CommBank AdvancePay is part of the Big Four banks in Australia that has become the first to offer a “pay on demand” service, providing customers with an opportunity to access a portion of their paycheck before payday.
This service, available through the CommBank app, offers a form of payday advances without the usual high costs associated with traditional payday loans.
CommBank AdvancePay may help when unexpected costs hit and you need a short-term solution that helps avoid more costly options. It’s not intended to be used regularly and won’t be available every pay cycle.
To help you stay in control of your finances, the organization limits how often you can use CommBank AdvancePay. Subject to meeting eligibility criteria, you may be able to access it up to eight times each year if you’re paid weekly or fortnightly, or up to four times each year if you’re paid monthly. The application will only allow you to have one facility at a time.
You’ll also only be able to access a portion of the money you expect to be paid, based on where you are in your pay cycle.
CommBank AdvancePay
With CommBank AdvancePay, customers facing unexpected bills or in need of extra cash can conveniently access up to $750 of their upcoming paycheck through the CommBank app. Gone are the days of waiting anxiously for payday or resorting to costly payday loans. Now, you can have financial flexibility at your fingertips.
Here are some key highlights of CommBank AdvancePay application
- Easy Application Process: Existing CommBank customers can seamlessly apply for AdvancePay via the user-friendly CommBank or Netbank app. Once you’ve applied, you’ll receive a prompt decision within just one business day.
- Affordable Fees: For the convenience of early access to your funds, CommBank charges a nominal fee. Depending on the amount you choose to advance, the fee ranges from $5 to $10, making it an economical alternative to traditional payday loans.
- Flexible Repayment: Repayment is made hassle-free. Once your employer deposits your salary into your CommBank account, the repayment amount will be automatically deducted. It’s a seamless process that ensures you never miss a payment.
- Financial Safety Net: AdvancePay is designed to provide temporary financial support without encouraging a reliance on short-term debt. It offers customers peace of mind during unexpected financial challenges.
How Does CommBank AdvancePay Works?
CommBank AdvancePay gives Commonwealth Bank account holders access to money in advance of payday of their work or salary. This short-term loan is applied to your account and is limited to your next work payout.
It works by allowing you get access to a minimum amount of $300 before your next pay day. There’s no need to contact or involve your employer. You can apply online in just a few minutes, as long as you’re eligible. If approved, your limit should be available within seconds (but may take up to 1 business day).
What Are The Fees and charges of CommBank AdvancePay?
Transaction fee. A fee of $5 applies to loans from $300 – $500. Loans from $501 – $750 incur a fee of $10.
Interest charge for late payments. An interest rate of 14.9% will be applied to any overdrawn balance if the loan is not repaid in full on the nominated date.
This means that the maximum fee you can pay is a flat charge of $50 on a $5,000 loan. The highest loan you can get with CommBank AdvancePay is $5,000 AUD.
Key Features of CommBank AdvancePay
- Loan term: Repayment must be made within four weeks.
- Loan amount: Customers can access $300 to $750 of their expected wage.
- Quick approval: Decisions are typically provided within one business day.
- Automatic repayment: The loan is repaid in full once the salary is deposited into the customer’s CommBank account. Failure to have sufficient funds may result in an overdrawn interest rate.
- Easy access: AdvancePay loans can be accessed directly through the CommBank or Netbank app.
- Exclusively for CommBank customers: This service is currently available only to existing CommBank customers.
- Connection to bank account: The app connects directly to the customer’s bank account.
- Instant funding: Once approved, customers can receive their funds instantly.
- Smart technology: Features such as “Bill Sense” and “Spend Tracker” assist customers in managing their budget and tracking expenses.
How Many Times Can You Access CommBank AdvancePay?
To access CommBank AdvancePay, you will need to prove to the bank that your salary or income will land in your bank account on a certain day to get a small loan from the bank. You will also need to choose the repayment date (within 4 weeks), which is the date your salary should hit your account.
If you are late, your account will be considered overdrawn and you will pay a 14.90% interest rate.
CommBank AdvancePay allows eligible customers to access their pay in advance through the CommBank app. While the specific number of times you can access AdvancePay is not mentioned in the provided information, it states that approved customers can access the service on a limited basis, indicating that it may not be available every pay cycle.
The availability and frequency of AdvancePay likely depend on factors such as the customer’s account history, creditworthiness, and repayment behavior. To determine the exact details of how many times you can access CommBank AdvancePay, it is recommended to contact CommBank directly or consult their official documentation for the service.
How Many Times Can You Use CommBank Advance Pay?
The frequency of usage depends on factors such as the customer’s financial profile, repayment history, and adherence to the terms and conditions set by CommBank. It is essential to review the terms and guidelines provided by CommBank to understand the specific limitations and availability of the AdvancePay service for each individual.
