|
Beforepay
| MyPayNow
|
Summary
|
Beforepay is an app that allows you access to your pay, on demand. It also offers budgeting tools and helps you track your spending habits.
|
MyPayNow is an app that allows you to access up to a quarter of your pay instantly. You can get funding in under a minute.
|
Credit limit
|
Up to $2,000, although some users may be approved for up to $2,000. Credit limit is determined by your income, debts, account history and spending behaviour.
|
25% of your regular wage, up to $1,250.
|
Interest
|
No interest.
|
No interest.
|
Fees
|
One-off 5% fixed fee.
|
One-off 5% fixed fee.
|
Payment frequency
|
Instalments across and Up to 4 pay cycles, for a maximum of 62 days.
|
Terms up to 31 days. Repayment in a single instalment, but you can request for more flexible payment options.
|
Payment flexibility
|
Weekly, fortnightly or monthly repayments, aligned with your pay cycle. Can defer repayments for a single cycle. All payments must be settled before you can apply again.
|
Your wage advance will have to be repaid the day after your payday. Payments, for the most part, cannot be split or staggered but you may be able to request for more flexible payment options.
|
Late payment fees
|
$0 |
$0
|
Sign-up
|
Download the app and connect it to your bank account. Beforepay will use your bank details to calculate how much cash out you can access.
|
Enter your mobile number on the website and you will receive a link to the app.
|
Extra features
|
Make repayments early for free. Delay payment once for a single cash out. You can do this free of chargeApp includes budgeting and spending tools.
|
Request for a delay in payments without charge. You will be debited on the day after your next cycle.You can make a request in the app to pay your loan early.
|
Eligibility
|
Over the age of 18. An Australian citizen or resident. Receive pay into an Australian bank account. Earn at least $300 income per week, with more than 50% paid by an employer. Centrelink income cannot be over 50%. Not self-employed. Not experiencing financial hardship. Have a driver's licence, passport, Medicare card or can provide 100 points of ID.
|
Over the age of 18.In regular employment. Earn a minimum of $450 a week or $900 a fortnight. Have a driver's licence, passport or Medicare card. Can afford repayments without hardship.
|
Credit check and score
|
No credit check
|
No credit check
|