Up to 50% of your wages before payday and access to money management tools. Fees may apply.
Wagestream (formerly Earnd) is a money management tool with a pay-on-demand option. You can access up to 50% of your wages before payday, with terms up to 31 days. This can be useful in case of financial emergencies and urgent bills.
Your employer needs to be partnered with Wagestream for you to use the service. If your employer covers the costs involved, you will not be charged fees. Otherwise, a fee of $2.49 applies per transaction.
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
Do 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.
How does Wagestream work?
Wagestream (formerly Earnd) is a money management tool that allows employees access to part of their pay before payday. Apart from early access to pay, you can also use the app to track your work hours and pay, set money aside before being paid, learn money management skills and build healthy money habits.
What features does Wagestream offer?
- Pay on demand. You can access up to 50% of your paycheck before payday. This is useful in case of emergencies and unexpected or urgent bills.
- Financial management tools. The app also includes money management tools that help employees build better financial habits and have greater control over their money and work.
- Short loan term. Your loan term will be a maximum of 31 days.
- Loan term aligned to pay cycle. Your loan term will be aligned to your weekly, fortnightly or monthly pay.
- Automatic deductions. The money loaned to you will be automatically deducted from your upcoming paycheck.
- No interest. No interest is charged on the money loaned to you, but fees may apply.
- Employer-run. If your employer has partnered with Wagestream, you can access the product and its features.
- No late fees. This product does not charge late fees. The amount owed will be automatically deducted from your next paycheck.
How much does Wagestream cost?
Wagestream does not charge interest on the money loaned. Costs include the following:
- Loan principal. This is the amount advanced to you, to be repaid in full.
- Transaction fee. If your employer doesn’t cover the cost, you will have to pay a fee of $2.49 per transaction. Fees are capped at $24.90 per month. If your employer covers the cost, this service is free to use.
No other fees are charged.
What are the pros and cons of Wagestream?
- Early access to part of your wages when you need it.
- No-interest loan.
- Access to financial management tools.
- Short loan terms of up to 31 days.
- No option to stagger repayments and pay in increments.
- May lead to budgeting difficulties or leave you short for the rest of the month.
- Employer needs to offer the service for you to access it.
- May be tempting to keep relying on this service, but it’s not a long-term financial solution.
Am I eligible for Wagestream?
To be eligible for Wagestream, you need to be over the age of 18 and be an Australian citizen or permanent resident. You also need to be employed and earning income from an employer who has partnered with Wagestream.
How do I apply for Wagestream?
You can download the app on the Apple App or Google Play stores. Find your employer, enter your details (name, date of birth, phone number and email address) and link the bank account your employer pays your salary into.