Well you just came to the right place.
Reviewing Wallet Wizard
Wallet Wizard – whose parent company is Credit Corp Financial Service – is an Australian financial institution. It specializes in loan provision services to borrowers in need of extra credit to meet their demands.
Just like any other loan providers, Wallet Wizard charges interest on the loans they offer.
Application for a loan from Wallet Wizard can only be done online.
This is because they don’t operate bank branches.
When unexpected expenses or emergency needs come your way, you may consider taking a loan. If you are looking at the Wallet Wizard direction but you aren’t entirely informed about it, worry not. This article has got you covered, just don’t set your eyes off it.
Be it TV commercials or magazine adverts, most lenders don’t paint the whole picture about the services they provide. Usually it is because they don’t want to disclose some details. More so, those that may turn the customer’s eyes off the sweet deal.
All the same, this article takes care of that. Let’s get to it then.
How Wallet Wizard works
Wallet Wizard not only provides loans but also offers prepaid cards to customers. You can borrow any sum of money ranging between $500 to $5000 from Wallet Wizard. It all really depends on your needs.
The Annual Percentage Rate of loans from Wallet Wizard was set at 47.8% starting on the 08th December 2016.
A while ago Wallet Wizard discontinued their small cash loan services. At the moment, they offer Smart loan product services.
Wallet Wizard does credit history assessment while approving loans. However, an individual with a bad credit history can still apply and get a loan. Customer services are provided all day, each day of the week (24/7). You can reach them through Wallet Wizard’s contact number or email address available on the website.
Wallet Wizard refers to the personal loan they offer as ‘Smart loan’. Applying for the loan through their website is easy and quick. Also, they allow cash redraws. With Wallet Wizard, you don’t incur establishment, ongoing or service charges. Instead, they charge high interest rates for the loan. This way, Wallet Wizard doesn’t make losses. After all, it is a financial institution and losses are bad for business.
Enough of the overview lets dig into the flesh of these Smart Loans.
Wallet Wizard Smart Loans
Wallet Wizard smart loans range between $500 to $5000 and attracts interest at the rate of 47.8%. Loan access time after application is averagely 3 hours (on business days). However, it depends on the time of contract acceptance. The loan term period is up to 2 years.
The application process itself is a few minutes task. If your loan application is successful, you’ll have funds transferred to your account. As you use your loan, you’ll see your available balance.
Available balance is usually the amount you owe Wallet Wizard. You can easily calculate your available balance. It is the difference between the credit limit and credit account balance.
Wallet Wizard, on top of quick loans, affords you
- Advice and recommendations, should you want to invest part or all of the borrowed amount
- Redraw access to your available credit
- Security and privacy to your loan information such that only you can access your data
- Additional customer support services if you have inquiries that can only be answered in person (during Wallet Wizard business hours)
Even with bad credit Wallet Wizard can still offer you the help you need. This is because the approval criteria used doesn’t consider the credit history of the applicant. Instead, it considers the financial situation of the applicant. Wallet Wizard will calculate the maximum loan amount you can apply for with bad credit.
Wallet Wizard uses a system where all the applicant’s information is processed quickly to determine if they can get a loan. The system, Smart loan engine, is fast. In some rare cases, however, it takes a little while longer. For instance, if there are extra bits of information to be assessed.
In case you can’t make the repayment on time, get in touch with Wallet Wizard through their contact number (1300 925 538). A mutual agreement will then be reached on how to go about it.
Features of Wallet Wizard Smart Loan
- Loan repayments are debited directly from your account on the scheduled dates. You are given notice three days before the due date through your email or text message.
- You can still make additional payments if you so wish without being charged. This will help you clear your loan quickly
- Through the member’s area, you can order a Wallet Wizard card. The card allows you to access your funds easily.
Pros of getting a Smart Loan from Wallet Wizard
Once your loan application is approved and successful, you will get the money you needed. The money is deposited in your account. Here are the benefits of choosing to get a loan from Wallet Wizard:
- The loan repayment term for Smart loans from Wallet Wizard is long (up to 2 years). This allows you to make little payments spread over the term as you clear the loan.
- Wallet Wizard gives you access to redraw your funds.
- The least amount you can borrow is low, $500.
- You can make additional payments on top of the scheduled payments.
Cons of Wallet Wizard Smart loan
- Wallet Wizard Smart loans can only be applied online through their website. As such, there is no branch physical access.
- Since Wallet Wizard doesn’t impose charges like establishment and service, they charge very high interest rates.
Smart Loan Eligibility
To qualify for a smart loan from Wallet Wizard, you have to meet some requirements. You have to:
- Be a permanent resident of Australia
- 18 years of age or older
- Be receiving steady income
You can still apply for the Smart loan if you receive Centrelink benefits. Current or discharged bankrupts are also eligible to apply.
Wallet Wizard loan application process
You can apply for the loan once you meet the eligibility criteria. Below is a guide.
Wallet Wizard smart loan application can only be done online. Thankfully don’t have to worry about long queues, boring meetings or tedious paperwork.
Wallet Wizard requires the following information to approve your loan
- Legal name, contact number, and date of birth
- Residential address
- Identity details
You will also be required to provide a copy of your bank statement. It will be used to approve your loan request. Submit the loan application form once you have completed filling in all the required details. Wallet Wizard will review your application using the Smart Loan engine and get back to you.
The approval process only takes a few minutes. However, if there are additional details to be checked and verified, the process might take more minutes.
Wallet Wizard will set a credit limit and a payment schedule that suits you using the information you will have submitted. You will be provided with a contract if your loan application is successful. Read keenly through the contract as it contains all the loan details including repayment terms, fees, and charges. Make sure you don’t miss a thing especially concerning the charges and terms.
Getting the money transferred to you
If you are comfortable with the contract go forward and accept it. Wallet Wizard will transfer the money to you within 60 minutes or the next business day depending on the time you accepted the contract.
For instance, if your loan approval and contract acceptance happen before 2:30 PM (Sydney time) during a business day, Wallet Wizard will do the transfer within an hour. On the other hand, if the contract acceptance is after 2:30 PM (Sydney time) or outside Wallet Wizard business hours, the transfer will happen on the next business day.
Smart loan Repayment
Wallet Wizard sets terms that suit you based on the information you provide. They make certain that the repayment plan is in line with your income in order to avoid a financial burden on you.
Three days before the repayment scheduled date, Wallet Wizard will send you a Statement of Account. On the due date, the repayment amount is directly debited from your bank account.
Sometimes not everything works out perfectly when repaying the loan. For various reasons, you may be unable to make your scheduled payments on time. If you find yourself in such a fix, contact Wallet Wizard ahead of time.
Through Wallet Wizard you can quickly get the credit you urgently need. However, it’s advisable to consider other options beforehand.