Wallet Wizard Reviews: Wallet Wizard is a Credit Corporation Financial spin-off company targeted at high-risk borrowers at incredibly high prices. For Wallet Wizard’s latest loans effective from 8/2/2016, the Annual Percentage Rate (APR) is 47.8%. If your loan is for a term of 24 months, the rate paid is absolutely ridiculous and can be deceptive.
We will pay back $2,285.60 in interest, making the cumulative repayments $6,300.60, if the Wallet Wizard were lent for a time last year, we would repay $4,000. This is an important 59.8 per cent annual interest rate.
What we don’t like about Wallet Wizard, though, is that they prefer to hide the loan duration and we don’t joke about it. There is not a single reference to loans over 24 months etc when looking at their cost page.
However, we see the legendary slider where we calculated how much we wanted to borrow, a case where we paid how much, and an example refund without any hint of how long I am paying for it.
Wallet Wizard is something that you want to stop, which is precisely why people cannot repay credit for severe debts. Very high rates of interest make this almost impossible.