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Request from $300 to $750 of your salary to be paid in advance instantly to pay for life's little emergencies.
CommBank is the first of the Big Four banks to offer a "pay on demand" service, a form of payday loan without the traditional payday loan price tag.
If you're a CommBank customer and have been hit with an unexpected bill, or require a little bit of cash ahead of your paycheque, you can access from $300 to $500 instantly for a fee of $5, or $501 to $750 for a fee of $10 directly from the CommBank app.
3 Things to consider about this loan
Find out more about what AdvancePay has to offer below.
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Product Name | CommBank AdvancePay |
---|---|
Minimum loan amount | $300 |
Maximum loan amount | $750 |
Loan term | Weekly, fortnightly or monthly |
Turnaround time | Instant |
Costs | $300-$500 ($5 fee), $501-$750 ($10 fee) |
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support. Find out more here: https://www.finder.com.au/coronavirus-financial-help
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
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.
AdvancePay is a "pay on demand" service from the Commonwealth Bank. This service allows CommBank customers to access up to $750 of their paycheque ahead of payday via the CommBank Netbank app, without the need to involve their employer.
AdvancePay works as a temporary overdraft. If you have a CommBank account that your salary regularly goes into, you can simply apply online via the app and will receive a decision within one business day. Approved CommBank customers will be granted access to the service on a limited basis (i.e. not every pay cycle). This offers borrowers protection from dependency on short term debt.
Unlike payday loans, which usually charge an establishment fee of 20% of the loan amount and 4% in monthly fees, AdvancePay is a potentially lower cost solution to accessing a portion of your pay ahead of payday.*
*This service is currently in the pilot stage. Its aim is to provide CBA with insights into understanding how it can be made available to a broader customer base in the coming months.
This "pay on demand" platform includes the following features:
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To apply for an AdvancePay loan, you will need to: