Before making a withdrawal, users must meet our eligibility criteria to ensure that we are lending responsibly. Also, aside from those listed below, there are other checks done by the system to assess for eligibility. These are automatically run and the outcome cannot be altered manually.
Our basic eligibility requirements are as follows:
You must connect a transacting account where your wages are deposited in a consistent manner. (A transacting account is an account that allows direct debits. We need this so we can process repayments.) Other accounts, such as savings accounts, pension accounts, or checking accounts, are not accepted.
You must meet the minimum income requirement of $800/month.
Your wages must be paid from a payroll system (not from bank transfers or invoice payments).
Your Centrelink payments must not make up more than 50% of your after-tax income.
Your wages and their description on your bank statement must be consistent.
You must not have too many gambling expenses, dishonour fees, or payment reversals on your account.
We run our eligibility criteria frequently and reassess your account's eligibility. A friendly reminder though, previous loans do not guarantee eligibility nor loan amount. No worries, as long as you meet the eligibility criteria, you’ll be able to see this on the Wagetap app, and receive a notification from us as well.