MyPayNow is a pay on demand service which allows you to access up to 25% of your wages (to a limit of $1,250) ahead of payday, without involving your employer. This could be useful if you have an unexpected bill that you have to pay or just need a little more money to tide you over until the end of the month.

MyPayNow offers 24/7 instant deposits, so you can get the wages you've earned any time in mere minutes.

3 Things to consider about this loan

  • A flat 5% transaction fee applies
  • Access part of your wages instantly
  • No credit checks

Find out more about what MyPayNow has to offer below.

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Product NameMyPayNow
Minimum amount$50
Maximum amount$1,250
Loan termWeekly, fortnightly or monthly
Turnaround timeInstant
Costs5% of advanced amount

Main points to consider with MyPayNow

MyPayNowis a pay on demand service. This means it allows you to access a portion of your salary ahead of payday for a fee. Pay on demand services, such as MyPayNow, can be useful for small expenses that buy now pay later companies don't cover, such as travel costs, bills or groceries.

With MyPayNow, you can access up to 25% of your pay to a limit of $1,250 for a fee of 5%. Once approved with MyPayNow, you can have money in your account in as little as one minute. You can only access funds up to your limit per pay cycle. You must be employed to use this service, though MyPayNow does not contact your employer.

Features of MyPayNow

This platform includes the following features:

  • Loan amount. This platform offers up to 25% of your wage up to a limit of $1,250. You can only access this much per pay cycle.
  • Repay on your next payday. When you set up your account, you will arrange a direct debit to be taken from your account on your next payday to repay your loan. If you have taken out multiple advances, all will be taken on that day.
  • Quick application. Downloading the app and setting up your account takes as little as five minutes.
  • Instant funding. Receive funding in as little as 60 seconds.
  • $50 or $100 amounts available. You can only access multiples of 50 when accessing your wages.
  • Connects to your bank account. This app connects directly to your bank account.
  • Available 24/7. Access your salary instantly any time of the day, any day of the week.
  • Secure and private. MyPayNow uses bank-grade encryption to protect your data from fraud.
  • Free to download and use. This app is free to download and to use. You only have to pay if you borrow funds.
  • No early payout. You cannot repay this loan early. Funds that have been advanced to you will be taken on your next payday from your nominated bank account.
  • Late payments. If you miss a payment, you will be able to pay in real time using your debit card. If you fail to do this, payment will be taken on your next payday.
  • No credit check. MyPayNow does not perform a credit check, so no record will show on your credit file.

What to weigh up: The pros and cons of a MyPayNow loan

  • Access your money instantly ahead of payday
  • Lower cost than traditional payday loans
  • Lower cost than late fees on unpaid bills
  • Only small amounts of money available
  • Not a long-term finance solution
  • You may find yourself short of money on your next payday

Fees and charges

  • Transaction fee. A flat fee of 5% applies if you borrow money against your upcoming wages.
  • No interest. This is an interest-free service.
  • No ongoing fees. There are no administration fees or monthly fees for using this service.

How do I apply?

To apply for a MyPayNow loan, simply download the app to your phone, tablet or computer. To apply, you will need the following:

  • A mobile phone number
  • An email address
  • A valid form of Australian ID (passport, driver's licence or Medicare card only)
  • The date and amount of your last salary
  • Your Internet banking details
  • A bank account that your salary goes into

To be eligible, you must:

  • Be aged 18 or over
  • Be employed (part-time or full-time)
  • Receive a minimum salary of $450 per week/$900 per fortnight
  • Have a regular pay cycle
  • Have a unique bank account (not a joint account) that has had a minimum of 70 days' transaction history and 2 months' salary paid into it

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