What is Wallet Wizard and how do its loans work?
Wallet Wizard is a small loan provider offering line of credit products with limits of between $500 and $8,000. The limit you’re approved for will depend on your profile as a borrower, including your income, credit score, outstanding debts and more. These loans are designed to deliver fast cash to those who need it.
Their lines of credit are different from standard payday loans in several key ways:
- Rather than applying for (and receiving) a lump sum, a line of credit works like a credit card. You can withdraw funds as you need them up to your limit.
- You’ll only have to pay interest on the amount you’ve used, rather than the full amount available. For example, if you withdraw $1,000 from your account with a limit of $5,000, you’ll only pay interest on $1,000 until it’s repaid in full.
- While payday loans are capped at $2,000, and other medium loans at $5,000, you can borrow up to $8,000 with Wallet Wizard.
- Wallet Wizard doesn’t charge any application or ongoing monthly fees. It only charges interest and certain late and arrears fees.
As of June 2025, Wallet Wizard’s interest rate is 47.80% p.a.
What are some other alternatives to loans like Wallet Wizard’s?
There aren’t a huge number of lenders offering lines of credit like Wallet Wizard. ClearCash is one of them, but they’re both owned by Credit Corp Financial Services Pty Ltd, so their products and fees are essentially the same.
Credit24 is another provider offering quick lines of credit, with theirs reaching up to $10,000 and coming with interest rates of between 24.00% p.a. and 48.00% p.a. They also don’t charge any fees.
Some of the potential alternatives to a Wallet Wizard line of credit loan are:
- Small/medium loan: as mentioned, these loans offer you a lump sum of up to $5,000 and allow you to repay them over as long as two years (one year for small loans). The key thing is ensuring that you apply with a reputable company. You can apply for a small loan with Savvy and access funds (if approved) just like you can with Wallet Wizard.
- No Interest Loans (NILs): NILs are offered by Good Shepherd through a range of providers. They’re intended to help you pay for essentials such as appliances, car repairs, electronics, rental bonds and even a new vehicle. These can be repaid without interest but can only be used for approved purposes.
- Credit card: a credit card can also provide you with cash on demand, but it may be harder to get approved for if your credit history isn’t the best. Also, because they don’t come with set repayments, it’s easier to find yourself trapped in a debt spiral if you’re unable to pay them off in good time.
