MyPayNow Review

Learn more about the finance options offered by MyPayNow, along with their terms and conditions, with Savvy today.

Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on February 13th, 2024       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

MyPayNow is an online wage advance provider, offering users access to a portion of their income before they receive their payslip. Before you sign up for its services, it’s crucial to understand how their product works, as well as the associated costs and terms. That’s where Savvy can help you out. Find out all you need to know about borrowing through MyPayNow in our comprehensive review, as well as what your alternative options may be, today.

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

MyPayNow Review

How do MyPayNow's wage advances work?

MyPayNow, as a pay advance service, enables users to access up to 25% of their regular wage before they receive their payslip (up to a limit of $2,000). Once they receive their funds, they can either be repaid via direct debit from their next payslip or the user can make a debit card payment prior to the scheduled date, repaying the amount advanced plus a fee.

In terms of how it works, MyPayNow is an app you can sign up for. To gain access to its wage advance service, you’ll need to fill out information about your employment and income and provide identification documents. There are no limits to the number of advances you can request in a given pay cycle (provided you don’t exceed 25% of your total pay).

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

The only charge included as part of MyPayNow’s wage advance service is a 5% flat fee on the amount advanced. This means, for example, that an advance of $500 would come with a fee of $25. It doesn’t charge any other fees or interest, including for direct debits or missed or failed payments.

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

As a wage advance service, MyPayNow doesn’t conduct a credit check, meaning a bad credit score won’t necessarily be an obstacle to getting a loan. However, your recent payment history will be analysed as part of this process, so if you’ve made failed payments to other companies in the last few weeks or months, your request may be denied.

Additionally, you may also be able to apply for an advance if you receive Centrelink benefits, but you can only have funds advanced on your employment income, so this will need to satisfy MyPayNow’s criteria. This means that individuals who rely solely on government payments, such as unemployed single mothers, veteran payment or age pension recipients won’t qualify for funding.

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


  1. Immediate access to funds: wage advance services provide immediate access to a portion of your earned income before your payday, offering financial relief in case of emergencies or unexpected expenses.
  2. Convenient application process: this service has a straightforward application process, conducted online or through a mobile app, making it convenient for individuals to apply and receive funds without extensive paperwork.
  3. No credit check required: most wage advance services do not perform credit checks, which means individuals with poor credit history or no credit history can still access funds based on their employment and income status.


  1. Fees: although cheaper than small loans, the 5% fee charged by MyPayNow to access your cash early can add up, particularly if you’re using it regularly throughout the year.
  2. More limited borrowing power: MyPayNow caps its available amount at 25% of your income, up to a maximum of $2,000. This is lower than a small loan, which can potentially reach up to $5,000.
  3. Fast repayment time: while small loans allow you to choose your repayment period of between 16 days and one year (up to $2,000) or two ($2,001 to $5,000), wage advances are designed to be paid out of your next payslip, potentially putting more pressure on your budget.

What are the potential alternatives to an advance with MyPayNow?

An alternative option to consider ahead of a wage advance with MyPayNow is applying for a small loan through Savvy. We’re partnered with a variety of Australian lenders to 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. This can occur as soon as today.
Apply now

Helpful small loan guides

Small Loans Banner - Young couple assessing their financial situation before applying for a loan

No Credit Check Loans

Find out whether you can get approved for a loan with no credit check and get your application started with...

Small Loans Banner - Young couple working out their finances before applying for a loan

No Questions Asked Loans

Looking for a quick cash loan? Apply with Savvy today. Borrow up to $5,000 Outcome in 60 seconds Flexible repayments...

Small Loans Banner - Young couple looking at their finances and needing money desperately

I Need Money Desperately

Apply for your small loan with Savvy today and get an outcome fast. Borrow up to $5,000 Outcome in 60...

Small Loans Banner - Middle-aged couple comparing payday loan interest rates on a laptop

Payday Loan Interest Rates

Payday loans are a different breed. Here’s your quick guide to how you compare payday loan costs. Borrow up to...

Small Loans Banner - Young woman smiling while looking at her tablet on the couch

Payday Loan Eligibility

Wondering how to qualify for a payday loan? Well, it’s pretty easy, and you’ve come to the right place. Borrow...

Apply for a small loan through Savvy today

We're here to help make life easier for you. With smooth online applications, instant outcomes and funding as soon as the same day, it's never been easier to access the funds you need than by applying through Savvy.


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.