Pay Advance: Funds When You Need Them
A pay advance isn’t a new concept, but it’s changed a lot thanks to new technology. Historically, only some employers offered this as a benefit directly to their staff. Now, platforms like Wagepay offer an alternative directly to you, so there’s no need to involve your employer if you don’t want to.
So, what is a pay advance? Also known as a payday advance, at Wagepay it means we advance funds to you before your next payday, in real time, whenever you need them.
What are the advantages of pay advances?
There are plenty of reasons people choose a pay advance when they need a short-term cash-flow boost:
- You can apply online or through an app, making it easy to get money when you need it.
- A convenient way to get money quickly, with a fast, simple application, rather than a lengthy process.
- They generally don’t require a credit check, which can appeal to people who don’t want their credit history impacted.
What makes a Wagepay pay advance different?
Wagepay’s service has all the standard benefits of a pay advance product, plus a few more:
- When you apply for your first advance, you’ll be given an estimated advance limit showing how much you could advance.ยน From there, you can request what you need, from a minimum of $100, when you need it.
- We’re one of the only pay advance providers to offer tiered pricing: a reduced establishment fee for selected customers with an excellent repayment history and strong financial health, as determined by us.
- We’re one of the first businesses in Australia to offer PayTo (real-time payments). With PayTo, repayments are reflected on your account in real time, instead of taking multiple business days like a traditional Direct Debit.
Who can use Wagepay’s pay advance app?
To use Wagepay’s pay advance app, you’ll first need to meet a few minimum requirements:
- You’re 18 or older.
- You’re employed and earning a regular wage of at least $500 a week.
- Your wages are paid into an Australian bank account in your own name.
You’ll also connect your bank feed so we can verify your income and transaction history. These are just the minimum requirements to apply, as we assess every advance individually.
Things you should know
1 Wage Advance products are subject to terms and conditions, fees and charges, and eligibility and assessment criteria, which apply to each Wage Advance. The amount you can advance is determined by our eligibility and assessment criteria and can vary.
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