If you’re falling behind on your bills, there is a way that you can get them all paid.
It’s hard to prepare for the unexpected, and sometimes the unexpected causes other things that we were expecting to fall behind. This is where PAID comes in. They can pay up to $2,000 worth of your bills and let you pay it back over time. They differ from other payday loan providers in that the money is sent directly to your service provider or biller. So if you’re falling behind on bills and need them paid, this may be an option for you to consider.
Comparison of Payday Loans
Whilst we do not compare Paid.com.au products, below is a comparison of similar products in the market
How do these loans work?
PAID works by directly paying your bills through an account held with one of their payment partner merchants. When you apply, your eligibility is determined, and if you are approved one of their e-merchants will pay your bills. First time customers are able to borrow up to $1,000, whereas members can borrow up to $2,000.
PAID assesses applications based on merit and your ability to pay back the loan, so people with bad credit may also be approved. The bill advance is usually approved within one business day. You will then pay the money back to PAID along with a few other fees, which are outlined below.
PAID is required to pay the emerchants back within four months, and so all bill loans taken out with the requirement that they are paid back over a one to four period. As you are charged a monthly credit fee, it would be better to pay the loan back as soon as you can in order to reduce the costs of the loan.
What steps are involved with this service?
- Complete the online application form. For more details on what you need to complete this form, see our section on ‘How to Apply’ below.
- List the bills you need paid, what the amount is owing on them and the biller reference.
- Read and review the credit offer and contract and then accept it.
- Using PAID’s partner, Decision Logic, you will need to provide your last 90 days banking transaction history.
- PAID will complete the affordability verification and assessment that is required.
- Once you are approved PAID’s emerchants will debit the loan and use the money to pay your biller/s.
Here are the fees you can expect from using PAID’s service:
- Establishment fee. You will pay an establishment fee that is 14% of the amount borrowed.
- Monthly credit fee. This will be charged at 4% of the amount borrowed.
- Late payment fee. If you fail to pay the loan back within four months you will be charged a late payment fee of $38.50.
- Additional monthly credit fees. For each additional month it takes you to pay back the loan on top of the agreed upon time, you will be charged 4% of the amount borrowed.
After you successfully repay your bill advance, you are able to use their service again as a member. You’ll be able to have a maximum of two concurrent advances at any one time. You will log into the members area, confirm your details and upload your next set of bills. As you prove your reliability as a borrower by making your repayments on time, you’ll be able to access more credit. Although, keep in mind that if you find yourself using this service frequently you may need to look at a more long term solution to your cash flow problems.
Pros and cons
- You are able to make early repayments, and if you do, PAID will waive the credit fee you so you only pay 14% in total.
- They are usually able to approve your bill advance within one business day, which is an option for people who need bills paid quickly.
- PAID set out the fees and charges of the bill advance on their website so you can budget for your repayments.
- If you are approved and are then unable to make your repayments, the late payment fees may get you into more financial trouble.
In order to be eligible for a PAID bill advance, you will need to meet the following requirements:
- Be aged 18 years or older
- Are employed
- Be paid a minimum of $1,200 per month directly into your bank account
- Are an Australian resident and have legal permission to work for a minimum of 12 months
- Have an active bank account.
How to apply
To apply for a bill advance from PAID, you can follow the secure link on this page to fill out the online application form. You will need to provide personal details including your name and contact information, and your employment details including your employment status, net income and pay frequency.