MyPayFast is an online pay advance service, offering swift financial solutions to individuals in need. At the moment it's unknown if MyPayFast is still accepting new customers. Their main website has shown a maintenance screen for at least the last month. While they have developed another website, if you try to click apply or get to anywhere that'd allow you to get a loan, you receive an under maintenance message.
What are the potential alternatives to an advance with MyPayFast?
As a pay advance provider MyPayFast allows you to receive up to 25% of your pay before your next payslip, up to the amount of $750. Given that you can't currently get a loan from them as a new customer we've rounded up the best alternatives for you.
Other companies that provide a similar pay advance service includes Beforepay, Wagepay and Wagetap. However, each of these pay advance providers have their own cash lending criteria, so trying to sign up to one directly could lead to rejection if you have bad credit, rely on Centrelink for income or already have a cash loan.
By using Savvy, we can match you with a specific pay advance provider that best meets your profile and gives you the best chance of getting approved from our lender panel. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.
The step-by-step process of submitting your small loan application with us is as follows:
- Complete our straightforward application form, providing essential details such as your credit score, income, employment status, and desired loan amount, ranging from $500 to $5,000.
- Submit your application and receive an instant automated decision from one of our partnered lenders.
- Upon conditional approval, your application will be evaluated by your assigned lender, which may require additional documentation.
- Upon lender approval, you'll receive formal approval and loan documents outlining your loan terms, fees, repayment schedule, and other relevant information.
- After signing and returning the documents, your funds will be promptly deposited into your designated bank account, which can take place as soon as the same day.
How do MyPayFast's wage advances work?
MyPayFast offers a pay advance service that allows users to access up to 25% of their regular wage before receiving their payslip, up to a maximum of $750. Once funds are received, repayment can be made via direct debit from the subsequent payslip, covering the advanced amount along with a fee.
Accessible through a user-friendly app, MyPayFast requires users to meet the following criteria in order to access its wage advance service:
- At least 18 years old
- Australian resident with valid identification
- Employed and earning a regular income of at least $450 per week, deposited into a linked transaction account
You can only take out one advance at any given time, meaning you’ll need to repay your existing advance before you’re able to apply for a new one.
What will the cost of a wage advance through MyPayFast be?
MyPayFast only includes one singular fee as part of its cost structure, charging a flat fee of 5% on the advanced amount. For instance, if you receive an advance of $500, you would pay a fee of $25. MyPayFast does not levy any additional fees or interest, including for direct debits or missed or failed payments.
Can I qualify for an advance with MyPayFast if I have bad credit or receive Centrelink payments?
MyPayFast, as a wage advance service, doesn’t carry out credit checks, meaning a less-than-ideal credit score won’t necessarily thwart your loan application. However, your recent payment history plays a crucial role in the assessment process. If you've had issues with payments to other entities in the recent past, this could impact your chances of approval.
Additionally, if you receive Centrelink benefits, you might still be eligible for an advance, but it will ultimately depend on your employment income. MyPayFast advances funds based on your earnings from employment, meaning that while Centrelink payments can contribute to your overall income, they can’t contribute to the amount advanced. Because of this, individuals solely reliant on government payments, such as unemployed single mothers or recipients of veteran payments or age pensions, won’t be able to access a wage advance through MyPayFast.
What are the pros and cons of wage advances with MyPayFast?
Pros
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Quick access to funds
MyPayFast enables immediate access to a portion of your earned income before your payday, providing financial assistance in emergencies or unforeseen circumstances.
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Streamlined application process
Applying for MyPayFast is straightforward, with an online or mobile app application process that eliminates the need for extensive paperwork, making it convenient for users.
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No credit checks
MyPayFast doesn't require credit checks, allowing individuals with poor or no credit history to access funds based on their employment and income status.
Cons
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Fees
MyPayFast charges a fee for accessing funds early, which, although cheaper than certain loans, can accumulate over time and potentially increase the overall cost of borrowing.
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Limited borrowing amount
MyPayFast restricts the amount you can access to 25% of your income, up to a maximum of $2,000, which may be insufficient for larger expenses.
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Repayment timing
Wage advances are designed to be repaid from your next payslip, which may result in a shorter repayment period compared to traditional loans, where repayments can be spaced out more.
