With a lot of apps like MyPayNow Australia, you’ll be sure to get a lot of alternatives that can help you buy now and pay later. MyPayNow is a leading and most recognized provider of pay-on-demand services in Australia. It offers access to a portion of your salary before payday and allows you to seamlessly and flexibly borrow money for specific purchases. This app helps in improving your shopping experience.
It doesn’t just give personal loans, but it also deals with helping customers pay for their shopping and get the chance to pay back in 4 installments of up to 4 months.
In this post, we will look at the best MyPayNow alternatives in Australia, including their pros and cons.
What is MyPayNow App?
MyPayNow is a pay-on-demand financial app that allows you to borrow up to 25% of your salary before payday, with a maximum limit of $1,250. MyPayNow charges a 5% fee per request, and you repay the amount on your next payday; it automatically gets deducted and paid to your MyPayNow account.
MyPayNow is accessible 24/7 to provide you with 25% of your wage to meet urgent financial needs and obligations. It is the most pou[ular and used wage-on-demand app in Australia.
Apps Like MyPayNow Australia 2024
Below are the best MyPayNow alternatives.
1. Commbank Advancepay
Commbank AdvancePay is one of the best apps like MyPayNow Australia that would give you access to your wages earlier than they should be. Combank AdvancePay just like MyPayNow can pay for your shopping both in-store and online. This app allows you to borrow up to $750 of your wage before the due date for a repayment duration of four weeks. It charges an interest rate of 5% for loans ranging from $300 to $500. Loans ranging from $501 to $750 are charged 10%.
This app comes with fantastic features to give you a seamless experience. It has a Bill Sense and Spend Tracker that helps you in budget management.
To access this app, you must be registered for NetBank and meet other criteria listed on the platform. After you have been approved, you can get funded within minutes, at most within one business day. Repayment is automatic as the app deducts the money on your next paycheck date.
Pros
- No interest fee if you repay before or on the due date
- Gives you access to a personalized budget
- Charge lower cost than traditional payday loans
Cons
- Short repayment duration (which is only four weeks)
- The maximum amount that can be borrowed is $750. It doesn’t offer large amounts
- An interest rate of 14.9% for late repayment.
2. WagePay
If you need other great apps like MyPayNow Australia. It is a financial service that allows employed Australians to easily borrow 25% of their earned wages before the due date.
To use Wagepay, you must be an Australian citizen, above 18 years and have a job that gives you a regular income that is sent to your account.
The application process is quick and easy, and you can access the cash advances within a few minutes. It charges a flat fee of 5% and 24% interest p.a. it does not perform credit checks, so your credit score won’t be affected when using this service.
The app has a stringent rule on late repayment. Paying late might affect your future access to the platform.
Pros
- It is available 24/7 all year round, including holiday periods
- Lower fees compared to other traditional payday loans and bank overdraft
- No additional fees, such as late fees or dishonor fees
- Returning customers may be charged a lower fee at Wagepay’s discretion.
Cons
- You can only borrow a small amount of money via this service
- It does not offer a long-term financial solution
3. ZayZoon
ZayZoon is one of the best MyPayNow alternative Australia that allows you access to your wage before the due date to avoid late bill payments and bank overdraft fees.
Unlike other cash advance loan apps, Zayzoon can only be used by access employees whose employers have an agreement with ZayZoon. Also, the app comes with a financial wellness program that employees can benefit from. Employees are charged $5 for any transaction they make via the app.
To use this app, you must have a government-issued ID. Create an account on the app and complete your information on it.
Pros
- Free for employers
- Interest fee
- It is available 24/7, regardless of the day or time
- Quick turnover
Cons
- You can only borrow a maximum of $200 of your earned wage
- Employees are charged $5 per transaction
4. PressPay
PressPay is one of the best apps like MyPayNow Australia that allows you to access your earned wage before the due date through an SMS service. The app doesn’t involve your employer, so you can easily create an account in the app within free minutes.
All you need is your mobile number and basic information to complete the online form. Upon approval, the app will send you an SMS confirming your details. After that, your eligibility gets confirmed within five minutes. You can access up to $100 of your money per day with a fee rate of 5% for drawdown amounts.
Self-employed Australians can access this app, but you must earn at least $450 every week and have a regular weekly, bi-weekly, or monthly payment schedule.
Pros
- 100% confidential, as it doesn’t go through our employer
- Can be accessed by self-employed individuals
- No interest charges, no hidden and forgoing fees
- The turnaround duration is within minutes
Cons
You can only borrow a maximum of $100 per day.
5. PayActiv
PayActiv is one of the best MyPayNow alternatives in Australia. PayActiv partners with businesses and companies to provide wage-on-demand services to employees. You can access as high as 50% of your earned wages. Also, it offers other financial services, such as financial health measurements, savings, and budgeting tools.
You can also access this app if your employer is among the enrolled partners of the app. To wage-on-demand on this app, you must submit your attendance and time information to the app. Once approved, you can transfer the amount to your bank or card and get cash from a Walmart Money center. Repayments are automatically deducted from your next paychecks.
Pros
- Your bank account is not required
- Can be accessed by both hourly and salaried employees
- Access to 50% of your wage and instant funding
Cons
- You have limited options if your employer isn’t enrolled
- You must have the Payactiv card to get funded instantly
Conclusion
The above-stated financial apps are the best MyPayNow alternatives in Australia. They all have their uniqueness and mode of functionality. Read reviews on the app before choosing any as your preferred choice.