Target Market Determination
WAGETAP LENDING PTY LTD (ACN 662 713 608) T/A WAGETAP
Product | Wage Advance |
TMD Approved | 23 September 2021 |
Last Updated | 29 February 2024 |
TMD Status | Current |
Issuer | Wagetap Lending Pty Ltd t/a Wagetap |
Purpose of this Target Market Determination (TMD)
The purpose of this TMD is for the Issuer to:
describe what this Product is designed to do and which class of customers this Product has been designed for;
specify TMD review periods and triggers; and
specify reporting requirements.
Target Market Summary
This Product is likely to be appropriate for a consumer seeking fast, short-term finance to be used for an emergency, to meet an unexpected expense or to make a discretionary purchase, by taking out an advance on their salary.
Summary of Key Product Attributes
A small, short-term credit facility to be used for personal purposes with the following key attributes:
ability to use the credit for personal purposes;
ability to repay the credit early without financial penalty; and
requirement to make payments of fees and principal.
This Product is only available to consumers that meet the Issuer’s eligibility criteria.
Target Market Determination
This Product is likely to be appropriate for the target market on the basis that the key eligibility criteria are consistent with the objectives, financial situation and needs of the customer. These key eligibility criteria are set out in the following table:
Key Eligibility Criteria | This Product is appropriate for | This Product is not appropriate for |
Income you earn | People who earn regular income (i.e. where their nextpay date can be determined), including those who are self-employed People who receive a minimum income of $800 per month, after tax and deductions People who have 50% or less of their monthly income (after tax and deductions) comprising government benefit payments | People who do not earn regular income (i.e. where their next pay date cannot be determined) People who receive an income of less than $800 per month, after tax and deductions People who have more than 50% of their monthly income (after tax and deductions) comprising government benefit payments |
Needs and objectives | People who require an advance of their salary for a personal purpose | People who gamble excessively |
Loan size | People who wish to borrow from $100 to $2,000, but limited to 25% of their monthly income (after tax and deductions) | People who wish to borrow less than $100 People who wish to borrow more than $2,000 or 25% of their monthly income (after tax and deductions) |
Repayment terms | People who can repay the loan at: • their next pay date; or • if split across pay dates, across those pay dates; or • if delayed, the delayed date, provided that such date(s) do not exceed 62 days from the date the loan is advanced People who can repay the loan other than using a credit card | People who cannot repay the loan at: • their next pay date; or • if split across pay dates, across those pay dates; or • if delayed, the delayed date, provided that such date(s) do not exceed 62 days from the date the loan is advanced People who wish to repay the loan using a credit card |
Revolving Line of Credit | People who are not seeking for a revolving line of credit | People who are seeking for a revolving line of credit |
Credit Checks | People who are able to provide a recent bank statement People who do not require the Issuer to perform a credit rating check before advancing the loan | People who are unable to provide a recent bank statement People who require the Issuer to perform a credit rating check before advancing the loan |
Know-Your-Customer (KYC) | People who are able to provide KYC documents and information People who have an Australian bank account People who have at least one of the following: • Australian passport; • Australian drivers licence; or • Australian Medicare card | People who are unable to provide KYC documents and information People who do not have an Australian bank account People who do not have at least one of the following: • Australian passport; • Australian drivers licence; or • Australian Medicare card |
Security | People who require credit but do not wish to provide security | People who wish to obtain secured credit |
Financial situation | People who will have the financial capacity to pay fees and principal repayments as they are due | People who have do not have financial capacity to repay fees and principal repayments as they are due at the time of borrowing |
Technological literacy | People who are comfortable using a mobile devices and mobile device applications | People who are uncomfortable using a mobile devices and mobile device applications |
Age | People who are at least 18 years of age | People who are under 18 years of age |
How this Product is to be distributed
This Product is authorised to be distributed by the Issuer by any of the following means:
the Wagetap app.
This Product can only be distributed to people who are considered appropriate based on the key eligibility criteria set out above.
This Product can only be distributed to people who meet standard eligibility criteria and in compliance with relevant laws.
Distribution of this Product must comply with all the Issuer’s underwriting criteria.
This Product can only be distributed by staff of the Issuer who have received appropriate training.
These distribution conditions will make it likely that the consumers to whom this Product is distributed are in the target market.
Reviewing this TMD
The following table sets out review periods and the type of information the Issuer needs to identify to ensure that the TMD for this Product continues to be appropriate:
Information | Reporting Period |
Initial Review | Within 12 calendar months from the date it is approved |
Periodic Reviews | At least once every 12 calendar months from the date it is approved |
Complaints Review | Quarterly, to assess: •number of complaints; •nature of complaints; and •resolution of complaints |
Bad Debts Review | Quarterly, to assess: •% of bad debts; and •quantum of bad debts |
Sales Information | Quarterly, to assess: •conversion rates; and •cancellation rates |
Customer outside of TMD acquires Product | As soon as practicable but within 10 business days |
Customer within TMD acquires Product | As soon as practicable but within 10 business days |
Customer within TMD acquires Product but it is unsuitable | As soon as practicable but within 10 business days |
There is a material change to the Product structure or offering, including its design or distribution | As soon as practicable but within 10 business days |
Any regulatory orders or directions are received from a regulator in respect to the Product / its distribution, or where there is adverse media coverage | As soon as practicable but within 10 business days |
Significant Dealings | As soon as practicable but within 10 business days |
Review of Hardship Applications | Quarterly, to assess: •number of hardship applications; and •identifiable groups in hardship applications |
Change of law | As soon as practicable but within 10 business days |
Questions
If you have any questions about the Product or this TMD, please contact us on by email at hello@wagetap.com.
