Payday Advance Apps Like Beforepay
Payday advance apps may give you emergency money you need until your next paycheque. Besides, you can also apply for a payday loan through WeLoans!
What is Beforepay?
Beforepay is an app that offers users features like direct deposit payday advance, overdraft protection, automatic savings, and most importantly, access to a portion of their earned wages before the official payday.
If a user needs immediate monetary assistance and has not yet received his pay, he can apply for a ‘loan’ through the Beforepay app so that he can use some portion of his pay that he would have received in the near future. This wage is then deducted from his future pay when he gets the paycheck.
You can also use the app to analyse your spending habits in terms of your income, upcoming bills and outstanding payments. Through this analysis, Beforepay will provide a comprehensive budget plan based on your needs.
Pros and Cons of Using Beforepay
Like any app out there, Beforepay also has its pros and cons.
- It has amazing customer service that sorts out problems in no time.
- It offers easy access to get instant cash before payday.
- Money is readily available once you pay off any previous cash and become eligible.
- The whole app layout is very user-friendly, and many users find setting their accounts up easy.
- It is not very convenient for people that are self-employed and do not have a fixed date or time for income.
- You must pay a 5% fee to receive a payday advance.
Top 5 Apps Like Beforepay
We have compiled a list of the top 5 apps like Beforepay so that you can opt for the one that suits you the best.
Payactiv is a payday advance app that frees earned wages from the lag time associated with the payment cycle in a timely manner.
Furthermore, Payactiv offers a suite of financial services that include the management of finances, bill payments, savings, and budgeting tools. It has been the winner of the prestigious Innovative Payments Association’s Consumer Champion Award.
Wagepay is an app that offers a ‘buy now pay later’ financial service. It is an Australian-centered service that focuses more on employed Australians and offers them different incentives as well.
Wagepay charges a 5% registration fee and allows you to receive up to 25% of your pre-earned salary. When you next receive your paycheck, repayment will be made automatically through the bank account you received it from.
Wagetap is one of the many instant payday advance apps in Australia that allows you to tap into your wages on demand. With Wagetap’s instant pay-on-demand feature, You can withdraw $100, $200, or $300 whenever you need.
It's interest-free, with no hidden fees popping up once you sign up, and offers additional money-saving features.
ZayZoon is a free app for employers to implement in their companies. If your employer offers ZayZoon, you can use it to get your wages instantly before payday. To use its service, employees should pay a fee of $5.
However, users can only get up to $200 at a time, which may not be enough to cover some emergencies.
MyPayNow is a pay-on-demand service that allows users to get 25% of their wages, capped at $1,250, without having to visit their employer and request an advance payment. The service is available 24/7, which is helpful if you have an urgent bill to pay.
However, they charge a flat 5% transaction fee that applies to the amount you withdraw from your upcoming paycheck per advance.
How to Choose a Payday Advance App in Australia
Here are some key things to consider when looking for a payday advance app.
It would be best if you must read the reviews of other users to make sure that the application is reputable. Also, by checking out the customer reviews, you can get an idea of how good the customer service and support they offer are.
Some payday advance apps only allow you access to up to $200, while some provide you with access to $1,000. Therefore, you should also choose the right payday advance app based on how much money you need.
Different apps offer different loan terms and conditions. Some apps don't charge interest, but they do charge a fee for each transaction. It may not seem like much, but it should not be ignored. Compare the total cost of different payday advance apps to make an informed decision.
Payday Loans Vs Payday Advance Apps in Australia
There are some similarities and differences between payday loans and payday advance apps. Before taking advantage of a short-term loan to cover necessary expenses, understand them briefly.
- Bad credit considered: Both payday loans and payday advance apps do not require good credit scores, you can apply for loans even if you have bad credit.
- Short repayment terms: They are both designed to provide borrowers with fast cash that is due to be repaid on their next payday.
- Loan amounts: You can get up to $2,000 from a payday loan, while payday loan apps only allow you to get a few hundred dollars.
- Funding time: Payday lenders usually make the grant immediately after you sign the loan agreement. In contrast, payday loan apps take a few minutes to release the funds.
Steps to Apply for Payday Loans with WeLoans
Looking for a reliable payday lender to apply for a payday loan? WeLoans is an online broker that can connect you with reputable payday lenders across Australia. Follow these 3 simple steps to get started:
- Fill out our online loan application form, providing your personal and financial information.
- Compare the offers you receive from our lenders and choose the most suitable one.
- Sign the loan agreement with the lender and wait for the funds to arrive in your bank account.