MyPayFast Review

Explore the finance options offered by MyPayFast, along with their terms and fees, with Savvy today.

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, updated on February 13th, 2024       

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MyPayFast is an online pay advance service, offering swift financial solutions to individuals in need. Before you commit to using its services, it’s crucial to understand how they work, along with the associated costs and terms. Find out everything you need to know about borrowing through MyPayFast in our comprehensive review, as well as explore alternative options, in Savvy’s in-depth review today.

Rates and product information are correct as of 13 February, 2024.

MyPayFast Review

How do MyPayFast's wage advances work?

MyPayFast offers a pay advance service that allows users to access up to 25% of their regular wage before receiving their payslip, up to a maximum of $750. Once funds are received, repayment can be made via direct debit from the subsequent payslip, covering the advanced amount along with a fee.
Accessible through a user-friendly app, MyPayFast requires users to meet the following criteria in order to access its wage advance service:

  • At least 18 years old
  • Australian resident with valid identification
  • Employed and earning a regular income of at least $450 per week, deposited into a linked transaction account

You can only take out one advance at any given time, meaning you’ll need to repay your existing advance before you’re able to apply for a new one.

What will the cost of a wage advance through MyPayFast be?

MyPayFast only includes one singular fee as part of its cost structure, charging a flat fee of 5% on the advanced amount. For instance, if you receive an advance of $500, you would pay a fee of $25. MyPayFast does not levy any additional fees or interest, including for direct debits or missed or failed payments.

Can I qualify for an advance with MyPayFast if I have bad credit or receive Centrelink payments?

MyPayFast, as a wage advance service, doesn’t carry out credit checks, meaning a less-than-ideal credit score won’t necessarily thwart your loan application. However, your recent payment history plays a crucial role in the assessment process. If you've had issues with payments to other entities in the recent past, this could impact your chances of approval.

Additionally, if you receive Centrelink benefits, you might still be eligible for an advance, but it will ultimately depend on your employment income. MyPayFast advances funds based on your earnings from employment, meaning that while Centrelink payments can contribute to your overall income, they can’t contribute to the amount advanced. Because of this, individuals solely reliant on government payments, such as unemployed single mothers or recipients of veteran payments or age pensions, won’t be able to access a wage advance through MyPayFast.

What are the pros and cons of wage advances with MyPayFast?


  • Quick access to funds: MyPayFast enables immediate access to a portion of your earned income before your payday, providing financial assistance in emergencies or unforeseen circumstances.
  • Streamlined application process: applying for MyPayFast is straightforward, with an online or mobile app application process that eliminates the need for extensive paperwork, making it convenient for users.
  • No credit checks: MyPayFast doesn't require credit checks, allowing individuals with poor or no credit history to access funds based on their employment and income status.


  • Fees: MyPayFast charges a fee for accessing funds early, which, although cheaper than certain loans, can accumulate over time and potentially increase the overall cost of borrowing.
  • Limited borrowing amount: MyPayFast restricts the amount you can access to 25% of your income, up to a maximum of $2,000, which may be insufficient for larger expenses.
  • Repayment timing: wage advances are designed to be repaid from your next payslip, which may result in a shorter repayment period compared to traditional loans, where repayments can be spaced out more.

What are the potential alternatives to an advance with MyPayFast?

As mentioned, MyPayFast provides early access to your wages, but a simple alternative option to consider is applying for a small loan through Savvy. Through our simple online process and trusted lending partners, we can help borrowers access the funds they need fast.

The step-by-step process of submitting your small loan application with us is as follows:

  1. Complete our straightforward application form, providing essential details such as your credit score, income, employment status, and desired loan amount, ranging from $2,050 to $5,000.
  2. Submit your application and receive an instant automated decision from one of our partnered lenders.
  3. Upon conditional approval, your application will be evaluated by your assigned lender, which may require additional documentation.
  4. Upon lender approval, you'll receive formal approval and loan documents outlining your loan terms, fees, repayment schedule, and other relevant information.
  5. After signing and returning the documents, your funds will be promptly deposited into your designated bank account, which can take place as soon as the same day.
Apply now

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The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.

For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.

Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.