If you have ever needed some extra cash between paychecks, you may be excited to learn about before pay. Monzi talks early paycheck access!
Please note that specific ideas and products presented in this article may not be on offer by Monzi or the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.
What is before pay?
Before pay is one of many names for the concept of accessing your paycheck before payday. You may have also heard of on-demand pay, or access your pay early Australia. Essentially, however, when you access your wage in advance, you engage with app-based lending services. These lenders allow you to borrow a portion of your salary at any point between paydays. This transaction usually comes with a small fee and allows you a four-week repayment term.
As with most other financial developments, you may be able to attain before pay from mainstream financial institutions. However, several independent non bank lenders initially offered this service and continue to do so. Learn more about pay advance here.
Is there a version of before pay for businesses?
It is unlikely that you will be able to qualify for before pay for businesses. Unless you intend to pay for business needs out of pocket, you may not be eligible. Generally, before pay companies won’t work with the self-employed. If you do require such a service, however, and you don’t like business loans Australia, you may have the option of invoicing solutions. There are similar services to before pay that can help business owners.
This can work well if you are struggling to get approved for loans through traditional banks. Alternatively, Monzi may be able to match you to a lender who can listen to your situation and potentially take a chance on you and your small business when you require extra funding. When it comes to helping people with cash loans, the lenders in the Monzi network won’t discriminate based on situation or credit. Everyone receives a fair evaluation.
Before pay vs personal loans
The concept of before pay seems like a pretty good deal. With no interest and minimal fees, why might you want to turn to a personal loan? Well, a personal loan may entitle you to a more significant sum than you might receive by accessing your pay early. Not only this, but you will also have a longer-term, meaning that providing you make your repayments promptly, your loan has the potential to be smooth sailing.
You might need a long term and more money than a before pay service can offer you, yet you have bad credit. If so, personal loans may be your best alternate option. This is because most personal loan lenders are non-bank lenders with flexible criteria. Meaning if you need bad credit loans, want to skip the credit check, or struggle with traditional loan approval, a private lender may be willing to take a chance on you. However, if you know that you may struggle with your repayments if you borrow beyond the bounds of your paycheck, before pay may be a better choice. While both options can skip the credit check, personal loans will have an accompanying interest. Therefore, there is more room to positively or negatively influence your credit score if you aren’t careful.
Regardless, however, each option has its benefits, and it will depend on your situation as to which you may be better suited.
Does Monzi offer before pay?
Monzi does not offer any form of before pay. It is possible, however, for Monzi to help you between paychecks. We may help by matching you with a lender able to fund your same day loans.
It couldn’t be simpler. Monzi is 100% online and paperwork free. When you are ready to start your application all you’ll need is an internet connection. All you’ll have to do is click ‘apply now’ or scroll up to our loan slider if you are ready to begin. We don’t need a whole lot of information, and once you tell us what we need to know, we’ll do the rest. If you apply during business hours, we may be able to find you a lender in as little as 60 minutes.
If you still have some questions before applying don’t hesitate to contact the Monzi team. You can reach our friendly staff members at [email protected]. We’re happy to try our best to promptly answer your queries.