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Apply now and have an approval decision within minutes
Interest Rate: 47.8% Annual Percentage Rate
Interest Type: Fixed Interest Rate
Turnaround Time: enquire directly
There are no provided information regarding minimum and maximum loan repayment terms on Wallet Wizard’s website. Aside from this, there is also no data about minimum APR, specific establishment fees, monthly fees, default fees, or early repayment fees.
Other associated fees include:
$1.90 direct debit reversal fee
$1 per day arrears fee (if the account is overdue) for more than 14 days, capped at $100 per rolling 12 month period
All information included here on Friendly Finance are accurate and in line with the data provided on Wallet Wizard’s website as of November 2023.
About Wallet Wizard
Wallet Wizard offers a revolving line of credit with limits ranging from $500 up to $5,000 helping people gain access to the cash they need. The company was incorporated in 2015 and has headquarters in Sydney, NSW, Australia. The company’s business hours are from Monday to Friday, 8 AM to 8 PM, and Saturday 8 AM to 12 PM. The company’s ABN is 39146525706, with Australian Credit Licence Number 400871.
Wallet Wizard: Eligibility Requirements
The application process for Wallet Wizard is done through the company’s website or you can also easily apply for a loan using this form. To process your loan application, you need to pass Wallet Wizard's eligibility requirements:
- You are at least 18 years of age
- You must be a permanent resident or a citizen of Australia
Your application information will be processed by the company’s loan engine. Results will typically be given in five minutes, except if the company performs extra credit checks on your loan application as part of its commitment to be a responsible lender. Viewing your credit history is essential and will indicate if you are a reliable borrower. If you have good credit, it can help you increase the chances of your loan being approved.
You will be asked to provide contact details to make sure that Wallet Wizard can update you on your application status.
Upon approval, your money will be sent to your bank account within 60 minutes (if approved and the contract is accepted before 2:30 pm Sydney time on a business day). Most major banks will deposit the funds into your account within an hour from the time the lender has released the fund. It may take a little longer (up to 3 hours) for some banking institutions.
Wallet Wizard’s notable loan product feature is that it uses a Smart Credit Engine to process all applications for Smart Loan. This results in a loan approval turnaround time of about five minutes (depending on the need for further inspection of your application details). Funds are also released by the lender within 60 minutes from the time of your approval and the contract acceptance.
There are no other loan maintenance fees apart from a late payment fee of $10 (which can also be waived if you contact the lender before the date of the automatic debiting of your payment.
The company can also set up an automatic debit arrangement to your nominated bank account on a weekly, fortnightly, or monthly basis which corresponds to your pay cycle. Using automatic repayments makes monthly repayments easy and hassle-free. There is also an option to make extra payments (without additional costs) on the loan to pay off the loan faster than the loan period. By using Wallet Wizard there is no need to worry about caps on repayments.
The Company: Wallet Wizard
There are some positives and negatives for prospective borrowers to consider before using Wallet Wizard as an online lender. As part of the reviewing process for this page, customer feedback and common questions answered on the company website were considered for the overall assessment.
Positives
- Quick-release of approval through a Smart Credit Engine.
- Quick cash accesses to cash. Wallet Wizzard is fast at releasing loan funds.
- Transparent fees.
- The payment period is in line with the borrower’s pay cycle.
- Good customer service.
Negatives
- Customer reviews said some loan applications took more than 60 minutes to release loan results.
- Some customers complain that Wallet Wizard still holds your personal details even if decide not to make an account with them.
