Wallet Wizard vs Nimble
Learn about the differences between Wallet Wizard and Nimble, as well as your potential alternative options, with Savvy today.
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Wallet Wizard and Nimble are two of Australia’s most recognisable online cash lenders. If you’re looking to take out a quick loan, it’s important to understand what each of these services can offer, as well as whether there are any suitable alternatives available for you. Read all about them right here in Savvy’s handy analysis.
Rates and product information are correct as of 13 February, 2024.
How do Wallet Wizard's small loans work?
With Wallet Wizard, borrowers can access lines of credit ranging from $500 to $8,000, allowing for flexibility in managing financial needs. Minimum repayments are determined by the individual credit limit and chosen payment frequency, ensuring borrowers can tailor their repayments to suit their budget. There are no additional charges for early repayments, giving borrowers the freedom to settle their debt sooner if they wish.
The application process for Wallet Wizard is conducted entirely online. Personal identification, contact details, bank information, and proof of regular income are required for qualification. Upon submission, applicants receive a prompt decision, and if approved, funds can be made available in as little as 60 minutes after signing the contract.
In terms of the cost, Wallet Wizard charges a 47.8% p.a. interest rate on your line of credit. This means, for example, if you decided to withdraw $5,000 and repay it in monthly instalments over six months, it would cost you $5,718 in total. There are also minor charges related to late payments ($1 per day your account is overdue after 14 days, capped at $100 per rolling 12-month period) and a $1.90 Direct Debit Reversal Fee if your payment is late and you fail to contact Wallet Wizard.
How do Nimble's small loans work?
Nimble provides small loans ranging from $300 to $2,000, with repayment terms spanning from as few as 9 weeks to as many as 17. These loans fall under the category of Small Amount Credit Contracts (SACC), each governed by specific regulations regarding fee structures. Additionally, Nimble offers Medium Amount Credit Contracts (MACC), starting at $2,050 and capped at $5,000, with repayment periods ranging from two to 23 months. Borrowers have the flexibility to choose their repayment frequency, whether weekly, fortnightly, or monthly, and are not penalised for making early payments on either loan type.
The application process with Nimble is entirely online, offering convenience and accessibility. Applicants are required to provide personal and contact details, bank information, as well as proof of employment and regular income. Upon submission, a swift decision is made, and if approved, funds can be disbursed within as little as 60 minutes following formal approval.
The fees which you’ll have to pay for a small loan through Nimble are as follows:
Loans between $300 and $2,000:
- Establishment fee: 20% of your loan amount
- Monthly fee: 4% of your loan amount
- Cost example: if you took out a $1,000 small loan and repaid it in monthly instalments over three months, you’d be charged an establishment fee of $200 and monthly fees totalling $120, amounting to a total loan cost of $1,320.
Loans between $2,050 and $5,000:
- Establishment fee: $400
- Interest rate: 47.6158% p.a.
- Cost example: if you took out a $5,000 loan and repaid it in monthly instalments over six months, you’d be charged a $400 establishment fee and interest totalling $774, resulting in an overall cost of $6,174.
Can I qualify for a small loan with Wallet Wizard or Nimble if I have bad credit or receive Centrelink payments?
Both Wallet Wizard and Nimble evaluate loan applications by taking into account various factors, rather than solely relying on credit scores or Centrelink benefits. While they do carry out credit assessments in line with Australian lending regulations, they place considerable emphasis on an individual's current financial situation. This approach provides an opportunity for individuals with imperfect credit histories to qualify for a loan, provided they satisfy other eligibility criteria.
In terms of Centrelink payments, individuals can seek a loan through either lender if they meet the minimum income requirements. Nimble may be able to help out applicants who solely rely on benefits, but this will be subject to further assessment. Whether you're a single parent or receiving ongoing payments such as an age pension or veteran payment, fulfilling these criteria can offer essential financial assistance when required.
What are the advantages of Wallet Wizard and Nimble?
Pros of Wallet Wizard over Nimble:
- Line of credit: through a line of credit, you can access funds up to your credit limit whenever you need them.
- Up to $8,000: as opposed to most other small loan options, Wallet Wizard enables you to access up to $8,000 (subject to meeting their lending criteria).
- No fees: compared to Nimble, which contains the same standard fees and interest as other SACC and MACC loans, Wallet Wizard’s fees are minimal.
Pros of Nimble over Wallet Wizard:
- Lower potential overall cost: while the most you could pay for a loan with Nimble is $8,473 ($5,000 loan repaid monthly over two years), your debt can potentially balloon out if you access the maximum amount through Wallet Wizard, with a $8,000 balance repaid monthly over two years adding up to $12,576 (assuming repayments are made on time).
- Less temptation to borrow: a line of credit could make you more tempted to borrow funds more often to plug gaps in your finances, potentially resulting in a greater reliance on borrowing.
What are some of the alternatives to a small loan with Wallet Wizard or Nimble?
If you’re looking for an alternative to both Wallet Wizard and Nimble, you can look to apply for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help facilitate the swift acquisition of the funds you need.
Here's the straightforward process of applying for a small loan through Savvy:
- Complete our application form, providing pertinent information such as your credit score, income, employment details, and preferred loan amount, which ranges from $2,050 to $5,000.
- Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
- Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
- Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
- Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account.
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Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
