[7][8] After making no first-team appearance at the start of Everton's 2010–11 season, Wallace joined Bury on a one-month loan deal in November 2010.
[8] He made his debut for the club two days later, in an FA Cup Second Round match against Peterborough United, playing the whole game in a 2–1 defeat.
[9] Wallace made no further appearances for Bury during his one-month loan spell due to the adverse weather conditions that resulted in a spate of postponements throughout December 2010, and the player returned to his parent club shortly before the start of 2011.
[10] In February 2011, Wallace was loaned out, this time joining relegation threatened League Two side Stockport County, with the deal running for a month.
[15] Wallace did not feature in any of Everton's pre-season fixtures ahead of the 2011–12 campaign, and was again a regular for the club's reserve side at the start of the season.
[16] After making no first-team appearances, Wallace signed for League Two side Shrewsbury Town on 3 November 2011, joining the club on a month's loan.
[27] At the end of the season, Wallace was linked with clubs in the Championship and League One, but joined Tranmere Rovers on a permanent basis.
He was fantastic for us last season and played a big part in our climb up the table; he's got bags of energy, tackles well, can pick out a pass and has goals in him too.
[31] He was sidelined for a lengthy period after picking up a knee injury in a league match against Southend United the following month,[32] making a total of eight appearances in all competitions before his loan expired in May.
[40] Wallace was subsequently called up to represent the England U19 side in March 2009,[41] although he was an unused substitute in a 0–0 draw with Czech Republic at the Bescot Stadium.