Responsible Lending

Overview

We are committed to responsible lending and treating our customers fairly.

We do not offer payday loans, our minimum repayment term for our regulated credit products is six months. Our products are lower cost and more sustainable than competitors in our segment.

As part of our responsible lending assessment, we conduct credit checks to ensure we get a comprehensive understanding of our customer's financial circumstances. Our robust, data driven responsible lending assessment has been refined over many years.

Transparency

We are transparent with our fees and ensure that repayments are affordable. We provide clear and easy to understand information on the key features of our products and on the cost of borrowing.

Our commitment

There are no hidden fees, no catches and no surprises.
There are no fees or charges for early repayment on any of our products.
If our customers have an open account, are not using the account and have a nil balance, there are no ongoing fees or charges.
Ongoing access to our accounts is provided through the Wizit app so our customers always remain informed.

We will always send payment remainders before repayments are due and our customers retain control of their spending.

Safeguards

Our late fees are low, and capped, to ensure that if our customers get in to trouble, their situation does not get out of control. We also provide a 10-day grace period on our wizitcard before the account is placed on hold. This is to ensure essentials can be covered where credit is available on the card.

We perform pro-active, preventative, hardship assessments using a variety of data points. This includes, but is not limited to, monitoring for significant changes in circumstances.

We do not allow or authorise gambling transactions through our products. While we understand that this can form part of normal entertainment for many people, we recognise that gambling is a growing issue in Australia, and we are here to help support the financial wellbeing of our customer. We feel it is therefore inappropriate to use credit to pay for gambling transactions.

If we identify something suspicious on an account, we may place the account on hold. In this instance, we will contact our customers to check everything is ok before we restore access.

Support

Any queries or complaints will be taken seriously and handled swiftly. All payment issues and arrears will be treated with respect and consideration. We understand that life happens and can be unpredictable.

We have a dedicated hardship team to support our customers if they do have difficulty. Our team can offer a variety of solutions depending on the circumstances and we approach hardship support with minimal formality to help our customers get back on track sooner.

Further, we work closely with the financial counselling community and acknowledge the critical role they play in supporting the wellbeing of vulnerable community members. We have fostered these relationships for over a decade and support Financial Counsellors through a dedicated Customer Experience team.