Wagetap vs. MyPayNow


February 2nd, 2023


3 min read

Wagetap vs. MyPayNow

Whilst it may appear that MyPayNow and Wagetap are quite similar on the surface, there are key differences to consider when choosing between them. Although both MyPayNow and Wagetap offer a cash advance product, only Wagetap offers the ability to split your bills in four equal repayments that align to your payday. It’s the simpler way to pay bills that MyPayNow doesn’t offer. Wagetap also offers flexibility in repayments and no late fees, so it pays to check the T&Cs to really understand how they compare and find a better alternative to MyPayNow.

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Instantly Get Your Pay on Demand

Both Wagetap and MyPayNow offer a pay on demand (or cash advance) product right through their mobile apps. However, there are some differences to consider.


Wagetap and MyPayNow have different eligibility criteria. This means that you could be eligible for Wagetap but not for competitors. The eligibility covers elements such as minimum income, wages paid on a consistent basis, no dishonour fees or payment reversals on your account, and that your recent expenses and repayment history meets eligibility assessments. You can read more about Wagetap’s eligibility criteria here.

Credit Limit

Wagetap and other competitors calculate the credit limit differently. They take into account the eligibility criteria above to decide how much you’re eligible for. So it makes sense to check out the alternative to MyPayNow to see how much you’re eligible for today.

Costs and Fees

Wagetap and MyPayNow both have a 5% flat fee charged on the amount lent. That means if you get a cash advance of $100, the fee will be $5 and you’ll be required to repay $105 on your next payday. Simple!

Interest Rates

Wagetap charges an interest fee of 24% p.a. But because the amounts lent are small and the time period for a normal loan is only the next payday, in practice this fee works out to be approximately $0.50 for a $100 loan.

Repayment Flexibility

Your cash advance is due on the date of your next payday. However, Wagetap gives you flexibility with your repayments to make your money work for you. You can choose to delay your repayment to your next paydate right in the app. If your next paydate isn’t the right date for you, you can contact the customer support team in your app or at hello@wagetap.com to change your repayment to a date that suits you. You can also split your repayments into smaller amounts to make it easier to handle. You can also do this right in your app.

Late Payment Fees

MyPayNow and the alternative, Wagetap, both don’t offer any late payment fees. Which can be great if you happen to accidentally miss a repayment! However, it’s best to repay the overdue amount quickly to make sure that you can be eligible to use the wage advance product again in the future, and to avoid debt collectors.

Customer support

Unlike its competitors, with Wagetap you can chat directly with customer support directly from the app! No need to wait for days for an email to come, get fast answers to your questions and help when you need it most directly in your app.

Make Bills More Manageable with Payment Plans

Wagetap is the better alternative to MyPayNow because only Wagetap offers bill split. This lets you split up your bill repayments into three or four instalments. Use Wagetap to upload the payment details of any bill that uses BPAY. Wagetap will pay the bill straight away, and then you make the repayments to Wagetap over the next three or four pay days. Too easy.

Find Out Why Wagetap is a Better Competitor to MyPayNow

Download Wagetap now to get a cash advance today! You could be eligible for up to $500 and get access to your money instantly. Find out why Wagetap is the better option vs. MyPayNow by spliting those pesky bills into smaller repayments to make it easier to manage your money. Get started in only a few minutes by downloading now.
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For additional help in improving your spending habits, you can always download Wagetap. It is a leading wage advance and bill split app that allows you to access your pay early. Emergencies can always happen and Wagetap can help you handle life's unexpected expenses.

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