Employment Hero InstaPay

Last updated:  

Access up to $750 direct from your pay cheque ahead of payday with InstaPay by Employment Hero.

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

  • Employers must be subscribed to the platform for employees to utilise the service
  • Employees can access from $100 to $250 of their pay ahead of payday per transaction, with a maximum of two transactions per week
  • No interest charges

Find out more about what InstaPay has to offer below.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product NameInstaPay
Maximum loan amount$250
Loan termWeekly, fortnightly or monthly
Turnaround timeInstant
Costsflat fee starting from $2

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. Find out more here: https://www.finder.com.au/coronavirus-financial-help

⚠️ 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 InstaPay

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.

Features of InstaPay

This service includes the following features:

  • Loan term. Any amount borrowed will be automatically deducted from your next pay cheque.
  • Loan amount. This platform offers you up to 50% of your wages as you earn them, to a maximum of $250 per transaction. You can access up to 2 transactions per week.
  • Employment Hero subscribers only. Your employer must have an Employment Hero subscription for you to qualify for InstaPay.
  • Multiple uses. Employees can access InstaPay funds in one of two ways – they can be deposited directly into your bank account, or be used to purchase items in the "Discounts" section of the Employment Hero app.
  • InstaPay deductions shared with your employer. InstaPay does not share your personal information or activity with your employer, with the exception of the total dollar amount of InstaPay transactions. Employers will not be able to see if you have purchased items or taken InstaPay funds direct to your bank account.
  • Connects to your bank account. This app connects directly to your bank account.
  • Funding time. Once you have applied for an advance, it takes two business days to clear into your bank account.

What to weigh up: The pros and cons of InstaPay

  • Quickly access your salary advance ahead of payday
  • Lower cost than traditional payday loans
  • Access multiple transactions per month
  • Not a long-term finance solution
  • Only small amounts of money available
  • May affect your budgeting if used too frequently

Fees and charges

For employees:
  • Transaction fee. A flat fee, starting at $2, applies to each transaction.
  • No interest. This is an interest-free service.
  • No ongoing fees. There are no administration fees or monthly fees for using this service for employees.
For employers:
  • Standard subscription. Employers can get a standard Employment Hero subscription for $7 per employee per month (minimum $99 per month).
  • Premium subscription. Premium subscriptions to Employment Hero cost $10 per employee per month (minimum $99 per month).
  • Platinum subscription. Platinum subscriptions cost $14 per employee per month (minimum $199 per month).

How do I apply?

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.

Compare other short term loans

Data indicated here is updated regularly
Name Product Maximum loan amount Term of Loan Turnaround time Arrears Fee Costs Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans
$2,000
9-14 weeks
30 minutes - conditions apply
$35
20% of loan amount + 4% of loan amount each month
$396
A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.
Nimble Short Term Loan
$2,000
62 days to 9 months
1 hour - conditions apply
$15
20% of loan amount + 4% of loan amount each month
$372
A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.
Safe Financial Small Loan
$5,000
22 - 52 weeks
Same day - conditions apply
$35
Up to $2,000 - 20% establishment fee + 4% monthly.

Above $2,000 - $400 + loan management fee of up to $399 + from 8.7% to 48% APR
$396
Borrow from $1,000 to $5,000 with same-day funding and no early repayment fees.
Moneyspot Small Loan
$2,000
62 to 90 days
1 hour - conditions apply
$35
20% of loan amount establishment fee + 4% of loan amount monthly.
$396
Borrow under $2,000 and benefit from a transparent fee structure and a simple application. Bad credit borrowers considered.
Ferratum Cash Loans
$1,900
3 to 12 months
Same day - conditions apply
$55
20% of borrowed amount + 4% of borrowed amount each month
$396
Borrow what you need with loans starting from $500 and approval in minutes.
loading

Compare up to 4 providers

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site