Pay-on-demand services are the new personal financial trend taking over Australia. They allow you to access your pay early when you have an urgent financial need or emergency. Rather than wait for your payday to arrive, apps like Beforepay Australia allow you to borrow a percentage of your income when you need it.
However, are they right for you? To help you make an informed financial decision, we’ll explore how apps like Beforepay Australia work, how much they would cost you, the key features, and their pros and cons. You’ll also learn about the eligibility requirements, how to apply, and alternatives at G’Day Loans that may be a better option for you.
Apps like Beforepay Australia are pay-on-demand apps that give you access to a portion of your earned wages before payday if you make a consistent income. You can borrow up to $750 or $1,000 from your next paycheck before you receive it. They’re an instant cash relief for when you’re in a financial pickle and need money right now.
If you’re eligible, apps like Beforepay Australia give you a lump sum cash advance sent straight to your bank account. You can spend it however you like and then repay through automatic debit on the day you get paid. Once you get your salary or income, lenders automatically deduct the advance plus a fee from your account.
Generally, apps like Beforepay Australia provide you with funds to cover small amounts.
You can only borrow up to a fixed percentage of your income, usually 25%, and repay in a week or two. With easy access and no commitments, you can easily find yourself in pay-on-demand loops where you’re always looking for advances to get by after payday because pay-on-demand repayments have deducted all your income.
If you’re in a tight spot and are looking for a less risky alternative that allows you to cover more than minor emergencies, consider payday advances, small loans, or quick cash loans readily available through G’Day Loans! They feature better loan amounts of up to $5,000 with more realistic lending terms where you can repay the loan in 3 to 12 months.
Most apps like Beforepay Australia have additional fees attached to the amount you borrow. While you may not pay any interest, different apps like Beforepay Australia will have their terms and fees, including service and establishment fees or administrative costs.
Before opening an account, it’s wise to carefully review the terms and conditions because each will have its fee structure. The fee can be a percentage of the amount borrowed, and most levy a fixed 5% fee. This means you repay an additional 5% on top of the borrowed amount. For example, if you borrow $100, you pay a $5 fee, and if you borrow $400, you pay a $20 fee and so on.
Apps like Beforepay Australia can also apply a flat fee based on the amount you borrow. You may pay $5 on all advances or $5 for a particular range like $100 to $400 and $10 on advances exceeding such thresholds. The individual policy of such pay-on-demand services will influence how and what you pay for advances.
Such fees may add up over time, and you have to carefully consider how they’ll impact your budget before borrowing with apps like Beforepay Australia.
With G’Day loans, you can access lenders who adhere to the Australian Governments lending regulations. You’ll not be charged any interest on loans below $2,000, and you’ll only have to pay a 4% monthly fee as a service charge. It’s beneficial to compare loan offers as lenders compete to make their loans attractive with lower costs.
To make it easy for you, here are some examples of what borrowing with apps like Beforepay Australia costs vs. the cost of borrowing payday loans through G’Day Loans.
|
Lender |
Maximum Amount |
Added Cost |
Repayment |
|
Beforepay |
$1,000 |
5% fee |
On payday |
|
Ferratum Money |
$1,900 |
4% fee |
3-12 months |
When you borrow an advance with apps like Beforepay Australia, you have to repay the owed amount plus the fee within a few weeks, usually in less than a month.
Repayments are automatically deducted from your account on the day you get paid. Such automated debits ensure you don’t have to worry about budgeting or missing payments and the lender is paid on time.
With apps like Beforepay Australia, the amount you can borrow is usually limited to 25% of your salary. Most offer from $100 to $750, while others let you borrow up to $1,000.
G’Day Loans connects you to some of the best lenders in Australia for cash loans with the following features:
While different apps like Beforepay Australia may use their, most will require that:
Information or documents required to open an account and apply with apps like Beforepay Australia include:
Once you’ve provided the required information, apps like Beforepay Australia will run a quick check to determine if you meet the required criteria and activate your account.
*For eligibility and details for applicants residing in South Africa, go to Viva Payday Loans South Africa.
Applying for apps like Beforepay Australia is straightforward. Download the app and install it. Create a new account, configure your profile and provide your bank account details. Apps like Beforepay Australia will then establish a secure connection with your bank account.
Artificial intelligence will then analyse your banking transactions to determine when your pay usually arrives and the advance amount you can afford. You can then select the amount you need, provided it’s within your cash-out limit, and follow the provided instructions. If you qualify and can afford the loan, your advance will be approved and transferred into your account.
Unlike apps like Beforepay Australia, G’Day Loans connects you to lenders who provide loans to all kinds of borrowers in Australia, including the unemployed. All that matters is affordability, and you’ll get an easy and quick online application process through a few simple steps.
You first need to decide on the amount you need to borrow and gather the required documents to expedite the process. Such documents include a form of ID, proof of income, copies of bank statements, and bank account details. Next, complete the online application form in a few minutes by providing personal particulars like your name, contact details, address, employment status, and monthly expenditure information.
Once you click on the supply button, G’Day Loans does the leg work to find an ideal loan for you in a matter of minutes with a suitable lender. We’ll then connect you to them directly to complete the process. Once you’re connected, they’ll provide you with a loans agreement that you should read carefully, sign, send back and await disbursement on the same day or within 24 hours at the latest!
A personal loan is an alternative to apps like Beforepay Australia when you need to borrow larger amounts with more extended repayment periods. G’Day Loans can connect you to the best lenders in Australia who offer personal loans from $100 to $5,000 with 3 to 24 months repayment periods, depending on the loan amount.
Lenders at G’Day Loans are understanding and can advance you a loan even without ‘formal employment.’ Unlike apps like Beforepay Australia, you don’t need a paycheck to qualify for a personal loan at G’Day Loans. Our lenders mainly focus on affordability and accept all kinds of income, including self-employment income, dividends, trust proceeds, pension, child support, rental income, allowances, and many more.
No. apps like Beforepay Australia require borrowers to be employed. However, you can still access a payday advance through G’Day Loans with your Centrelink benefits. As long as your Centrelink pay doesn’t account for over 50% of your income, then you can access quick cash loans and payday advances at G’Day Loans.
One of the biggest risks of using apps like Beforepay Australia is the limited repayment period. You have to repay the advance in a lump sum within a month, and this can leave you with no money to spend on necessary expenses and bills. If you’re looking for quick cash that provides more time for easier repayments, then payday advances and quick cash loans at G’Day Loans are a great alternative. You’ll get up to 24 months to repay.
No. You can only borrow 25% of your salary if you’re eligible.
No. You cannot have multiple accounts on apps like Beforepay Australia at a time. You’ll also have limited access if you have an outstanding balance.
No. Only your income and expenses are analysed when determining eligibility.
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.