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Wallet Wizard Short Term Loans Review

Pay a small establishment fee and no ongoing fees with a revolving line of credit from Wallet Wizard.

47.8% APR

Loan Interest


Max Loan Amount


Product NameWallet Wizard Short Term Loan
Loan Interest47.8% APR
Max Loan Amount$5,000
Loan TermOngoing basis depending on your payment frequency and approved credit limit
Turnaround TimeSame day
More Info

⚠️ Warning: be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the MoneyTalks helpline operated by FinCap on 0800 345 123. It is open from 8:00am to 5pm, Monday to Friday and 10am to 2pm Saturday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Commerce Commission New Zealand website explains how loans works and what to be aware of when borrowing from a lender.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.

Wallet Wizard prides itself on having affordable repayments and transparent fees, and states that you can save up to 85% of what you would pay with other comparable lenders. While there is a small establishment fee, there are no annual or service fees to worry about so you are just paying for the interest on your outstanding balance.

You can borrow between $500 and $5,000 with Wallet Wizard and your loan acts as a line of credit. Once you have paid off some of your account balance, you can redraw your available credit by applying through your online account.

Features of a Wallet Wizard loan

  • Interest rate. Wallet Wizard loans have an Annual Percentage Rate (APR) rather than a fixed-term rate. The APR for new loans is 47.8%.
  • Fast decisions. In many cases, you could have an answer within minutes and money in your account one hour after being approved.
  • Loan limit. Borrow between $500 and $5,000 with a revolving credit loan. When you have made payments towards your loan you can apply to redraw up to your approved credit limit.
  • Flexible repayments. You can choose to make your repayments weekly, fortnightly or monthly depending on what works best with your pay schedule.
  • Payment reminders. Wallet Wizard will notify you by email and send a text three days before each payment is due to be debited.
  • All applicants welcome. Wallet Wizard welcomes applications from people that have been formerly bankrupt or are on a government benefit.

How much will it cost to borrow from Wallet Wizard?

When you take out a loan from Wallet Wizard you will be charged an establishment fee of $12. There are no annual, service or manual payment fees, but you will be charged $20 for increasing your credit limit.

You may also be charged fees if you default on a payment. Late payments may also result in a default on your credit file.

How to apply for a Wallet Wizard loan

Before applying for a Wallet Wizard loan, make sure to check the rate and terms and that you meet the eligibility requirements. You can then fill in an application form on the website that will ask for your personal details, income and financial information.

Eligibility criteria

  • Be at least 18 years of age
  • Be a New Zealand citizen or permanent resident
  • Be receiving a regular income
  • Agree to a credit check

Required documents and information

Before your loan can be approved, you will need to provide the following:

  • Two forms of identification
  • Your internet banking details
  • You bank account number

So that Wallet Wizard can verify your income and expenses, your bank statements are sent through the online automated service when you provide your internet banking details. The secure portal allows Wallet Wizard to view your banking history and confirm your creditworthiness before approving your loan. If you are not comfortable with this step, it’s possible to manually send your bank statements from the last 90 days by email.

Once you are approved, Wallet Wizard will let you know your credit limit and your repayment amount. If you accept your contract before 2:30pm on a working day you can have funds in your account within one hour.

Compare payday loans from New Zealand lenders

Name Product Max Loan Amount Loan Term Turnaround Time Loan Interest Establishment Fee Account Administration Fee
Save My Bacon Mini Loan
1-8 weeks
Same day
49.95% p.a
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Short term loans up to $750 with no hidden fees.
Moola Loan
92 - 182 days
Often available in under 60 minutes
292% p.a.
(fixed for the term of the loan)
Eligibility: Be 18 or over, be in employment and be a New Zealand citizen, permanent resident or have a valid working visa.
Borrow up to $1,500 and enjoy a flexible repayment plan.
Save My Bacon Flex Loan
8-52 weeks
Same day
49.95% p.a
Eligibility: Be 18 or over, have an income of at least $400 per week and be a NZ citizen, permanent resident or have a valid work visa.
Medium term loans from $1,000 to $5,000 with no hidden fees.

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