The need for money can come at any time. One moment you’re living paycheck to paycheck, and the next, you’re scrambling to find a little extra to pay for an unexpected emergency or sudden expense. This is the very reason why so many Australians find themselves scouring the internet for pay advance apps Australia. Such apps are designed to get everyday people cash in a hurry with the promise of paying it back as soon as their paycheck hits their bank account.
In this article, we will look at what pay advance apps Australia are, how they work, the benefits and downsides, how to apply, and which are the best to go for.
Pay advance apps Australia seem to be trending in the personal finance space. These apps help Aussies find cash in a hurry and what’s convenient about it is that these loans are the epitome of short-term. Pay advance apps allow you to borrow a percentage of your paycheck and expect the money to be paid back on your next payday.
One of the biggest perks of pay advance apps Australia is that they’re quick and easy to apply for, and the cash is typically paid out within minutes. You can spend the cash on whatever you want. This type of loan is alluring because you’re borrowing your own money, and you’re not tied into a long-term commitment. When you pay back the advance, you simply add the additional fee as charged by the pay advance company.
It’s worth pointing out that pay advance apps Australia are not cash advances – these are two different products. Both pay advances and cash advances are types of credit, but a cash advance is when you borrow a lump sum and repay the amount in instalments. Pay advances, however, are repaid within 30 days.
Pay advance apps Australia work quite simply. The first step is to choose a provider or app to use. Keep in mind that you have to be employed to be eligible for pay advances. You will need to provide your personal particulars to get started, along with your ID and bank details. The provider will assess your most recent bank statement to verify your details. If all is in order, an account will be opened for you, which you can use to get an advance on your next paycheck. When you apply for an advance, the money is sent directly into your bank account, ready for you to spend.
The provider you sign up with will set up a direct debit on your bank account. This means that the full amount you owe will be deducted from your account, along with a service fee, on the same day that your paycheck arrives. Most people use pay advance apps Australia as bridging cash until their next paycheck.
As the finance niche has changed over time, so has the way borrowers get the cash they need in a hurry. Pay advance apps are becoming increasingly popular. There are several benefits to pay on-demand apps that allow you to access your pay early. These include:
At G’Day Loans we offer payday advances too. Some of the key features of our payday advance loans include the following:
You can receive a pay advance of between $150 and $2,000, although we do offer larger loan amounts of up to $10,000.
Unlike other pay advance apps Australia, we offer longer loan terms. Of course, payday advances of small amounts can be repaid within 30 days, but we also offer loan terms that range from 3 to 24 months to pay.
When applying for a pay advance with G’Day Loans, the lenders on our panel will work with you to create a repayment schedule that works for your financial situation. If you specifically want a payday advance, you can repay the loan on your very next payday. If you’re opting for a larger loan amount over a longer term, monthly instalments on a pre-agreed date will be set up.
As most pay advance apps Australia provide loans of below $2,000 just like we do, there’s a cap on the fees we can charge. On loans of up to $2,000, we only charge a 20% establishment fee and then 4% of the total monthly as a service fee. These are the maximum fees we charge – many of the lenders on our panel will make their loan more attractive to borrowers by lowering their fees.
When applying for a pay advance, cash is usually needed in a hurry. The lenders on our panel typically payout loans within a few minutes, and those that take a little longer, won’t keep you waiting longer than 24 hours.
As with anything in life, there are pros and cons that come with pay advance apps Australia. Consider the following pros and cons.
If you meet the following requirements, you are eligible to use payday advance apps Australia:
You will need to provide the following details when signing up for payday advance apps Australia:
Applying for a payday advance is quick and easy with G’Day Loans. You can sign up in just a few minutes by following these steps:
And that’s it. Now, all that’s left to do is wait just two minutes to get feedback from our lenders. If one of our lenders is willing to assist, you will be transferred directly to their website to complete the process.
While G’Day Loans offers payday advance loans, we are not like typical payday advance apps Australia. We offer cash advances and payday advances that work like personal loans. At this point, the question begs to be answered: is it better to use a payday advance app or to get a personal loan?
From our point of view, personal loans are a more viable option than payday advance apps. We have this view for various reasons, with the first reason being that pay advance apps could get you stuck in a perpetual loop of borrowing from your next paycheck. This is because you’re borrowing your own money and need to pay it immediately with your next paycheck.
