Fast money lenders and apps like Wagetap have become a go-to option for Australians in need of quick funds. However, understanding alternative options is essential. That’s where Savvy can help you out.
How do apps like Wagetap work?
Wagetap is a cash on demand app that offers users the convenience of obtaining pay advances, allowing them to access a portion of their earned wages before the standard payday. The maximum cash advance limit with Wagetap is $2,000, although this may vary based on factors like your app and the income you earn, as well as variables such as your employment status and history repaying similar debts.
Upon application approval, the requested amount is swiftly deposited into the user's bank account. From there, your repayment is structured to be seamlessly deducted from future payslips, with service fees applied in return for facilitating this smooth financial transaction.
What fees will I have to pay with apps like Wagetap?
Exploring apps like Wagetap reveals a fee arrangement characterised by simplicity. Much like other platforms in this category, these apps generally refrain from imposing interest charges and ongoing fees. Instead, users are charged a lone fee, which is typically 5% of the borrowed amount, scheduled for payment on your next payday. There are also processing fees for each loan with Wagetap, which tend to amount to less than $1 but depend on the size of the loan and your repayment frequency.
It’s worth understanding this fee structure as you evaluate different loan options. For example, a $100 loan would entail a fee of about $5, whereas opting for the maximum limit of $2,000 would translate to a fee of around $100.
What alternatives to apps like Wagetap are available?
For an uncomplicated and efficient solution alternative to apps like Wagetap, you may wish to explore the option of applying for a small loan through Savvy. We collaborate with trustworthy lenders in the cash advance space like Before Pay, MyPayNow, Sunshine Loans and more. The application process is user-friendly, completed online from start to finish. Upon submission, you can receive an instant outcome within just 60 seconds.
If conditionally approved, formal approval may not be far away, with funds potentially being sent in as little as one hour, depending on your lender and bank's processing times. Take the first step with us today to access the funds you need without unnecessary complications!
