply for a personal loan if they also have bad credit. Many lenders already consider self-employed borrowers to be riskier than those in full time employment, so several self-employed personal loans require borrowers to have excellent credit.
If you’re a self-employed borrower with a bad credit history, there may still be personal loan options available to you, such as securing your personal loan against a vehicle of equity in a property, though your interest rates may be higher than those of other borrowers. Consider contacting a lender before applying to discuss your options.