A free $72.50 into your bank account upon getting a wage advance. Yes, they require lots of details, so be careful :) No credit check was required for me. 5% fee. If you get a wage advance of $50 then the fee is $2.50 leaving you with $72.50 profit. Referral links below.
$50 for referrer and referee after referee takes wage advance.
In case anyone was wondering, it's a 5% fee of the amount advanced. I hate that services like this exist because it's generally the people that can least afford it that use it the most, but I guess 5% is better than having your kneecaps busted.
Absolutely disgusting
Payday loan businesses should be banned. Parasites on society.
Not so fast…there are legitimate reasons for people in need to use it. It is a niche market and could be seen as 'dangerous", but as with any credit product, it is up to the user first, and then the provider to assess if this is within the financial means of the user.
Have you had a look at their ads, or have looked at any of these payday loan 'niche' consumers?
These are vulnerable people who these companies prey on and now with the app, it's even more easy.
One of my friends sent me a referral and I've refused to be a part of this or refer anyone because you never know which one of your friends or even yourself get to the stage where this sounds like a good idea (looking at gamblers).
There is no use case where this might be a good idea. All they are making, is for vulnerable people to easily be a prey to their high loans.
@GeneralZod: One can abuse any credit product. Paying minimum on credit card and paying 20% + interests while the cash rate is below 0.5% is ethical? Should it be banned too? Treat people as adults, and adults need to have financial disciplines to engage a financial product. There are consumer credit protections from the government, as well as consumer credit code for the industry, there can never be enough protection if one just decides to be irresponsible. Banning the product simply doesn't remove the need, but drive these lending practice underground and into the hands of illegal 'loan sharks" without any regulatory protection available to these 'vulnerable" purported to be protected.
@mountaineer: I agree with your idea on bans but it is our duty to protect the needy and vulnerable. Credit cards are bad..I know.. but they operate within a boundry.
These companies are ruthless and they always go after the needy because who else would need money five days before they get paid?
Think about what you are actually agreeing to?
As a society it is our ethical duty to boycott these companies on the basis of moral issues. If we don't, they will spread like wildfire. Look at John Oliver's piece on US payday loans. It's absolutely disgusting.
@GeneralZod: I respect your stand on the issue, are these business as noble as Flying Doctors, absolutely not. Are they better than these loan sharks controlled/financed by organised crimes, I think so. The issue is not the product, product is just the answer to a market need, as long as the need is there, a product, regulated or not, above the ground or under the ground, will be there. It is in everyone's ultimate interests to regulate it, thus provide much more protection, and let a consumer protection agency to deal with it, than to leave the police to deal with it.
@GeneralZod: it is our duty to protect the needy and vulnerable
Oh dear! That's very worrying!!
Really? Who appointed you General of "the needy and vulnerable"??
Such paternalism has lead to disastrous consequences in this country!
Do something instead of metaphorically beating your chest! Don't try to control others.
Like lobby your MP etc for change to the laws & regulation. But the Party system will generally protect their vested interests.
Make those likely to be affected aware of the consequences of using these "services". I don't think posting a comment here will change things!
For example, I've volunteered in poorer communities teaching budgeting & other useful money saving skills, set up & ran a social enterprise supporting, training & employing people (with profits used on community projects), provided micro-finance & training in poorer overseas communities - to create local jobs, small businesses, and build stronger people & community…
More useful, but nothing special.
@GeneralZod: Didn't realise Ozbargain is so pro "Nanny State"! (by the thoughtless negs)
That is - taking responsibility for others actions because YOU think YOU know better than THEM & don't think THEY should be allowed to make THEIR own decisions & learn from them!
You weren't asked by those you consider "needy and vulnerable" for your your help.
That's very patronising & paternalistic!
Protecting "others" has a misguided & nasty history in Australia. It still goes on daily.
As I've pointed out, that kind of belief & action has had disastrous consequences for many in Australia.
By all means, point out the problems with these services. I don't support them either.
Rather I have engaged with communities I was invited into, offering advice, training & alternative ethical finance - funded out of my own pocket.
Better to build up people & communities, than apply PROHIBITION so they "don't make mistakes"! It doesn't work!
