There is a lot of fintech in Australia that allows employees early access to their earned wages. This is why we want to look at the top 10 early wage access providers Australia that you can access instant payday advances. These fintech platforms operate online and are easily accessible so that anyone can scan through a list as we earlier discussed and get access to their early wages.
What Are Early Wage Providers?
In context, early wage providers, also known as payroll advance or wage advance providers in Australia are companies that provide Australian employees with access to their hard-earned but unpaid salaries before the regularly scheduled payday.
These companies help to provide employees with financial flexibility by helping them manage unexpected expenses or emergencies that may arise before their next payday.
Top 10 Early Wage Access Providers Australia
Below are some of the top early wage access providers in Australia.
1. MyPayNow?
MyPayNow is a wage access provider that allows you to borrow up to 25% of your salary before payday, with a maximum limit of $1,250. MyPayNow charges a 5% fee per request, and you repay the money on your next paycheck; it automatically gets deducted from the MyPayNow account.
MyPayNow is accessible 24/7 and gives you access to 25% of your wage to meet urgent financial needs.
Pros
- Grants you access to your earned wage in 60 minutes
- No fees for late payments
- No credit checks
- Less expensive than traditional payday loans.
Cons
- Not a long time financial solution
- Offers only a small amount of money
2. Commbank Advancepay
Commbank AdvancePay is one of the best wage access providers in Australia. This app allows you to borrow up to $750 of your wage before the due date for a repayment duration of four weeks. It charges an interest rate of 5% for loans ranging from $300 to $500. Loans ranging from $501 to $750 are charged 10%.
This app comes with fantastic features to give you a seamless experience. It has a Bill Sense and Spend Tracker and bill sense that helps in budget management.
To access this app, you must be registered for NetBank and meet other criteria listed on the platform. After you have been approved, you can get funded within minutes, at most within one business day. Repayment is automatic as the app deducts the money on your next paycheck date.
Pros
- No interest fee if you repay before or on the due date
- Gives you access to a personalized budget
- Charge lower cost than traditional payday loans
Cons
- Short repayment duration (which is only four weeks)
- The maximum amount that can be borrowed is $750. It doesn’t offer a large amount
- An interest rate of 14.9% for late repayment.
3. Wagepay
Wagepay is another of the best early wage access provider in Australia. It is a financial service that allows employed Australians to easily borrow 25% of their earned wages before the due date.
To use Wagepay, you must be an Australian citizen, above 18 years and have a job that gives you a regular income that is sent to your account.
The application process is quick and easy. You can access the cash advances within a few minutes. It charges a flat fee of 5% and 24% interest p.a. it does not perform credit checks, so your credit score isn’t affected when using this service.
The app has a stringent rule on late repayment as it might affect your future access to the platform.
Pros
- It is available 24/7 all year round, including holiday periods
- Lower fees compared to other traditional payday loans and bank overdraft
- No additional fees, such as late fees or dishonor fees
- Returning customers may be charged a lower fee at Wagepay’s discretion.
Cons
- You can only borrow a small amount of money via this service
- It does not offer a long-term financial solution
4. ZayZoon
ZayZoon is also one of the best early wage access providers in Australia. It gives you access to your wage before the due date to avoid late bill payments and bank overdraft fees.
Unlike other cash advance loan apps, Zayzoon can only be used by access employees whose employers have an agreement with ZayZoon. Also, the app comes with a financial wellness program that employees can benefit from. Employees are charged $5 for any transaction they make via the app.
To use this app, you must have a government-issued ID. Then create an account on the app and complete your information on it.
Pros
- Free for employers
- Interest fee
- It is available 24/7, regardless of the day or time
- Quick turnover
Cons
- You can only borrow a maximum of $200 of your earned wage
- Employees are charged $5 per transaction
5. PressPay
PressPay is another great early wage access provider in Australia that allows you to access your earned wage before the due date through an SMS service. The app doesn’t involve your employer, so you can easily create an account in the app within free minutes.
All you need is your mobile number and basic information to complete the form. Upon approval, the app will send you an SMS confirming your details. You can access up to $100 of your money per day with a fee rate of 5% for drawdown amounts.
Self-employed Australians can access this app, but you must earn at least $450 every week and have a regular weekly, bi-weekly, or monthly payment schedule.
Pros
- 100% confidential, as it doesn’t go through our employer
- Can be accessed by self-employed individuals
- No interest charges, no hidden and forgoing fees
- The turnaround duration is within minutes
Cons
You can only borrow a maximum of $100 per day.
6. Payactiv
PayActiv is a pay advance app in Australia that allows employees to access their earned but unpaid wages. It partners with businesses to provide on-demand access to employees and offers other financial services such as savings, budgeting tools, and financial health measurements.
Users can use PayActiv even if their employer is not enrolled in the service. The app uses time and attendance information to offer earned wages and allows users to transfer the accessible amount to their card, or bank, or get it as cash from a Walmart Money center. Repayments are automatically deducted from the user’s paycheck.
7. Branch
Branch is the best leading wage access providing a platform for hourly employees. It is designed to improve employees’ efficiency and productivity.
Branch allows employees to view their schedules, see their availability, request time off, set shifts, etc. Most top enterprises used Branch today, such as Taco Bell, Starbucks, Pizza Hut, McDonald’s, and more.
Pros
- Its User interface is easy to use
- Can easily integrate with other tools
- Deep linking
Cons
- The analytics are limited
- Access to a limited amount of money
8. Rain
Rain is a good early wage access provider that can easily integrate with most payroll systems. Rain can be accessed via mobile and has zero fees and hassle for your payroll team. You are charged a small fee similar to an ATM fee when you withdraw from the app.
Pros
- Very easy to use
- Excellent customer service
- It helps to track your earnings
Cons
Limited amount of money
9. Wagestream
Wagestream as an early wage access provider in Australia, helps to track your wages. It is one of the easiest platforms employees can access. You can easily download the app and withdraw up to 50% of your earned wage. Also, it offers help to save options.
Pros
- You can access it with even bad credit.
- Offers help-to-save option and financial education
- One of the most affordable salary advance options for employees.
Cons
- Gives you only a small amount of money
10. InstaPay
InstaPay is the last on our list of the best early wage access providers that allows employees access to quick paychecks. It is significantly less expensive than loans, overdrafts, and credit.
Also, InstaPay does not offer additional costs apart from the $8 monthly membership fee. You can get 50% of your earned wages before time.
Pros
- Access to set up automatic savings
- Quick turnaround
- No interest required
Cons
- Your employers must use InstaPay for you to access it
- Demands a monthly membership fee of $8
Conclusion
These early wage providers come in different specifications and modes of operation. To access these early wage providers, you must be up to the legal adult age and have a regular income. Go through them and choose the one that best suits you.
