Wagetap review

Withdraw $100, $200 or $300 of your money when you need it with Wagetap's instant access wage-on-demand service.

Access up to $300 of your wages each pay cycle with Wagetap's wage-on-demand service. Wagetap initially offers a $100 loan option, which you can build to $200 and $300 once you have made the sufficient number of transactions.

3 things you should know about this service:

  • Interest-free
  • No hidden fees
  • Additional money-saving features

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Product NameWagetap
Minimum amount$100
Maximum amount$300

Main points to consider with Wagetap

Wagetap is a pay-on-demand service that allows employees to access their money ahead of payday instantly. Simply download Wagetap, sign up with your name, email and contact number, connect your bank account and start accessing your wages when you need them.

Wagetap offers $100, $200 and $300 loans to eligible applicants via its platform. To unlock a $200 loan, you must make 4 transactions (4x $100 drawdowns). To unlock a $300 loan, you must make a further 2 transactions. These transactions are subject to your transaction value making up less than 25% of your monthly income. Please note that you can only make 1 withdrawal at a time. Once this has been repaid, you will be able to make another withdrawal. Eligibility for each withdrawal will be assessed individually.

Wagetap does not charge interest or ongoing fees, but simply a flat-rate fee of 5% of the loan amount each time you borrow.

Wagetap also offers other money-saving services such as a utility comparison tool, whereby users can compare energy providers (gas, electric or both) and choose to make a switch to a new provider via Wagetap's platform.

Features of Wagetap

  • Loan amount. Access up to $100 of your earnings at a time. Once you have made 4 $100 transactions, you can access loans of both $100 and $200. A further 2 transactions allows you to choose between loans of $100, $200 and $300.
  • Loan term. Repay any borrowings you've made in full on your next payday.
  • Quick application. It takes approximately 3 minutes to set up an account.
  • Quick funding. If approved, you'll be able to withdraw funds in as little as 1 minute.
  • Bank-grade encryption. Your data is safe when using this service.
  • Access wages on demand. Get access to your wages as your earn them.
  • Live chat available. If you are facing issues with your Wagetap account, you can contact its customer service team using live chat.
  • Online service. This service is 100% online and easily accessible.
  • No need for your employer to be enrolled. Your employer doesn't need to partner with Wagetap for you to use this service.
  • Confidential. Wagetap does not contact your employer.
  • Interest-free. This service does not charge interest.
  • No sign-up fees. It's free to sign up to Wagetap.
  • No ongoing fees. There are no monthly or other ongoing fees.

Pros and cons of using this service

  • Free to sign up
  • No interest charges
  • No hidden fees
  • Your employer does not need to be signed up to Wagetap
  • Get paid within minutes
  • Additional money-saving features
  • Small initial withdrawal amount
  • You must repay each loan before you can make a new transaction

How much does it cost?

  • Flat fee. This service charges a flat fee of 5% of the loan amount.

Eligibility requirements

In order to qualify for this service, you must meet the following eligibility criteria:

  • Consistent wages. You must have consistent wages paid by an employer into a transaction account.
  • Income minimum. You must earn at least $800 per month in income. Centrelink payments must make up less than 50% of your total after-tax income.
  • Regular pay. You must have a weekly, fortnightly or monthly pay schedule. This pay must also go into a transaction account and not a savings account.
  • Expenses check. Your spending will be assessed via your online banking to review criteria such as alcohol spending, gambling spending, dishonour fees, etc.

To further compare wage-on-demand services, please visit our guide.

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