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Apply now and have an approval decision within minutes
Fees:
Flat 5% transaction fee per advance
No interest charges
No late fees
Example Loan Cost:
Borrow $500 → Pay $25 fee → Repay $525 on payday
Borrow $1,000 → Pay $50 fee → Repay $1,050 on payday
Best For:
✔ Employees needing quick cash before payday
✔ People looking for a low-cost alternative to payday loans
Pros:
✔ No interest, only a small flat fee
✔ Instant approvals & same-day access to funds
✔ No credit check required
Cons:
❌ Full repayment due on next payday (No installment options)
❌ Not available for self-employed or Centrelink recipients
MyPayNow provides instant approvals and same-day payouts, making it one of the fastest wage advance services in Australia.
✔ Approvals are instant via AI-powered processing
✔ Funds are typically transferred within minutes
✔ Available 24/7, including weekends
All information included here on Friendly Finance are accurate and in line with the data provided on MyPayNow’s website as of February 2025.
About MyPayNow
📌 Founded: 2020
📌 Headquarters: Gold Coast, Queensland, Australia
📌 Credit Licence: Not a traditional lender – Operates under Wage Advance Model
📌 Regulated by: Australian Consumer Law (ACL Exempt – Not a Credit Provider under NCCP Act)
📌 Main Services:
✔ Instant Wage Advances
✔ Short-Term Salary Access
✔ Fast Online Loan Approvals
MyPayNow is a wage advance provider that allows salaried employees to access a portion of their upcoming paycheck before payday. Unlike traditional payday lenders, MyPayNow does not charge interest but instead applies a fixed transaction fee for each advance.
The company operates fully online via its app, enabling instant approvals and same-day payouts. Since MyPayNow is not classified as a lender, it is not regulated under the National Consumer Credit Protection (NCCP) Act, meaning it does not perform traditional credit checks.
MyPayNow: Eligibility Requiremne
The application process for MyPayNow is done through the company’s website or you can also easily apply for a loan using this form. To process your loan application, you need to pass MyPayNow's eligibility requirements:
- You must be 18 or older.
- Have employment (part-time or full-time)
- Earn a minimum of $450 per week/$900 per fortnight.
- Maintain a consistent pay cycle.
- Have a bank account (not a joint account) with at least 70 days of transaction history and two months’ pay put into it.
The purpose of sharing your online banking is so that lenders can run soft credit checks and check that you have a regular income. This is to ensure you can pay back your loan with the additional fees. Loans to people with a bad credit score are risky and lenders need to adhere to responsible lending laws.
Application approval turnaround time will only take minutes. You will be able to obtain a salary advance immediately after completing the application. MyPayNow will deposit your funds using the most recent NPP payment technology, which means cash will clear immediately. If NPP is not accessible at the time of payment, the company will immediately notify you and you will receive the money at a different time.
No Interest, Just a Flat Fee: Only 5% per transaction with no interest charges.
Fast Approval & Instant Transfers: Funds are deposited within minutes for approved users.
No Late Fees or Penalties: Borrowers are only charged the initial 5% fee—no extra charges apply.
Automatic Repayment on Payday: The amount is automatically deducted from the user’s next salary.
Fully Digital & 24/7 Service: Apply anytime via the MyPayNow mobile app.
No Credit Check Required: MyPayNow does not perform a credit check, making it accessible to users with bad credit.
The Company: MyPayNow
There are some positives and negatives for prospective borrowers to consider before using MyPayNow as an online lender. As part of the reviewing process for this page, customer feedback and common questions answered on the company website were considered for the overall assessment.
Positives
- Online application process through the MyPayNow website or app.
- Fully transparent one-time fee of 5% per amount advanced.
- Flexible payment term, and option to pay on the next payday cycle at no cost.
- Auto-debit arrangement matching the borrower’s pay cycle.
- Friendly customer service team.
Negatives
- Some customers have expressed a delay in response from the company’s customer service which can only be reached through email.
