If you’re struggling to make ends meet before your next paycheck, a pay advance or pay-on-demand app like MyPayNow can provide a solution. MyPayNow is a leading provider of pay-on-demand services in Australia. It allows you to borrow money for specific purchases and offers quick access to your salary in a transparent and flexible manner.
This app can improve your shopping experience, and there are many other similar options available. In this blog post, we’ll be discussing 5 alternatives to MyPayNow. So, whatever your needs may be, there is sure to be a solution for you on this list.
5 MyPayNow Alternatives
1. Wagepay
Wagepay is a fintech service that allows employed Australians to access their earned wages early. The application process only takes a few minutes and approved users can receive their advance in just 60 seconds.
To use Wagepay, one must be an Australian citizen over 18 years old and have a regular income paid into a personal bank account. Users are expected to repay the advance on their next payday, and missing a payment may affect future access to the service.
2. Commbank AdvancePay
Commbank AdvancePay is a popular pay advance app in Australia that allows users to access up to $750 of their paycheque before their payday. The app also includes features such as a spend tracker and bill sense to assist with budget management.
To apply, users must answer a few simple questions about their pay, be registered for NetBank, and meet other lending criteria. Approved users may receive their funds within seconds or up to one business day. Repayment is automatically deducted from the user’s account on the chosen pay date
3. PayActiv
PayActiv is a pay advance app in Australia that allows employees to access their earned but unpaid wages. It partners with businesses to provide on-demand access to employees and also offers other financial services such as savings, budgeting tools, and financial health measurements.
Users can use PayActiv even if their employer is not enrolled in the service. The app uses time and attendance information to offer earned wages and allows users to transfer the accessible amount to their card, bank, or get it as cash from a Walmart Money center. Repayments are automatically deducted from the user’s paycheck.
4. ZayZoon
ZayZoon is a notable pay advance service that allows employees to access their earned but unpaid wages to prevent late bill payments, payday loans, and overdraft fees. However, it can only be used by employees whose employers have an existing agreement with ZayZoon. The service also features a financial wellness program that can be accessed by all employees.
To get started, users need to create an account and provide personal information and a government-issued ID. The service offers multiple ways to send money such as bank account direct deposit or supported pay card, and repayment is automatically deducted from the user’s paycheck on their next payday.
5. PressPay
PressPay is a wages on-demand service that allows employees to access their money before their payday through a simple SMS service. Unlike other apps, it does not involve the employer. Users can register within two minutes by providing their mobile number and filling out an online application. If approved, the user will receive a text message confirming the details and become eligible within 5 minutes.
The borrowed amount will be automatically repaid from the user’s nominated account on their next payday. However, PressPay cannot be accessed by self-employed individuals and users must earn at least $450 every week and have a weekly, bi-weekly, or monthly payment schedule.
Other App like MyPayNow
BeforePay: One of the best MyPayNow alternatives in Australia. Depending on your financial situation, you can access up to $2,000 in minutes after your account is approved. Interestingly, there are no interest or late fees, and you can split the repayment in four installments over 62 days. If you’re above 18 and an Australian citizen with $1200 monthly wage, you might be eligible for advance money on BeforePay. You can register here.
Pros and Cons of MyPayNow Alternatives
Pros
- MyPayNow Alternatives provides easy access to short-term loans for online shopping and other stuff with little or no hassle.
- The loan can be spread over a few weeks, making it easy to repay without any commitments.
- While you are not charged a late repayment fee, you must repay your outstanding loan before borrowing again.
- Interests are not paid on loans from MyPayNow Alternatives, but there’s a fee depending on the amount you borrow
Cons
- Most MyPayNow Alternatives limit the amount you can borrow. It’s based on your income, and that might defeat the idea if you can not borrow enough to cover what you need for.
- Because these loans are to be paid on your next paycheck, you have a month to repay. You may not have enough time to repay them, which can affect your credit score.
- MyPayNow Alternatives have a waiting time of up to two business days. That is probably not ideal in an emergency, except for Gday Loans, which fund your account in under an hour.
- Borrowing with these apps might become a cycle if you are not careful, as your salary is deducted once it gets to your account. Hence, you need to borrow again, and the cycle continues.
FQAs
What apps are like my pay now in Australia?
The top 5 apps like My Pay Now in Australia are:
- BeforePay
- CommBank
- WageTap
- WageStream
- Wage Pay
What app lets you borrow $250 instantly in Australia?
Many credit companies can let you borrow $250 instantly, but that depends on your monthly wage. BeforePay, Employment Hero Instant Pay, and Payactiv let’s you access $250 credit instantly.
How do I get money before payday in Australia?
To get advance pay, you might need My Pay Now services. Many apps let you access credit in Australia before your next payday. These apps include;
- MyPayNow
- Beforepay
- CommBank Pay Advance
- WageTap
- WageStream
- MoneyMe
- WagePay.
You can register using their online portal or download their official app on Play Store or App Store.
Wrapping It Up
There are many MyPayNow alternatives available that offer similar features and functionality. The apps outlined above are all worth considering if you are looking for a pay-on-demand platform. Each platform has its own unique features and benefits, so it’s important to consider which one best fits your needs
