Wallet Wizard Loan Review
Explore the financial services provided by Wallet Wizard and their offerings, terms, and more, with Savvy today.
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Wallet Wizard is an online financial institution operating in Sydney which offers specialised line of credit loans. Before making any decisions with Wallet Wizard, knowing how its finance products work, as well as the fees and terms is essential. Luckily, you can explore these details with Savvy. Delve into our review of its products and learn about the other options which may be open to you with us today!
Rates and product information are correct as of 12 February, 2024.
How do Wallet Wizard's small loans work?
With Wallet Wizard, borrowers have access to small lines of credit from $500 to $8,000, with the minimum repayments based on your individual credit limit and chosen payment frequency. Under a line of credit, you can withdraw funds as you see fit up to your limit at any time, provided you’re able to pay them back as per the minimum required schedule. You have the flexibility to choose your repayment frequency (either weekly, fortnightly or monthly) and won’t incur additional charges for early repayments.
The application process for Wallet Wizard is entirely online. Applicants are required to provide personal identification, contact details, bank information, and proof of regular income as a condition of qualifying. Once you submit your application, you’ll receive a decision in seconds, after which you can have your funds available as soon as 60 minutes after you sign your contract.
What will the cost of a small loan through Wallet Wizard be?
Accessing cash through ClearCash involves one primary cost: interest. The interest rate is set at 47.8% p.a. and is applied to your outstanding balance. For instance, if you borrowed $5,000 and aimed to repay it over six months, the total cost would amount to approximately $5,718.
There are no charges for annual or monthly services, exceeding your credit limit, or making a manual payment with ClearCash. However, you might face a $1.90 Direct Debit Reversal Fee for a late payment if you fail to contact ClearCash beforehand. Additionally, if your account is overdue by more than 14 days, you could incur a daily fee of $1, capped at $100 per rolling 12-month period.
Can I qualify for a small loan with Wallet Wizard if I have bad credit or receive Centrelink payments?
Wallet Wizard assesses loan applications by considering various factors, not solely relying on credit scores or Centrelink benefits. While they do conduct credit checks as per Australian lending laws, Wallet Wizard gives significant weight to an individual's present financial circumstances. This approach offers an opportunity for individuals with a less-than-perfect credit history to qualify, provided they meet other eligibility criteria.
Regarding Centrelink payments, applicants can apply for a loan through Wallet Wizard if they meet the minimum income requirements. Whether you're a single parent or receiving ongoing payments like an age pension or veteran payment, meeting these criteria may increase your chances of loan approval, offering financial support when needed.
What are the potential alternatives to a small loan with Wallet Wizard?
As an alternative to Wallet Wizard, you may wish to consider applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.
Follow these simple steps to apply for your small loan through Savvy today:
- 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 as soon as the same day.
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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.
