Beforepay vs MyPayNow

Both services charge a 5% flat fee, but repayment terms and repayment flexibility differ.

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Payday can’t come soon enough – and you have a few bills that urgently need settling. Pay on demand is a service that helps you access part of your pay before payday, in exchange for a fee. It’s essentially a loan – but often without interest, only fees. 

Given the booming popularity of interest-free payment services, there are new players frequently entering the market. We’re comparing two – Beforepay and MyPayNow – to help you find the right product and make informed choices. Watch out for repayment terms and flexibility, credit limits, fees and extra features. 

Summary

Beforepay is an app that allows you access to your pay, on demand. It also offers budgeting tools and helps you track your spending habits. 

MyPayNow is an app that allows you to access up to a quarter of your pay instantly. You can get funding in under a minute. 

Credit limit

Up to $2,000, although some users may be approved for up to $2,000. Credit limit is determined by your income, debts, account history and spending behaviour.

25% of your regular wage, up to $1,250.

Interest

No interest. 

No interest. 

Fees

One-off 5% fixed fee.

One-off 5% fixed fee.

Payment frequency 

Instalments across and Up to 4 pay cycles, for a maximum of 62 days.

Terms up to 31 days. Repayment in a single instalment, but you can request for more flexible payment options. 

Payment flexibility

Weekly, fortnightly or monthly repayments, aligned with your pay cycle. Can defer repayments for a single cycle. All payments must be settled before you can apply again. 

Your wage advance will have to be repaid the day after your payday. Payments, for the most part, cannot be split or staggered but you may be able to request for more flexible payment options. 

Late payment fees

$0

$0.

Sign-up 

Download the app and connect it to your bank account. Beforepay will use your bank details to calculate how much cash out you can access. 

Enter your mobile number on the website and you will receive a link to the app. 

Extra features

Make repayments early for free. Delay payment once for a single cash out. You can do this free of chargeApp includes budgeting and spending tools. 

Request for a delay in payments without charge. You will be debited on the day after your next cycle.You can make a request in the app to pay your loan early. 

Eligibility

Over the age of 18. An Australian citizen or resident. Receive pay into an Australian bank account. Earn at least $300 income per week, with more than 50% paid by an employer. Centrelink income cannot be over 50%. Not self-employed. Not experiencing financial hardship. Have a driver’s licence, passport, Medicare card or can provide 100 points of ID. 

Over the age of 18.In regular employment. Earn a minimum of $450 a week or $900 a fortnight. Have a driver’s licence, passport or Medicare card. Can afford repayments without hardship. 

Credit check and score

No credit check

No credit check

What are the pros and cons of the two products?

Beforepay 

  • Once your cash out is calculated, you get instant access to your funds.
  • In-built budgeting and spending tools help you keep track of your spending.
  • Staggered repayments over 2 months, making it easier to manage repayments.
  • 5% flat fee. The more you borrow, the higher your fee.
  • You can’t request for another advance the following month. You can only get one after you’ve repaid your first advance in its entirety.
  • May be tempting to rely on this service as it’s easy to access and use. However, if you’re experiencing financial difficulties, this may not be a long-term solution.

MyPayNow

  • Receive funding in 60 seconds.
  • Can request for another advance the following month.
  • 5% flat fee. The more you borrow, the higher the fee.
  • Loan term is relatively short, only up to a month.
  • Single repayment, as opposed to several smaller repayments, which may make it harder to manage and less flexible.
  • May be tempting to keep using this service to receive your pay in advance. If you’re experiencing financial difficulties, you should speak to a financial counsellor and/or find a longer term solution.

Eligibility comparison

Beforepay

  • Over the age of 18.
  • An Australian citizen or resident.
  • Earn at least $300 income per week, with more than 50% paid by an employer.
  • Centrelink income cannot be over 50%.
  • Not self-employed.
  • Not experiencing financial hardship.
  • Have a driver’s licence, passport, Medicare card or can provide 100 points of ID.
  • Receive pay into an Australian bank account.

MyPayNow

  • Over the age of 18.
  • In regular employment.
  • Earn a minimum of $450 a week or $900 a fortnight.
  • Have a driver’s licence, passport or Medicare card.
  • Can afford repayments without hardship.

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  • MYPAYFAST review

    Access up to 25% of your pay when you need it for a flat fee of 5% of the loan amount with MYPAYFAST. Apply today.

  • Wagetap review

    Access $100, $200 or $300 of your pay instantly with Wagetap's wage-on-demand service. Pay a one-off fee of 5% each time you withdraw, with no interest or hidden costs.

  • Press Pay review

    Want to access your money in real time? Press Pay allows you to withdraw up to $100 per day of your earned wages, interest-free. Find out more and apply today.

  • Wagestream

    Access up to 50% of your wages before payday with terms up to 31 days.

  • PayActiv Earned Wage Access

    Learn more about how PayActiv's Earned Wage Access service can help you access up to $500 of your paycheque for a $5 fee charged fortnightly (only if you access your wage before payday).

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