Meeting the demands of everyday life can be challenging. As bills accumulate, a small advance can make all the difference between staying afloat until the next payday or falling short. Thankfully, pay-on-demand apps help by providing salary advances that help people optimise their income. This article will explore Wagetap and MyPayFast in detail.
At first glance, Wagetap and MyPayFast may appear similar. However, they have distinct differences. Both applications provide a cash advance option, but Wagetap's unique feature stands out as it can divide bills into four equal payments, perfectly aligned with your payday. This simplifies bill payments compared to MyPayFast.
What are the crucial factors to consider when selecting a cash advance application?
Why Wagetap Is a Great Alternative to MyPayFast
Wagetap ensures prompt access to funds when needed. It's crucial to explore the specific factors to consider while selecting a wage advance app. In this article, we'll explore why Wagetap could be your perfect choice, serving as an excellent alternative to MyPayFast. Pay close attention to the details.
Similarities and Slight Differences
Eligibility
Wagetap and MyPayFast have separate eligibility criteria, and while you might qualify for Wagetap, you may not meet the requirements for other competitors. The assessment involves minimum income, regular wage payments, a clean record with no dishonour fees or payment reversals on your account, and a positive history of recent expenses and repayments.
Speed of the Application and Funding
Efficiency and speed are universally preferred, especially when handling critical tasks like budgeting and intelligent spending. Luckily, MyPayFast and Wagetap provide round-the-clock accessibility to cater to people’s needs. Regarding Wagetap, according to a user's report, the application process and account setup usually take 3 minutes (depending on internet connection speed). At the same time, claiming funds requires a maximum of a minute.
Credit Limit
When choosing a pay-on-demand app, it's crucial to consider the credit limit they provide. Wagetap and other competitors employ distinct methods to calculate this limit, considering the mentioned eligibility criteria to determine your eligible amount.MyPayFast and Wagetap offer different maximum loan limits, with your earnings being a key determining factor. Wagetap allows access to loans of up to $2,000, while MyPayFast permits loans of up to $750.
Costs and Fees
Grasping the costs and fees linked to cash advance apps is essential. Wagetap and MyPayFast charge a 5% flat fee on the loan amount. For example, if you receive a cash advance of $100, the fee will be $5, and you'll need to repay $105 on your next payday.
Interest Rates
Unlike MyPayFast, Wagetap adds an extra interest fee of 24% per annum to the 5% flat rate. However, given that the loan amounts are relatively small and the loan duration usually extends until the next payday, this interest fee amounts to approximately $0.50 for a $100 loan. All things considered, this fee seems reasonable when viewed in context.
Late Payment Fees
MyPayFast and Wagetap offer a significant advantage by not charging late payment fees. This feature provides considerable relief, particularly for individuals facing delayed salary payments or unintentionally missing a repayment. Promptly repaying the overdue amount is highly advisable. Doing so ensures eligibility to use the wage advance product in the future and effectively avoids any dealings with debt collectors.
Online Service
The era of physically visiting banks or other institutions for such services is a thing of the past. Both Wagetap and MyPayFast operate online, ensuring convenient access for users and eliminating the necessity for in-person visits.
Confidentiality
Wagetap and MyPayFast maintain the confidentiality of your stored data, refraining from contacting your employer. They do not need to be engaged or sign up for you to access their services.
What Makes Wagetap Stand Out
While both Wagetap and MyPayFast have some commonalities, distinct differences may make you consider Wagetap a more favourable choice.
App Availability
Wagetap's app can be downloaded from the App Store and Google Play, while MyPayFast can only be accessed via the web. The app is especially convenient for immediate access.
In-App Customer Support
Wagetap provides an in-app customer support chat feature, which MyPayFast does not offer. This allows you to receive prompt responses to your questions and assistance on your mobile phone without waiting for days for an email reply.
Delay Repayments
When your cash advance is due on your next payday, and you need more time, Wagetap gives you flexibility with your repayments to make your money work for you. You can delay your repayment to your next pay date in the app.But, if your upcoming pay date doesn't match your requirements, contact the customer support team through the app or hello@wagetap.com. They will help you adjust your repayment date to one that better suits your preferences.
Split Payment
Wagetap offers a convenient way to split your repayments into smaller amounts, making them more manageable. You can easily do this right in the app.
Make Bills More Manageable with Payment Plans
Wagetap offers a unique bill-split feature that sets it apart from MyPayFast when paying bills. This feature allows you to divide your bill payments into three or four instalments, making it simpler to manage your finances. To utilise this feature, just input the payment details of any BPAY bill into the Wagetap app, and the payment will be settled on your behalf. You can then reimburse Wagetap for your next three or four paydays.
Find Out Why Wagetap is a Great Alternative to MyPayFast
We recommend obtaining Wagetap, which offers an immediate cash advance of up to $2,000. It allows for quick access to funds with the added benefit of streamlining bill payments by breaking them down into smaller repayments, making for better financial management. The process can be initiated by downloading the app from the App Store or Google Play, which can be completed in just a few minutes.
For additional help, you can always download Wagetap. It is a leading wage advance and bill split app that allows you to access your pay early and help you handle life's unexpected expenses.
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.
