Wallet Wizard Loan Review

Explore the financial services provided by Wallet Wizard and their offerings, terms, and more, with Savvy today.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on February 12th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

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.

Wallet Wizard Loan Review

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:

  1. 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.
  2. Submit your application and promptly receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will undergo assessment by your designated lender, which may necessitate additional documentation.
  4. Following lender approval, you'll be furnished with formal approval and loan documents delineating your loan terms, fees, repayment schedule, and other pertinent details.
  5. Upon signing and returning the documents, your funds will be swiftly transferred to your designated bank account as soon as the same day.
Apply now

Helpful small loan guides

Small Loans Banner - Young couple assessing their financial situation before applying for a loan

No Credit Check Loans

Find out whether you can get approved for a loan with no credit check and get your application started with...

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

Small Loans Banner - Young couple looking at their finances and needing money desperately

I Need Money Desperately

Apply for your small loan with Savvy today and get an outcome fast. Borrow up to $5,000 Outcome in 60...

Apply for a small loan through Savvy today

We're here to help make life easier for you. With smooth online applications, instant outcomes and funding as soon as the same day, it's never been easier to access the funds you need than by applying through Savvy.


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.