CommBank AdvancePay

Get $300 to $750 of your pay in advance. Loan terms are 4 weeks, although a 14.9% interest rate can apply to the unpaid balance.

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 part of your pay check in advance for a small fee directly from the CommBank app.

3 things to consider about this loan:

  • Access up to $750 of your paycheck
  • Fee of $5 or $10, depending on how much you want advanced
  • Interest rates may apply if you miss your repayment date

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Product NameCommBank AdvancePay
Minimum amount$300
Maximum amount$750
Loan termWeekly, fortnightly or monthly
Turnaround timeInstant
Costs$300-$500 ($5 fee), $501-$750 ($10 fee)

Are you struggling financially?

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.

⚠️ Warning about Borrowing

payday-warningDo 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:

  • For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
  • If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94

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.

Main points to consider with AdvancePay

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.

Features of AdvancePay

This "pay on demand" platform includes the following features:

  • Loan term. AdvancePay loans must be repaid within 4 weeks.
  • Loan amount. This platform offers from $300 to $750 of your expected wage ahead of payment.
  • Quick approval. Once you have applied, you can receive a decision as to whether or not you have been approved within one business day.
  • Repay automatically. Once your employer has paid your salary into your CommBank account, your repayment will be taken in full. If there is insufficient money in your account on the nominated payday, you will be charged an overdrawn interest rate on the remaining balance, as it will be considered an overdraft.
  • Easy access. AdvancePay loans can be accessed directly via the CommBank or Netbank app.
  • CommBank customers. This service is only available to existing CommBank customers.
  • Connects to your bank account. This app connects directly to your bank account.
  • Instant funding. Once approved, you can receive your funding instantly.
  • Smart technology. Features such as "Bill Sense" and "Spend Tracker" assist customers with managing their budget, including upcoming bills and expenses, as well as providing a breakdown of their expenses by category.

What to weigh up: The pros and cons of an AdvancePay loan

  • Lower cost than traditional payday loans
  • Access to a personalised budget
  • Access to your your money ahead of payday
  • No interest if repaid on time
  • Only small amounts of money available
  • Not a long-term finance solution
  • Short repayment terms
  • Interest charges incur if payment date is not met

Fees and charges

  • Transaction fee. A fee of $5 applies to loans from $300 - $500. Loans from $501 - $750 incur a fee of $10.
  • Interest charge for late payments. An interest rate of 14.9% will be applied to any overdrawn balance if the loan is not repaid in full on the nominated date.

How do I apply?

To apply for an AdvancePay loan, you will need to:

  • Be an existing CommBank customer
  • Have your regular salary go into your CommBank account
  • Not be in hardship or arrears

How does AdvancePay compare to other payday loans?

Rates and fees that payday lenders can charge are regulated by the Australian Securities and Investment Commission (ASIC). Typical short-term loan fees charge a 20% establishment fee and 4% in monthly fees on loans of up to $2,000. The Consumer Law Action Centre calculates that this can be the equivalent of a 407% interest rate.

AdvancePay's fees are much lower than that, especially if you pay off the loan in full without interest. However, it still could be a costly alternative if you don't pay it off on time and end up having to pay interest. Here's how it compares to some other app-based short-term loan services:

CommBank AdvancePay

$300 to $750

$5 for loans between $300 and $500$10 for loans between $501 and $750If the limit is not fully repaid by payday, you'll be charged the current debit excess interest rate of 14.90% on the overdrawn amount

Up to $200

5% feeNo interest charges


Up to 25% of your wages (max $750 per advance)

5% feeNo interest charges


Access between $100 and $250 through Employment Hero

$2 flat-rate feeNo interest charges

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Ferratum Cash Loans
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Borrow what you need with loans starting from $500 and approval in minutes.

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