The Debt Free Community is here to help guide you through what appears to be a very lucrative proposition. Just because you can get cash today doesn’t make it right.
Wallet Wizard is one of those payday lending providers whose bad reputation shows a lot of negative reviews online. Why? It’s because they’re dangerous.
Payday lending that is. One very dangerous mix. You get a loan which is massively in favour of the bank and not yourself.
We wouldn’t recommend that you take out that loan which you’re thinking about, especially if it’s to feed a gambling addition or to pay the arrears on an existing loan. That’s like fighting fire with terrible consequences.
Through our research, this guide help you get some insights on what to do instead.
Wallet Wizard review
Once again, we find ourselves at the door of another loan provider, this time for payday lending services. This is because we need a quick cash top up, right?
We’ve exhausted our other options and this leaves us no choice. Like everything you’ve tried just hasn’t worked out, has it?
It’s really challenging right now with Australia’s massive debt-load and rising unemployment. The rent goes up and so does the grocery bill.
What many people do is look up Wallet Wizard and try to get a payday loan. The smart people read online reviews to check if they’re actually genuine.
Clearly, you’re one of those smart people. You’re not easily convinced that this is a wise idea. You’re probably aware of many of the shortcomings of this type of finance.
- Massively high interest rates. They’re 30% which is legally the highest they can charge consumers across Australia.
- You’ll be hit with bad penalties if you default. They already know that most people will struggle, so they’ll knock you down when you’re doing it tough.
- It’s a stain on your credit report. When you later go to get a car loan, the bank will see that you got a payday loan and won’t like it (they think you’re high-risk and might reject you)
- Payday loans are typically the tipping point. Those who are doing it tough right now think that these are the solution, but it only tips them further into more debts and tough repayment schedules.
The good news is that you don’t need to go through all of that stress and humiliation. We would recommend that you pass on any application for payday lending, including with Wallet Wizard. Those rates are just a ridiculous deal for you.
Now that we’ve established that this probably isn’t a good deal for you (unless it’s a genuine emergency like your dog is sick), let’s look at what you can do instead.
And no, we’re not here to recommend another payday lending service. That’s unethical. Here at The Debt Free Community, charging consumers 30% interest is unethical which is the norm for these short-term financing providers.
First and foremost, people who are needing payday financing are in deep water. Speak to the National Debt Helpline who are always ready to help you on 1800 007 007. This is a free service created by the Australian Government who actually gives a damn about you.
Next, we would recommend that you start selling off stuff you don’t use. We’re sure there are things which you haven’t used for months which could be sold on Gumtree and eBay. That can raise some quick cash today, especially if the price is right.
Others who have prolonged debt problems resort to getting additional jobs or a new full-time job that pays more. Even driving for Uber or getting on board with Airtasker is a great idea.
The gig-economy has created so many opportunities to make an income which can reduce the burden of your debt obligations.
Not only that, but the internet has shown that you can get assistance to consolidate your debts more easily. For example, our recommended phone service can help you to do exactly that quite easily.
We’re sure that you’re a smart person who by now wouldn’t consider a jacked-up interest rate just to be able to get some quick cash today. That isn’t a wise idea.
Instead, you should be focused on on the way forward. If you’re being harassed by debt collectors either from Wallet Wizard or other lenders, then get in touch.
We know it’s embarrassing to speak to them directly or even answer the rude phone calls. Instead, let us handle all that stress for you.
While the guys at Wallet Wizard can be a good payday lender for some people in genuine financial emergencies, it’s just not the right solution for most. This is because people often take out more debt to pay for their old debt.
Especially individuals like you who have taken the time to pay attention to The Debt Free Community.
Get in touch with us today as we’d love to help you!