WAGETAP LENDING PTY LTD (ACN 662 713 608) T/A WAGETAP
Product | Bill Split |
TMD Approved | 29 February 2024 |
Last Updated | 29 February 2024 |
TMD Status | Current |
Issuer | Wagetap Lending Pty Ltd t/a Wagetap |
Purpose of this Target Market Determination (TMD)
The purpose of this TMD is for the Issuer to:
describe what this Product is designed to do and which class of customers this Product has been designed for;
specify TMD review periods and triggers; and
specify reporting requirements.
Target Market Summary
This Product is likely to be appropriate for a consumer seeking fast, short-term finance to be used for splitting the payment of certain bills over a period of time.
Summary of Key Product Attributes
A small, short-term credit facility to be used for personal purposes with the following key attributes:
ability to use the credit for personal purposes, being to split the payment of certain bills over a period of time;
ability to repay the credit early without financial penalty; and
requirement to make payments of fees and principal.
This Product is only available to consumers that meet the Issuer’s eligibility criteria.
Target Market Determination
This Product is likely to be appropriate for the target market on the basis that the key eligibility criteria are consistent with the objectives, financial situation and needs of the customer. These key eligibility criteria are set out in the following table:
Key Eligibility Criteria | This Product is appropriate for | This Product is not appropriate for |
Income you earn | People who earn regular income (i.e. where their nextpay date can be determined), including those who are self-employed People who receive a minimum income of $800 per month, after tax and deductions People who have 50% or less of their monthly income (after tax and deductions) comprising government benefit payments | People who do not earn regular income (i.e. where their next pay date cannot be determined) People who receive an income of less than $800 per month, after tax and deductions People who have more than 50% of their monthly income (after tax and deductions) comprising government benefit payments |
Needs and objectives | People who require an advance of their salary for a personal purpose | People who gamble excessively |
Loan size | People who wish to borrow from $100 to $600, but limited to 25% of their monthly income (after tax and deductions) | People who wish to borrow less than $100 People who wish to borrow more than $600 or 25% of their monthly income (after tax and deductions) |
Repayment terms | People who wish to repay the loan across scheduled repayment dates which shall not exceed 62 days from the date the loan is advanced People who can repay the loan other than using a credit card | People who wish to repay the loan other than across scheduled repayment dates which shall not exceed 62 days from the date the loan is advanced People who wish to repay the loan using a credit card |
Revolving Line of Credit | People who are not seeking for a revolving line of credit | People who are seeking for a revolving line of credit |
Credit Checks | People who are able to provide a recent bank statement People who do not require the Issuer to perform a credit rating check before advancing the loan | People who are unable to provide a recent bank statement People who require the Issuer to perform a credit rating check before advancing the loan |
Know-Your-Customer (KYC) | People who are able to provide KYC documents and information People who are able to provide copies of their BPAY bills People who have an Australian bank account People who have at least one of the following: • Australian passport; • Australian drivers licence; or • Australian Medicare card | People who are unable to provide KYC documents and information People who are unable to provide copies of their BPAY bills People who do not have an Australian bank account People who do not have at least one of the following: • Australian passport; • Australian drivers licence; or • Australian Medicare card |
Security | People who require credit but do not wish to provide security | People who wish to obtain secured credit |
Financial situation | People who will have the financial capacity to pay fees and principal repayments as they are due | People who have do not have financial capacity to repay fees and principal repayments as they are due at the time of borrowing |
Technological literacy | People who are comfortable using a mobile devices and mobile device applications | People who are uncomfortable using a mobile devices and mobile device applications |
Age | People who are at least 18 years of age | People who are under 18 years of age |
How this Product is to be distributed
This Product is authorised to be distributed by the Issuer by any of the following means:
the Wagetap app.
This Product can only be distributed to people who are considered appropriate based on the key eligibility criteria set out above.
This Product can only be distributed to people who meet standard eligibility criteria and in compliance with relevant laws.
Distribution of this Product must comply with all the Issuer’s underwriting criteria.
This Product can only be distributed by staff of the Issuer who have received appropriate training.
These distribution conditions will make it likely that the consumers to whom this Product is distributed are in the target market.
Reviewing this TMD
The following table sets out review periods and the type of information the Issuer needs to identify to ensure that the TMD for this Product continues to be appropriate:
Information | Reporting Period |
Initial Review | Within 12 calendar months from the date it is approved |
Periodic Reviews | At least once every 12 calendar months from the date it is approved |
Complaints Review | Quarterly, to assess: •number of complaints; •nature of complaints; and •resolution of complaints |
Bad Debts Review | Quarterly, to assess: •% of bad debts; and •quantum of bad debts |
Sales Information | Quarterly, to assess: •conversion rates; and •cancellation rates |
Customer outside of TMD acquires Product | As soon as practicable but within 10 business days |
Customer within TMD acquires Product | As soon as practicable but within 10 business days |
Customer within TMD acquires Product but it is unsuitable | As soon as practicable but within 10 business days |
There is a material change to the Product structure or offering, including its design or distribution | As soon as practicable but within 10 business days |
Any regulatory orders or directions are received from a regulator in respect to the Product / its distribution, or where there is adverse media coverage | As soon as practicable but within 10 business days |
Significant Dealings | As soon as practicable but within 10 business days |
Review of Hardship Applications | Quarterly, to assess: •number of hardship applications; and •identifiable groups in hardship applications |
Change of law | As soon as practicable but within 10 business days |
Questions
If you have any questions about the Product or this TMD, please contact us on by email at hello@wagetap.com.
Last update: February 29th, 2024