How to Your Pay Day Early

No matter how hard you try to spend more wisely, you can experience a lack of money for shopping or paying bills. These are situations when your payday seems so far away. You could use a cash advance, right? 

Luckily, it’s possible to get your pay day early with payday loans and cash advances. You can find lenders who provide these short-term loans and get some quick cash in your bank account to make it until your paycheck arrives.

What this article covers:

How to Access My Pay Early? 

Payday loans in Australia can be a lifesaver for people needing cash quickly. These financial arrangements help you get cash without a hassle. Sure, this service will cost you, but when you have no other options, these urgent loans can do.

pay day early

However, these express payday loans won’t cost you an arm and a leg. Also, some lenders who offer payday loans allow flexible repayment terms, which comes in handy when you need more time to settle this debt.

Some lenders offer specific guaranteed payday loans through online apps and platforms. This way, you can borrow a certain percentage of your wages. These are loans as small as $200, up to $2,000, although some lenders might give you larger loans.

How Early Pay Access Works

When you need cash before the pay date, your first stop should be direct lenders who offer these quick loans. You create an account on their websites and provide details on your salary and employment type. The loans are faxless, as you can submit all your documents online.

Your next step is to fill out the form and give some basic information and access to your bank account. This brief account check lets the lenders see your recent credit history and ability to manage income and expenses. 

This credit check is necessary because lenders have to be sure you can pay the amount back. But these won’t harm your credit score, as they’re soft inquiries.

Whether you opt for a typical payday loan or cash advance through online applications, you’ll get a response usually within an hour if you apply on business days.

pay day now

But be ready for some lenders to take 24 hours to approve your loan and deposit money. On the other hand, others could deposit the amount you’ve asked for instantly. That way, you can get your pay even on weekends.

Eligibility Criteria to Access Early Pay in Australia

The general eligibility criteria for payday loans or their alternatives is to be over 18 and have Australian citizenship or permanent residence. Of course, you must have a regular income, whether it’s your salary, self-employment after-tax earnings, or government benefits like Centrelink. 

Also, payday lenders set requirements regarding your finances:

  • Your payday is two or more days away.
  • You earn enough to meet the lender’s minimum
  • You use online banking.
  • You have access to apps that help you manage your finances.
  • You haven’t reached the limit of applications you can have yearly.

access my pay early australia

Costs

In most cases, using the payday loan option carries fixed, one-off fees (like $5 for every $100 you take) and can be repaid with your next paycheck. Most lenders allow you to borrow, for example, 25% or 30% of your wages, so repaying shouldn’t be a problem.

Some lenders might charge interest on small payday loans. That usually happens in the case when you opt for payday loans at direct lenders, which can be repaid over several pay cycles. The tenure for these can be a year or two, depending on how much you’ve taken out. Plus, their rates can go up to 48% annually for amounts higher than $2,000.

Good Reasons to Get Early Access Pay

The reason why most people ask for their pay early is sudden expenses. These can be unexpectedly high utilities, medical bills, and emergencies like a car repair or urgent roof repair after the storm. It also comes in handy when you need money on Sunday since some lenders approve and deposit money on weekends, too. 

But you don’t have to use this unsecured loan just to prevent or get out of debt. For example, a $500 payday loan for holiday shopping. Or you could ask for a $5,000 loan to take advantage of favourable vacation offers.

Many direct lenders offer many loans, but that doesn’t mean you should do it frequently. Since these aren’t low-interest loans, you can’t rely on these advance payments to help you sort out your finances. Instead, it might be better to think about a long-term solution.

access pay before payday

Frequently Asked Questions

Can I Access My Pay Before Payday Every Month?

That would be possible if you’d borrow a small amount every month (for example, 500 dollars) and repay it entirely with every next paycheck. But since these aren’t loans with the lowest interest, you shouldn’t use this option in every pay cycle.

How Can I Access My Pay Early if My Credit Score Is Bad?

Bad credit isn’t a stumbling rock to getting a payday loan. You just have to find direct lenders for bad credit borrowers and apply with them. 

early pay access

To Sum Up

You can get your pay before your paycheck arrives and solve some current financial struggles. Remember that using this small loan once in a while won’t hurt, but don’t make your pay day early a common thing, as it might be costly. 

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