While some borrowers manage their finances carefully, others may struggle to afford their regular expenses when they receive less than their normal salary amount at the end of the month. On the other hand, personal loans are designed to provide borrowers with ample time to repay the loan. Most personal loans are repaid over 3 to 24 months, which means that you won’t have to try to scrape through the month with less than your usual salary amount.
When it comes to the loan amount and terms, personal loans are typically more viable too. Most payday advance apps Australia only provide up to 25% of your paycheck total. Most apps cap this at $750, although some companies provide more. Personal loans, especially those available through G’Day Loans, range from $150 to $10,000, making it easy for you to afford bigger expenses if required.
If you don’t want to sign up for pay advance apps Australia, there are several alternatives you can go with as follows:
Personal loans offer the option of borrowing amounts from $100 to $10,000 with 3 to 24 months to pay. There are no credit check options available for those with a less than perfect credit score with a personal loan. Personal loans are paid back via affordable monthly instalments. G’Day Loans offers personal loans with an annual APR of no more than 48% (this only applies to loans of more than $2,000).
Buy now pay later is a good alternative to pay advance apps Australia. This is a payment option available at certain retailers. When buying a product in store or online, you simply log into your BNPL account and generate a purchase code for the retailer to accept as payment. If you’re shopping online, you can log into your account. To use buy now pay later, you have to register via the provider’s app and supply all your personal particulars. Approvals are typically quick, but providers do check your credit score, so you may be denied the service if you have poor credit.
A cash advance is a short-term loan, usually of a small easy-to-repay amount. If being used as bridging cash, cash advances are usually amounts between $150 and $2,000. There is no interest charged on cash advances of up to $2,000 in Australia. Lenders may charge up to 20% once-off establishment fee and then a 4% monthly service fee. Cash advances can be repaid over 30 days to 24 months, depending on the amount borrowed.
If you’re receiving Centrelink benefits and need a cash advance, you may wonder if pay on-demand services are available. Unfortunately, most pay advance apps Australia do not service Centrelink recipients, but Centrelink offers its own solution with their Centrelink advance service. This allows an individual to get a cash advance on their next Centrelink payment. The amount is then automatically deducted from the Centrelink benefit amount on the next pay date.
No interest loans scheme is an initiative to help low-income individuals get the credit they need for essential goods and services. The scheme will pay out a max of $1,500 for the likes of furniture, appliances, educational necessities, vehicle repairs, medical and dental expenses and a few additional expenses on request. These loans are interest fees, have no fees, and are generally paid back over 12 to 18 months. To qualify, you must earn less than $45,000 per year after tax. You cannot use NILS for rental arrears, debt consolidation, holidays, or simply to have spending cash.
When looking for pay on demand, payday loans, personal loans and other borrowing options, G’Day Loans is the place to go. We have a panel of lenders offering all types of loans, even to those with poor credit.
At G’Day Loans, we connect borrowers with lenders most likely to approve their loan applications. Our service is free to you. So instead of completing several online applications, simply complete one application with G’Day Loans, and we’ll ensure that you’re put in touch with the right lender for you.
Whether you’re looking for a small amount of cash to get you to your next payday or need something more substantial to pay for a holiday, medical expense or buy a new car, G’Day Loans has just the loan option for you.
Pay advance and wage advance options allow individuals to receive a portion of their paycheck in advance. This is usually up to 25%. Pay on demand is slightly different in that it allows an employee to receive their wages before the next scheduled payday. On demand pay allows you to take one day’s wages in advance or all of the money you have earned during that particular pay period.
Pay advance apps Australia typically take just a few hours to process your initial signup application. Once you have an account, the cash is usually approved and paid out within a few minutes (if the request is approved).
If applying for a pay advance loan with G’Day Loans, we can connect you with lenders who are willing to provide loans to borrowers with bad credit. Pay advance apps Australia usually do a credit check and may reject your application if you have poor credit.
A salary advance is not really a loan, even though it is treated as one. Instead, you are simply accessing a portion of your own money earlier than the scheduled payday.
Pay advance apps Australia carry out credit checks on applicants. If you have a poor credit score, they may reject your application.
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.