Have you applied to access your pay early Australia? Many everyday Aussies, just like you, face financial turmoil at some point in their lives. Perhaps you’re not even going through turmoil. Perhaps you’re just a little short on cash, and while payday is a mere week or two away, you’re just not going to make it; financially, that is. This could be the moment you decide to start scouring the internet for payday advance options. You will undoubtedly come across apps and online services offering you early access to your pay. The offerings of these apps are nothing short of enticing – after all, they offer to address your primary pain point: a lack of immediate cash flow.
Emergencies, unexpected expenses, and new bills have a way of showing up at the most inopportune times, so it’s entirely understandable that you’re drawn to offers allowing you to access your pay early Australia. But is this really the best financial decision for you? That’s what we’ve set out to find out. In the paragraphs to follow, you’ll learn more about what the service is, what it entails, and in the end, you’ll be able to make an educated decision that’s financially right for you!
At this point, you’re probably wondering how accessing your pay early works in Australia. The idea behind early paycheck access is to borrow a chunk or all of your paycheck right now, and then when your paycheck arrives, you repay the amount. While this can be convenient, after all, you’re getting the cash you need; it could very well send you right back into the same situation just a few days or weeks after payday. The problem with accessing your pay early is that it could get you stuck on a perpetual loop of accessing your pay early. Which means you’ll constantly be getting an advance so that you can get by.
There are, of course, several ways you can get bridging cash between paychecks that are far less risky than early access to pay. These include payday loans, which are readily available through the G’Day Loans portal. Why are payday loans riskier? Most payday loans are provided on a more realistic basis in that you loan an amount that you can pay off over a set period of months. As a result, the interest rates are manageable, and there’s less risk of you missing a bill payment or going hungry because all the money you receive from your paycheck has to go towards early access repayments.
The main route that Australians take to get early access to pay is by using a company that offers that specific service or approaching their employer for an advance which is then simply deducted from their paycheck before payday.
Many access your pay early Australia companies enable you to access the company’s money via direct debit. You can request an amount that’s the same value or less than your paycheck amount. If the access your pay early Australia company agrees to service your request, they will send it to your bank account, ready for you to use. When your paycheck arrives in your bank account, the company will deduct the total amount you owe them through a direct debit.
In many instances, there are additional fees attached to the amount you owe. While you won’t be charged “interest” as such, the company can charge you an establishment fee, administrative cost, and service fee. That said, some such companies do charge interest, but these are typically called “on-demand” companies. The fees are usually a percentage of the amount borrowed or a flat fee regardless of the amount advanced. Each access your pay early Australia company has its own fees and terms, and not everyone who applies is accepted. In some instances, companies may work with various service providers and apps allowing staff members to access their pay early – but you would have to check with your employer if that’s available.
Deciding if a payday loan or early access to your pay Australia is better for you will take a bit of investigative work. We have included tables below that detail examples of what access your pay early options cost vs. payday loans available through G’Day Loans to simplify the process.
|
Company |
Amount you can loan |
Added costs |
Repay |
|
BeforePay |
$300 to $750 |
5% fee on total |
On payday |
|
MyPayNow |
Up to 25% of your wages |
5% fee on total |
On payday |
|
Company |
Amount you can loan |
Added costs |
Repay |
|
Ferratum |
$1900 |
4% fee monthly |
Up to 12 months |
|
MyPayNow |
Up to 25% of your wages |
5% fee on total |
On payday |
It’s important to note that not all companies that offer early access to your pay Australia will have the same features and terms, but in general, this is what you can expect:
Most companies offer up to 25% of your paycheck, with most offering between $100 and $750. There are some companies that offer up to $1,000.
Some companies require you to have a minim income to get access to your pay early, but that amount can vary greatly from one provider to the next.
The amount is automatically debited from your account on your specified payday.
You should have the cash in your account within two business days. Some companies do offer instant payments, but not all of them.
The owed amount must be repaid in less than a month.
Like with all financial products, there are pros and cons to consider.
If you’re living on Centrelink payments, there’s a very high chance that you won’t be able to apply to access your pay early Australia. Centrelink offers its own access your pay early Australia Centrelink service that allows you to take a cash advance against your upcoming Centrelink payments. The risks associated with this are similar to simply opting to access your pay early Australia. Taking out a short-term personal loan or payday loan via G’Day Loans may be a more viable route for such individuals. This gives you a long time to pay, making the risk of financial distress and shortfalls greatly reduced.
While access your pay early in Australia may be convenient, that may be where the positive points end. By simply comparing access your pay early vs. instant loans, you can see why so many people opt to make a more sensible decision by opting for payday loans, same-day loans, and instant loans.
Let’s make a simple comparison:
|
|
Access Your Pay Early |
Payday loans/Instant Loans |
|
Payout |
Up to 2 business days |
60 minutes, same day |
|
Repayment terms |
Less than 30 days |
3 to 12 months |
|
Interest and fees |
5% of total, variable fees |
20% once off establishment fee and 4% monthly |
You can opt for an on-demand service that allows you to access your pay early Australia, or you can apply for a payday loan or instant cash loan online. Early access options insist that you repay the loan in less than 30 days, but payday loans available through G’Day Loans allow for 3 to 12 months to pay.
Here are several terms and conditions to consider with early paycheck companies. Of course, the terms are different per company, but the terms are generally quite similar when you access your pay early in Australia. Here’s what to expect:
People have many different reasons for wanting to get their paycheck early. Of course, it’s not a good idea to go this route if you’re just thinking about splurging on a new wardrobe or want to do a bit of indulgent shopping. Instead, most people approach early paycheck companies when emergency crops up or unexpected expenses arise.
Imagine a family member breaks their leg, and you need to pay the hospital bill. Or perhaps your child comes home from school excited about an upcoming field trip that you haven’t had enough forewarning to put money aside for. Maybe there’s been a hail storm, and you need to repair your home’s windows. These are all times when you may want to get access to your paycheck early.
Probably not. Companies that enable you to access your pay early often cap the amount at 25% of your monthly salary. Some only allow $750 max, while others go as high as $1,000. For bigger loan amounts, it is best to consider a payday loan or instant loan online. These loans range from $300 to $10,000 (and sometimes even more) and are repaid over 3 to 24 months.
When using a company to access your pay early Australia, you’re faced with numerous risks. For starters, you don’t get much time to repay the amount, and if you took out a large portion of your wages, you would have to pay it back immediately, making it hard to afford the regular expenses that you have each month. To safeguard against this problem, it may be a more viable route to apply for a same-day or payday loan via G’Day Loans, which you can pay over 3 to 24 months. You can loan a larger amount and get more time to pay it back – that’s far less risk to an already tight budget.
Most companies that enable you to access your pay early in Australia don’t allow Centrelink recipients to apply. However, if you are on Centrelink and wish to get a cash advance, applying for a sameday cash advance or payday loan will be better suited to your needs. With instant cash loans online at G’Day Loans, you are eligible for a loan if your Centrelink payments don’t account for more than 50% of your regular monthly income.
Check your options before you borrow:
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
The Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.