WalletWizard is a part of the ASX-listed Credit Corp Financial Services, an Australian financial services business operating in the credit-impaired consumer segment. WalletWizard offers short-term ‘Smart Loans’ to borrowers across Australia. This lender uses technology to assess loan applications and determine a borrower's credit limit.
As WalletWizard does not operate brick-and-mortar branches, customers must apply for smart loans through its online website.
Benefits
Drawbacks
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
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WalletWizard's ‘Smart Loans' operate much like a line of credit. It gives you access to between $500 and $5000. Like other short-term loans, ‘Smart Loans’ offer a high-cost, quick fix borrowing solution.
Unlike some payday loan providers, WalletWizard does not charge establishment, ongoing, or service fees, but does charge late fees. WalletWizard earns money by charging high interest rates.
Because the 'Smart Loan' is a continuing credit contract, the account will stay open until you request to close it. You can continue to request access to your available credit when the account is open.
WalletWizard allows redraws and additional repayments.
Borrowers can use WalletWizard for purposes such as buying a new car, paying medical bills, or covering unexpected expenses.
WalletWizard does not operate physical branches, so customer service must be accessed over the phone or by email. Customers can contact WalletWizard's customer service 24 hours a day, 7 days a week.
Short-term loans, sometimes called cash loans or quick loans, are a high-cost borrowing option. Because their fees and interest rates tend to be very high, borrowers should be wary. Using short-term payday loans could put borrowers at risk of an ongoing cycle of debt that is difficult to overcome.
WalletWizard personal loans, called ‘Smart Loans,’ do not charge establishment or ongoing fees, but do charge a high interest rate and late fees. The interest rate is much higher than those of standard personal loans. The longer it takes for a customer to pay off the balance, the more interest customers will pay.
Although WalletWizard performs a credit check on applicants, bad credit borrowers may still be approved. WalletWizard serves a variety of customers, but customers should be comfortable with their loan and customer service operating entirely online.
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