How do Beforepay services work?
What are Beforepay services?
Beforepay is one of the leading providers of pay advance services in Australia. Pay advance services allow you to borrow a portion of your salary if you need to bridge the gap to your next payday.
Making your salary last until your next paycheque can be tricky, especially when life surprises you with those wretched bills. Beforepay allows you to access your money when you need it the most, so you can be prepared for life’s uncertainty.
Beforepay aims to help everyday Australians take control of their finances and budget more wisely. Rather than just living from cheque to cheque. There are also no hidden costs, so you can access your hard-earned money without the worry of piling up debt.
Who can use Beforepay’s services?
Beforepay is a simple financing option for almost anyone, but you still need to meet a few criteria.
You can use Beforepay’s services if:
- You make at least $300 in income each week, after tax
- You have a regular pay schedule (e.g., weekly, monthly, bimonthly, etc.)
- You are employed as a full-time, part-time, casual worker, on-demand worker, or a contractor (the service does not apply to self-employed people)
- Your employer deposits your salary into the bank account linked to your Beforepay account.
- You can provide your two most recent salary transactions
- Your salary income is not deposited into a savings account
- You pass Beforepay’s credit assessment criteria (an analysis of income and expenses, no credit check needed)
How do I create an account with Beforepay?
Setting up an account with Beforepay is quick and easy. You can create an account by either downloading the Beforepay App or accessing Beforepay’s web version on a laptop or computer.
The app can be installed onto your cell phone from the App Store if you use an Apple device or Google Play Store if you use an Android device.
Once the app is installed, simply follow the digital prompts to guide you through the setup process.
To get started, you’ll need to set up a profile. To do this, you will need to fill in some general information, including your banking details, so that Beforepay can connect with your bank.
Once linked to your bank, the Beforepay AI will analyse your transactions and typical salary to determine how much you can afford to borrow. A personal limit will be set based on this info. Once your limit is selected, you can Cash Out!
How do I get a pay advance using the Beforepay App?
The Beforepay App makes pay advances easier than ever. Not only can you get an advance on your salary, but the app allows you to manage your finances and view your spending habits all in one place.
Simply put, the Beforepay App has three main functions:
- Pay On Demand™: This feature allows you to Cash Out a portion of your payment immediately, with a fixed 5% transaction fee.
- Budgeting: You can create and customise the perfect budget based on your spending habits. This is generated for you by the AI, so you don’t have to do any of the hard work.
- Insights: With this feature, you can view transactions you’ve made, and what you’ve been spending your money on so you can take control of your finances.
To make use of the Pay On Demand™ feature:
- Go to the Cash Out screen on the app
- Choose the amount you would like to Cash Out
- Choose a repayment option that suits you
- Accept the T&Cs of your Cash Out summary to complete your Cash Out request
The Pay On Demand™ feature can also be accessed if you choose to sign up on a laptop or computer.
How much can I borrow?
With Beforepay, the maximum available borrowing amount is $1,000. However, individual Cash Out limits is calculated for each person’s situation.
These limits depend on your income, pay schedule, personal spending habits, and your repayment history with Beforepay. For example, newer customers have a Cash-Out limit of between $50 and $800; and this will likely increase with time.
Making successful repayments to Beforepay helps to increase your borrowing limit.
Also, the system calculates your borrowing limit each time you go to Cash Out, so you can see when it has increased.
What about fees?
Beforepay has no hidden fees or interest. All you pay is a 5% transaction fee charged each time you take out a payment advance. This means you can use Beforepay without dreading additional costs or ongoing service fees.
How do repayments work?
Repayments on pay advances can be made up to four pay cycles after you Cash Out.
These repayments are deducted automatically from your account along with the 5% transaction fee.
Beforepay makes repayments as convenient as possible by allowing you to choose your repayment schedule when you apply to Cash Out. You can also split your repayments over up to four installments.
Additionally, if you’re ahead or behind your repayment schedule, Beforepay’s flexible repayment options allow you to repay early or even delay a repayment once per Cash Out.
A final word
If you need to make your pay cheque stretch a little further, Beforepay may be the way to go. Beforepay offers an easy and reliable way to borrow money while maintaining a budget.
If you’re feeling overwhelmed, take a look at our blog for great tips on how to simplify your finances. Alternatively, to learn more about the different types of personal loans available, visit Credit24 for all your credit-related information.
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