Fast money apps and lenders like Beforepay have become a popular way for Australians around the country to access the funds they need quickly and easily. However, it’s important to understand what your other options are when it comes to cash loans, which is where Savvy can help you out. Find out more about Beforepay and other apps like it and how they stack up against applying for a fast loan through us today!
How do apps like Beforepay work?
Beforepay is an app designed to offer pay advances (also known as pay on demand) for individuals using it. How this works is that you’ll essentially be able to access a portion of the money you will have earned at your job before your payday. In Beforepay’s case, this is up to $2,000, but the portion of your pay which will be accessible early will depend on the app or lender you choose and the amount you earn, as well as factors specific to your profile like your debt and borrowing history.
Once you apply for your loan, you can be approved promptly and receive the cash directly in your account. The amount you borrow is subsequently debited from your next payslip or payslips, with extra service fees charged to enable you to do so.
What fees will I have to pay with apps like Beforepay?
When it comes to apps like Beforepay, the fee structure is quite simple. As mentioned, there is no interest charged, nor are there ongoing fees for using the service. Instead, there’s a single fee of 5% of your loan amount charged every time you borrow, which is due on your next payday.
It’s important to keep this in mind when applying for your loan and comparing your options. For example, if you’re looking to borrow $100, this would be a $5 fee. However, borrowing at the maximum of $2,000 would result in a $100 fee.
What alternatives to apps like Beforepay are available?
One of the simplest and easiest alternatives to apps like Beforepay is applying for a small loan through Savvy. We’re partnered with trusted lenders from around Australia to bring you fast cash loans when you need them, ranging from $2,050 to $5,000.
Once you complete our simple online application process, you can receive an instant outcome in just 60 seconds and, if conditionally approved, you can receive formal approval and have the funds sent to you in as little as one hour (though the time it takes to reach your account will depend on your lender and bank’s processing times). You can get the process started with us today and access the funds you need before you know it!