As I've seen…
The alternative to this type of service is often loan sharks or crime. That's the unintended consequences of banning access to financial services by the "needy and vulnerable".
Comment & act on your own behalf.
Don't claim you are acting for others!
it is our duty to protect the needy and vulnerable
Get much better informed about the people you claim to be acting for!! You don't seem to understand!
Don't act or take responsibility for others without their permission!
How would you like it if others took away your options & ability to decide for yourself?? Because of their misguided belief in themselves?
Australia's had too much of that patronising & paternalistic attitude!
Got the bonus, now time to never use it again LOL yoink
thanks OP :)
Did you manage to request $50? I can only withdraw $100 min
I could do $50 and got the bonus deposited straight away. I agree with everyone that these companies are complete parasites, so more than happy to take then for the free money.
Can you pay off the $50 straight away?
@90percent: Same here. Don't forget to revoke their access to your bank account (check the credit sense email)
I've got the same issue here. I'm guessing it's preset at a percentage of income.
Not sure about no credit check :
By agreeing to these terms of use, you are agreeing to MyPayNow:
gathering information about you and reporting this information to third parties in order to asses your credit worthiness;
Under "General:"
Does MyPayNow do a credit check?
No, there is no credit enquiry made on your file.
Just because BeforePay is IPO’ing all these startup appeared.
So what's the downside here? Is it really just free money?
Downside is you end up being subjected to one of the worst products in startup. This is hideous like all the other payday loan companies but worse because they remove the barrier of having to go to them or call them.
These things need to be illegal. They're just here to milk money they know they won't get back off people who they know can't afford anything…
If you need an advance on your pay, talk to your employer
If you need an advance on your pay, talk to your employer
Talk to a financial counsellor first or the national debt hotline: https://ndh.org.au/
Thats worth doing as well (especially if you're actually in financial hardship)
Wow! great idea of getting paid 5% less every time just to access it a few days earlier and market it with insults to sloths!
Who is using their services?
Unfortunately, I'd say many will be accessing the money here (& through all credit services) to buy useless crap in this $5B weekend of consumer indulgence.
Cheaper than interest on a credit card if you don't pay it back on time!
After all,
This is part of / Cyber Monday deals for 2021
To be denied a tempting "bargain" due to lack of access to finances can be too much for some!
[In these sales, I've only spent $52 - on a 25% discounted return bus ticket to attend a Furniture Making class in a regional centre. (Already had won an annual pass to that Museum.) Just saved on purchase I would have made anyway. A weekend catching up with friends & enjoying. That's all I wanted.]
OP, you could have explained it better by stating that they need access to internet banking.
No go for me.
They would be scanning your transactions to see if any wages went in. I’m guessing a “burner” bank acct won’t work?
This in itself should be illegal. I don't think your bank would be happy for you to give away your internet banking details.
i once signed up to an app that required your online banking login and password. a week later, bankwest sent me a message telling me to change my password immediately or i'll lose fraud protection. i now avoid any app or service that requests banking logins.
they could just request a statement instead of asking for login info if they want to verify income sources.
I think people are negging it for the wrong reasons. It's a good deal because it's free money with the referral bonus. If you hate what the company represent it is still a good deal because you are making the company lose money for a change.
i'm happy to take their money, but not in exchange for my online banking login. i was onboard with this until Ash-Say pointed out that one crucial flaw.
There should be upfront disclosure that they will need your internet banking logins.
I won't trust this mob.
My referral code is different than the one in the referral wiki. Anyone else have this issue?
https://mypn.app/ is what mine starts with but it only allows https://mypaynow.com.au/
The referral system will now allow both links.
Predatory BS not a deal
Likely effective annual interest rate of between 60% and 520%!!!!!!!!!!!!!!!
No option for Up Bank.
Back Again
Back again but only $50
Get $50 for every friend you refer!
All you need to do is…
Head to the "Earn Money" tab in the app
Share your unique link with your mates!
If they sign up and successfully take a wage advance…
you'll both get $50 instantly!*
Plus, there's no limit to how many friends you can refer OR how much you can earn So, ready to live large?
The fee is 5%.