Hey all, sharing this because I did the Up Bank referral recently and was looking around for others, and this is a decent amount with no active deal.
In short, this is $45 for you, $50 for the referrer.
Wagepay is a payday loan company. A shady industry that deserves its poor reputation, might as well take their $50 and give a fellow OzBargainer another $50.
- Go through a referral link.
- Sign up is not too complicated, similar to a credit card. You have provide your pay per week/month/etc., your rough expenses, and sign into a bank account where to my knowledge, they ascertain that you are being paid. I used drivers' license for identity, and everything was automatic, no manual review.
- Take out a loan for $100, the lowest amount.
- The money should enter your account pretty quickly, followed by the $50 referral credit.
- Wait for the loan to finish processing on the Wagepay website.
- Pay the $100 back, plus the ~$5 fee.
When I did it, it took about a day to finish processing so I could pay it back. They do a PayTo agreement, I ignored it and paid it back on the Wagepay website. I've never used them before, and couldn't find where it would be to accept it because when I was looking, the loan was still processing.
Last couple of notes:
They say that if you have ever signed up before, this won't work.
I've seen comments that suggest there is a risk that this impacts your credit. Wagepay say they do not do a credit check, but lenders may look for stuff like this in your bank account. If anyone has more accurate information I'm happy to amend the post. It may be possible to use a "burner" bank account - I'm not sure.
Confirmed I got an easy $145 for doing this and then getting 2 referrals.