Responsible Lending

Overview

As a credit licensee, we are committed to meeting our responsible lending obligations and treating our customers fairly.

To meet our obligations, 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 take reasonable steps to ensure that our loans are not unsuitable. 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, catches or surprises.
There are no fees or charges for early repayment on any of our products.
If a customer has an open account, is not using the account and it has a nil balance, there are no ongoing fees and charges.
Ongoing access to a customer’s account is provided through the Wizit app so they always remain informed.

We will always send payment reminders before repayments are due.

Safeguards

Our late fees are low, and capped, to ensure that if a customer gets into difficulty, their situation can be managed. 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 problem gambling is a growing issue in Australia. We feel it is therefore inappropriate to use credit to pay for gambling transactions.

If we identify suspicious activity on an account, we may place the account on hold. In this instance, we will contact the 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 the work of Financial Counsellors through a dedicated Customer Experience team.

Additional Support

Looking for more information? Check out the following resources: