Lender Review: MyPayNow


Company Brief

Pay Advance: $2,100 – $50,000

Type of Loan Interest Rate Interest Type Min Loan Amount Max Loan Amount Turnaround time Min Loan Term Max Loan Term
Payday Loan 5% of the payment amount Fixed one-time fee $50 $1,250 instantly 15 days (next payday) 1 month (next payday)


MyPayNow offers a Pay Advance from $50 up to 25% of your monthly salary or $1,250, whichever is lower. The only fee charged per amount taken will be a one-time flat rate of 5% of the total amount borrowed.

For example, if you take out a $100 loan, you need to pay a one-time fee of $5 on the next payday, or a total of $105.

Breakdown of all fees for each loan product

The only fee associated with MyPayNow Pay Advance loans is the 5% one-time fee for the amount taken on your next scheduled payday. There are no late payment fees, dishonour fees, or direct-debit fees imposed by MyPayNow on its borrowers.

Application Process

Application for Pay Advance loans is conducted online through the company’s website or its mobile app. To begin, you need to set up an account by providing the following details:

  • Mobile Phone Number
  • Valid email address
  • Valid Australian ID
  • The date and amount of your most recent payslip
  • Your online banking information and bank statement.
  • A bank account into which your salary is deposited

To qualify, you need to meet the following criteria:

  • 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.

Notable Loan Product Features

MyPayNow is a wage advance service and is known as a payday lender. One of the promising features of the MyPayNow Pay Advance loan is that application approval and fund disbursement usually takes only minutes to an hour. MyPayNow also schedules direct debits to match your next pay date. If you made several payday advances since your previous pay, they will all be automatically deducted from your account on the following payday. This makes it easy as you don’t have to remember to make repayments.

The company also offers flexible repayment options and terms for users missing their payments. When you request a delay using the app, your chosen payment will be rescheduled to be deducted on the day of your next salary cycle, with no additional cost to the borrower. This is useful for people in desperate situations or having financial difficulties.

The Company


  • 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.


  • Some customers have expressed a delay in response from the company’s customer service which can only be reached through email.

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