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  • Writer's pictureDonnelle Brooks

My Pay Fast: A review of pay advance app

In the ever-expanding landscape of financial technology, My Pay Fast emerges as a pay advance app in Australia, promising quick access to funds for individuals in need. However, beneath the surface lies a myriad of questions and concerns. In this critical examination, we delve into the top 10 most searched questions about My Pay Fast, uncovering the truth behind its promises.


What is My Pay Fast?

My Pay Fast is marketed as a solution for those in need of quick access to their earned wages prior to their designated payday. It positions itself as a pay advance app, aiming to alleviate financial strains by providing users with the ability to access their wages when needed most. The platform suggests it offers a convenient alternative for individuals facing unexpected expenses or temporary cash shortages.

How Does My Pay Fast Work?

Operating under a user-friendly interface, My Pay Fast simplifies the process of requesting an advance on forthcoming paychecks. Through the app, users can submit a request for a portion of their earned wages. Once the request is approved, the funds are promptly transferred into the user's designated bank account. This mechanism ensures immediate access to cash, enabling users to address pressing financial needs without delay.

Is My Pay Fast Legitimate?

Despite its outward appearance, concerns regarding My Pay Fast's legitimacy persist. The lack of transparency surrounding its operations, ambiguous terms of service, and potential regulatory non-compliance raise red flags for users. As such, individuals considering utilizing the app should exercise caution and conduct thorough due diligence to assess its credibility and ensure the safety of their financial information.

Who Owns My Pay Fast?

The ownership and management structure of My Pay Fast remain undisclosed, contributing to skepticism regarding its accountability and governance. The absence of clear information about the entity behind the app leaves users uninformed about potential conflicts of interest or risks associated with its ownership. Without transparency in this regard, users may find it challenging to trust the platform with their financial transactions and personal data.

My Pay Fast Fees

My Pay Fast charges a flat fee of 5% of the loan amount whenever they withdraw money from their salary. This fee is deducted at the time of withdrawal and serves as the sole cost associated with accessing funds ahead of payday. Additionally, there are no sign-up fees, monthly fees, or other ongoing charges, making the service straightforward and cost-effective for users. Furthermore, My Pay Fast does not impose interest charges on the borrowed funds, ensuring that users repay only the amount they withdraw without incurring additional financial burden.

My Pay Fast Fee example:

Wage: $1000/week

Advance amount: $250

Fee amount: $12.50

my pay fast fees
An example of a my pay fast advance based on a wage of $1000 per week

Does My Pay Fast charge interest?

My Pay Fast does not charge interest per se, however, the flat fee of 5% can be expressed as an annual rate of 5%. As the loan amount is paid back in full each time you get paid, the interest does not compound.

If you borrow $250 every week and get charged $12.50 each time, you'll incur this fee every week. Since there are 52 weeks in a year:

Total fees per year = $12.50/week * 52 weeks/year = $650/year

The total borrowed amount per year can be calculated by multiplying the weekly borrowing amount by the number of weeks in a year:

Total borrowed amount per year = $250/week * 52 weeks/year = $13,000/year

Now, plug these values into the formula:

Annual interest rate = ($650 / $13,000) * 100%

Annual interest rate ≈ 5%

So, based on the fees charged for borrowing $250 every week, the implied annual interest rate is approximately 5%

Can I get My Pay Fast on Centrelink?

My Pay Fast requires applicants to have a regular wage from employment to be eligible for their service. While they do not explicitly mention Centrelink payments as an eligible income source, if you receive some income from both Centrelink and employment, you may still qualify for My Pay Fast. However, it's crucial to review their terms and conditions or contact their customer support for clarification on eligibility criteria. They may require a minimum level of income from employment to be eligible, even if you receive Centrelink payments.

Does My Pay Fast do a Credit Check?

My Pay Fast's approach to credit checks isn't explicitly stated in the information provided. Generally, pay advance services like My Pay Fast may not perform traditional credit checks as part of their application process. Instead, they may evaluate factors such as employment status, income level, and banking history to determine eligibility for their services. However, it's essential to review their terms and conditions or contact their customer support directly to understand their specific policies regarding credit checks.

How Much Can I borrow with My Pay Fast?

With My Pay Fast, users can typically access up to 25% of their earned wages each pay cycle. This means the specific amount you can borrow will depend on your individual earnings. For example, if you earn $1,000 per pay cycle, you could potentially borrow up to $250. However, it's essential to note that the exact borrowing limit may vary based on factors such as your employment status, income level, and other eligibility criteria set by My Pay Fast.

Will My Pay Fast Approve with bad credit?

My Pay Fast's approval process for individuals with bad credit isn't explicitly outlined in the provided information. Pay advance services like My Pay Fast typically focus more on employment status, income level, and banking history rather than traditional credit scores. However, it's essential to note that each application is assessed on a case-by-case basis, and approval decisions may vary depending on individual circumstances. If you have concerns about your credit history, it's recommended to reach out to My Pay Fast directly or review their terms and conditions for more information on their approval criteria.

How Long Does My Pay Fast Take?

My Pay Fast claims to give you access to your cash advance in a matter of minutes. The exact timeline for receiving funds may vary depending on factors such as the time of day the request is made, the processing speed of your bank, and any additional verification steps required by My Pay Fast. However, many users typically receive their requested funds within a relatively short timeframe, often within one business day or even sooner. For specific details on the processing time for My Pay Fast, it's advisable to refer to their website or contact their customer support team.

How Secure is My Pay Fast?

The security of users' personal and financial information is a paramount concern with My Pay Fast. Without robust encryption protocols and stringent security measures in place, users risk exposing sensitive data to hackers, identity thieves, and other malicious actors.

Can My Pay Fast Be Trusted?

Trust is earned through transparency, reliability, and accountability—qualities that are sorely lacking in My Pay Fast's operations. Users should proceed with caution and consider alternative options for managing their finances.

How Does My Pay Fast Compare to Other Pay Advance Apps?

Compared to reputable pay advance apps, My Pay Fast falls short in terms of transparency, user experience, and regulatory compliance. Users are advised to explore alternative options that prioritize their financial well-being and security.

What Are the Risks of Using My Pay Fast?

The risks associated with using My Pay Fast are manifold, including potential exploitation, financial instability, and legal repercussions. Users should carefully weigh the risks and benefits before engaging with the app.

Is My Pay Fast a Scam?

While stopping short of labeling My Pay Fast as a scam, its questionable practices and lack of transparency raise red flags. Users are encouraged to exercise caution and skepticism when dealing with the app, ensuring that their financial interests are protected.

In conclusion, My Pay Fast presents itself as a solution to financial woes, but its operations raise significant concerns about legitimacy, transparency, and user trust. Users are urged to approach My Pay Fast with skepticism and explore alternative options for managing their finances responsibly.

My Pay Fast Review: The Bottom Line

In conclusion, My Pay Fast offers a convenient solution for those in need of immediate access to their earned wages, with a transparent fee structure of a 5% flat rate. While this may seem reasonable for occasional financial emergencies, relying on pay advances as a regular solution may indicate underlying budgetary issues. It's crucial for users to assess their financial habits and budgetary management to address recurring cash flow shortages effectively. While My Pay Fast can provide temporary relief, cultivating sound financial practices remains essential for long-term financial stability and independence.

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