Pay in Advance - How to Access Your Earned Wages
29 Sep 2020
6 minute read
One option considered by many employed Australians is to seek a loan from their employers.
This option is typically far cheaper than some of the short term loan options in the market and has the added benefit of not having to place an additional burden on family and friends.
However, taking a loan from your employer has seen a decline in availability because of the additional management burdens placed on employers.
Your employer might be willing to provide you with a loan, but they still need to deal with issues such as:
Many of them don't want to deal with extra obligations, especially if the company has many employees.
The other traditional alternative to access quick cash was to use one of the available payday loan options.
Many people needing access to short term funds are increasingly avoiding this approach because of the inherent complexities such as high-interest rates, credit checks and the risk of borrowing more than you can service.
So what are your options if you don't want to use expensive payday loan options, hassle family and friends and your employer is not open to giving you a loan?
To provide an option for those Australian employees who need to access funds quickly, MyPayNow developed our unique AI-driven platform which allows you to access the pay that you have already earned, in advance of payday.
That is, you can access your earned wages.
This solution removes your employer from the equation, so it's a win for them and you.
It is also free of the complexities and obligations inherent in the payday loan option.
Accessing earned wages means you can access your pay in advance of your normal payday.
You are getting access to the wages that you have already earned before payday so you can use your own money to deal with your cash shortfalls without having to borrow more than you can service.
MyPayNow has developed an app-based solution that uses cutting-edge artificial intelligence (AI) technology.
MyPayNow evaluates your financial behaviour to produce a real-time, accurate measure of suitability and deposits cash straight into your bank account.
If you are short of cash, get a portion of your wage with MyPayNow in just four simple steps:
You are accessing the money that you have already earned. It's your money. Our app is just simplifying the process and enabling you to get it sooner.
Your employer is not involved at all. There is no need to let them know that you are accessing your wages early. There is no communication between your employer and us.
There are no credit checks conducted against your credit file. Therefore, your future credit applications will not be hindered in any way by your MyPayNow use.
What's the point of being able to access your earned wages if you can't get it quickly?
MyPayNow evaluates your financial behaviour to produce a real-time, accurate measure of suitability and deposit cash straight into your back pocket.
No matter the time of day or where you are, your money will land in your account about one minute after approval.
MyPayNow offers working Aussies the opportunity to access their pay in advance with privacy and dignity. After all, it is yours!
We set up MyPayNow to revolutionise Australia's outdated method of being paid weeks, or, up to a month after you have already done the work.
Until now, many employers have been limited by technology and resources, leaving their employees to pay the price (literally!).
Created to help everyday workers effectively manage their cash flow, we strive to alleviate the stress associated with delayed payments by offering you access to your funds instantly.
With security and privacy at the forefront, our cutting-edge technology and artificial intelligence (AI) measures your spending to accurately determine what you can afford, without you needing to fill out complex applications or answer invasive questions.
MyPayNow is here and here to stay. Join us on our journey and take control of your pay today.