Small loans between $50 and $2,000
While current customers can borrow up to $2,000, new customers can only borrow up to $1,000. At BeforePay, there is no minimum borrowing amount needed for the loans. The one-time 5% fixed transaction cost for each loan is the only fee that is included.
For illustration, let’s say you take out a $500 loan. $525 would be your total repayment, which already includes a $25 one-time fee (5% of $500).
Furthermore, there aren’t any early repayment, default, or monthly fees. There are no particular establishment fees or minimum or maximum terms for loans mentioned on the BeforePay website. In order to learn more about these specifics, customers will need to make direct enquiries.
Application Process for BeforePay loans
You may quickly apply for a loan using this form, or you can use the BeforePay mobile app to complete the application procedure for their Pay On Demand service. Please supply the following data and prerequisites to the application in order for it to process your loan application:
- Phone number (for downloading the app)
- A bank account number that has been credited with at least two months’ worth of salary.
- Your online bank account details so that BeforePay can access your data.
When Beforepay has access to your bank account, it will calculate how much of a payday cash advance you can afford and when your pay usually arrives. After that, you can immediately withdraw the money using the bank account of your choice.
In order for the Beforepay Pay On Demand loan to be approved, you must:
- Be paid on a weekly, fortnightly, or monthly basis
- Be employed and make more than $300 per week after taxes
- Be categorised by your employer as a full-time, part-time, casual, contractual, or on-demand worker
- Receive your salary directly into a bank account connected to your Beforepay account rather than a savings account.
- Pass the Beforepay financial assessment, which is based on an examination of your spending and income patterns.
Key Features of BeforePay Loan Products
The ability to withdraw loan or cash advance proceeds immediately is one of Beforepay Pay On Demand’s standout lending product features (if you pass the company’s assessment).
Additionally, through an auto-debit plan that Beforepay sets up, repayments automatically correspond to your revenue schedule. You also have the option to repay over the course of your next four pay cycles in four equal installments. This aids in maintaining control over the money that enters and leaves your account. A fixed transaction fee of 5% is the only fee associated with this transaction.
In addition to serving as a platform for loan application processing, the Beforepay app offers a personalised budget schedule to assist with money management. Controlling your expenditures can help you organise your finances and keep you out of debt in the future.
Why Choose BeforePay Loans
- Quick loan acceptance and application process for consumers.
- Application, approval, and fund withdrawal for loans through apps
- Track your spending using the mobile app
- A reasonable and transparent set processing cost of 5% of the lent amount