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InstaPay is a pay-on-demand provider that allows employees of businesses that are signed up to the service to access funds from their salary ahead of payday.
Unlike a payday loan, which have potentially high fees and costs attached, InstaPay only charges a flat fee starting from $2 to employees using its service. Employers that are signed up to the platform pay a monthly subscription of either $7, $10, or $14 per employee per month.
3 Things to consider about this loan
Find out more about what InstaPay has to offer below.
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Product Name | InstaPay |
---|---|
Maximum loan amount | $250 |
Loan term | Weekly, fortnightly or monthly |
Turnaround time | Instant |
Costs | flat fee starting from $2 |
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* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
InstaPay is a pay-on-demand service provided by Employment Hero, a software platform that helps small and medium Australian businesses manage HR, payroll, employee engagement and benefits. InstaPay gives the employees of companies that are subscribed to the platform the opportunity to access a portion of their pay ahead of payday for a small fee.
This could potentially benefit employees who have unexpected necessary expenses to pay at the end of the month, but who don't want to face the high costs associated with traditional payday loans. With InstaPay, there are no interest charges, and borrowers repay the salary advance in full directly from their next pay cheque. Employees of companies that use Employment Hero should note that not all employees will qualify to use InstaPay.
This service includes the following features:
To apply for a salary advance through InstaPay, your employer must be subscribed to Employment Hero. Not all employees will qualify for salary advances. For more information, please contact Employment Hero directly.