How Does MyPayNow Work?
MyPayNow is a 24/7 pay advance app that allows you to access up to 25% of your salary before your next payday. You can get up to $1,250 without interest but a fee of 5%.
To get started, you must sign up with MyPayNow on the app or the website. When applying, you need details such as your amount and date of your last salary, banking details, mobile number, and email address. Once approved, you'll get the funds in your account in as little as one minute. The repayment will be automatically deducted from your account on your next payday.
Pros & Cons of MyPayNow
Pros:
- Instant and easy access to cash before your next payday.
- No interest charges or late payment fees.
- Cheaper than traditional loans.
Cons:
- It is a bad long-term financial strategy. Using it too often can get you in a debt cycle since the repayment is taken from your next paycheque.
- You might still need to get funds elsewhere to sort out your need since you can't access more than a quarter of your salary.
- It offers a shorter duration for repayment than its alternatives.
MyPayNow Alternatives in Australia
While MyPayNow can help you access part of your pay early, it's important to know the alternatives that may better suit your needs. Here are the 6 best MyPayNow alternatives in Australia:
| MyPayNow Alternative | Max Amount | Fees | Pros | Cons |
| CommBank AdvancePay | $5,000 | $5 for every $500 requested |
1. Maximum advance of $5,000 2. Fees are relative to the amount you will ask for |
14.90% interest p.a. on overdrawn accounts |
| MyPayFast | $750 | 5% on the amount requested |
1. Zero hidden fees 2. Whole process is confidential 3. Quick and easy application |
Low maximum amount |
| Employment Hero Instapay | $250 | Flat fee starts from $2 |
1. Competitive fees 2. No credit checks 3. No fees for late payments |
Low maximum amount |
| PayActiv | $1,000 | $5.00 per fortnight |
1. Access up to 90% of your net earnings 2. It offers an easy enrolment process 3. Link your Uber or Amazon account through the Payactiv app |
The $5 fee per fortnight |
| WageTap | $300 | 5% fee on the amount requested |
1. Fast application process 2. Zero interest 3. Flexible repayment plan |
Low maximum amount |
| ZayZoon | $200 | $5 flat fee |
1. No credit checks 2. Zero interest |
Low maximum amount |
Requirements for Getting Pay Advance on Apps Like MyPayNow
There are some general requirements as well as specific documents and information needed to get a pay advance through apps like MyPayNow.
General Requirements:
- You must be at least 18 and an Australian citizen or permanent resident
- You must have a job that pays you a regular income
- You make at least $300 per week after-tax. Also, over 50% of this income must not come from government benefits like Centrelink
- Your must link your salary account to the app
Required Information and Documents:
- A valid ID, e.g., your open driver's licence or Australian passport
- Valid phone number and email address
- Employment details
- Date and amount of your last salary
- Bank details
What Fees Do MyPayNow Alternatives Charge?
The fees you might need to pay on apps like MyPayNow can vary depending on which one you choose. Here are some common fees you may encounter:
- Service fees: Some apps charge a flat service fee each time you get an advance. This fee is usually around $5. However, others may charge in percentages relative to the amount requested. MyPayFast and BeforePay, for example, charge 5%.
- Interest fees: Most pay-on-demand apps will not charge you an interest fee, especially on amounts below $2,000. However, some, like CommBank AdvancePay, will charge interest fees on overdrawn accounts.
While these fees seem small, they may easily add up if you lose track of them.
How Do You Apply for MyPayNow Alternatives in Australia?
Here are the steps to apply for a pay advance from MyPayNow alternatives:
Step 1: Registration and Application
- You'll have to sign up on the website or app, depending on the app you choose.
- After signing up, supply the required information and fill out an application form.
Step 2: Approval and Disbursement
- After submitting your application, the advance you qualify for will be determined.
- You can then request the amount you need. It should be within your maximum cash-out limit. Once approved, disbursement could be in an instant or at most 24 hours, depending on the platform's policies.
Step 3: Repayment
- The repayment process also depends on the platform policies. Some platforms will automatically deduct the advance amount plus a service fee on your next payday.
- Others such as Beforepay offer flexible repayment plans such as instalments in up to 4 pay cycles.
Other Options to Get Quick Cash in Australia
To get fast cash in advance of your next pay day, a few options are available to you in addition to pay advance apps like MyPayNow. They include:
Payday loans
Payday loans are short-term loans due on your next payday. These loans typically have fees, so you should use them cautiously. Here are some basic details about payday loans in Australia:
- Loan amount: You can typically borrow up to $2,000.
- Fees: Payday lenders may charge up to a 20% establishment fee and a 4% monthly fee on outstanding loans.
Same day loans
Same day loan is another option to consider if you need quick cash. These loans can be approved and disbursed on the same day you apply. However, same day loan lenders in Australia usually offer smaller amounts than personal loans. The repayment terms depend on the loan amount but could be within a few weeks to months, and they typically have higher fees, which may quickly add up.
Centrelink loans
Centrelink loans go by a few different names, such as carer loans, disability income loans, or pensioner loans. These loans accept Centrelink benefits as income and offer up to $10,000. However, most lenders will not approve your application if more than half of your income is from Centrelink.