How To Apply For CommBank AdvancePay
To apply for CommBank AdvancePay, follow these steps:
- Ensure you are an existing CommBank customer: AdvancePay is available exclusively for CommBank customers. If you don’t have an account with CommBank, you’ll need to open one before proceeding.
- Have your salary deposited into your CommBank account: AdvancePay relies on your regular salary being deposited into your CommBank account. Ensure that your employer deposits your salary into your CommBank account consistently.
- Check eligibility: Confirm that you meet the eligibility criteria, which typically includes not being in hardship or arrears.
- Access the CommBank app: Download and open the CommBank app on your mobile device.
- Navigate to the AdvancePay section: Look for the AdvancePay feature within the app. The specific location may vary, but it is typically accessible from the main menu or a dedicated banking services section.
- Submit your application: Follow the instructions provided in the app to complete the application process. You may be required to provide some personal and financial information during the application.
- Await the decision: Once you’ve submitted your application, CommBank will review it and make a decision. This typically takes up to one business day.
- Receive approval and access funds: If your application is approved, you’ll be notified within the app. Upon approval, you can access the approved amount of up to $750 directly through the CommBank app.
How to be eligible for CommBank AdvancePay
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- Have your income regularly paid into a CommBank Smart Access or Complete Access account (not a joint account)
- Be registered for NetBank
- Have earned enough income at the time of applying to meet our $300 minimum limit
- Be two days or more away from your next pay date
- Have accessed CommBank AdvancePay less than 8 times in the past 12 months if you’re paid weekly or fortnightly or 4 times in the past 12 months if you’re paid monthly.
- Meet the platform’s other lending criteria
If you’re not eligible today, you may be eligible later in your pay cycle or in your next pay cycle, so you can try again at a later date.
How do I repay the AdvancePay loan?
Repayment is automatic. Once your employer deposits your salary into your CommBank account, the loan amount will be deducted in full. It’s important to ensure that you have sufficient funds on the designated payday to avoid potential interest charges.
Access to CommBank AdvancePay will expire on your chosen pay date. Any money paid into your account is automatically used to repay your CommBank AdvancePay.
Check if any direct debits or scheduled payments are due within your pay cycle. You’ll need to make sure there’s enough money in your account on your chosen pay date to repay your CommBank AdvancePay, otherwise your account will be considered overdrawn when your limit expires.
What happens If I don’t repay on time?
If your CommBank AdvancePay limit is not fully repaid once your chosen pay date arrives, your account will be considered overdrawn and you’ll be charged the debit excess interest rate. This interest rate is currently 14.90% p.a. and will apply on any overdrawn amounts.
Other fees and charges related to your everyday account will continue to apply. For example, an overdraw fee (currently $15.00) may apply if you make additional transactions on your account while overdrawn.
Is CommBank AdvancePay right for you?
CommBank AdvancePay is a short term facility for personal use only, which we offer at our discretion and may not be available every pay cycle. If you need ongoing or longer term credit, other borrowing options may be more suitable (e.g. a personal overdraft, a credit card, accessing available redraw on your home loan or asking your phone or utility providers for help
What fees are associated with CommBank AdvancePay?
CommBank charges a transaction fee of $5 for loans ranging from $300 to $500, and a fee of $10 for loans from $501 to $750. This means that the maximum fee you can pay is a flat charge of $50 on a $5,000 loan. The highest loan you can get with CommBank AdvancePay is $5,000 AUD.
Additionally, if you fail to repay the loan on time, an interest rate of 14.9% may be applied to any remaining balance.
CommBank AdvancePay Alternatives
There are many other alternative apps like CommBank AdvancePay that can assist customers from other banks looking to get access to short-term loans and payday advances if you need better flexibilities and features not available with CommBank AdvancePay.
BeforePay, MyPayNow, Wagepay and MyPayFast are some of the best CommBank AdvancePay alternatives that can provide pay in demand services for you if you need other similar apps.
- Beforepay: This application has a limit of $1,000 AUD and levies a 5% transaction per loan. This is more expensive and has a lower limit compared to CommBank AdvancePay.
- MyPayNow: A limit of $1,500 AUD with a 5% flat fee attached.
- WagePay: Wagepay is similar to CommBank AdvancePay, MyPayNow and Beforepay. You can access a pay advance ranging from $100 up to $2,000, depending on your specific financial needs.
- MyPayFast: MyPayFast is one of the best apps like CommBank AdvancePay and Beforepay. With MyPayFast, you can access up to 25% of your earned wages during each pay cycle. This means you have the flexibility to choose the amount you wish to withdraw, up to the permitted limit.
Conclusion
CommBank AdvancePay offers existing customers the ability to access a portion of their paycheck in advance, providing a potentially more affordable alternative to traditional payday loans. By following the simple application process through the CommBank app and meeting the eligibility requirements, customers can conveniently access funds quickly.
Remember that AdvancePay is designed to provide temporary access to a portion of your paycheck, so it’s essential to consider your financial situation and repayment capabilities before utilizing this service.
