Pay Advance: When You Need Your Pay Early
The modern way to access your pay
A pay advance is not a new service, but it has changed significantly with recent developments in technology. What used to be a once-off benefit provided by some trusting employers has evolved into an innovative industry of its own. This is where modern businesses like Wagepay have grown in leaps and bounds, and we’re here to revolutionise the way you access your pay.
So, what is a pay advance? A pay advance, also known as a payday advance, is a service employed people can use to request a portion of their upcoming pay before pay day. Traditionally offered directly from employers, pay advances can now be confidentially accessed online through companies like Wagepay, without the requirement to involve your employer directly.
What are the advantages of pay advances?
There are plenty of reasons people choose a pay advance when they need a short-term cash boost:
- They can be accessed online or through mobile apps, making it easy to get money when you need it.
- They’re a convenient way to access money quickly, without going through a lengthy personal loan application 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:
- 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.
- When you apply for your first advance, you’ll be given an estimated advance limit showing how much you could draw down. From there, you can draw down what you need, from a minimum of $100, when you need it.
- 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, and we assess every advance individually to make sure it’s the right fit for you.
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