Sometimes meeting the everyday demands of life can be a challenging task. As bills pile up, a small advance can make all the difference between making it to the next payday or falling short. Pay-on-demand apps help us with this to help make the most of our income by providing salary advances. This article will compare Wagetap and WagePay.
There are notable differences between the two apps, despite their similarities. While both offer the option for a cash advance, Wagetap sets itself apart by allowing users to split their bills into four equal payments that align with their salary dates, making bill payments much more convenient than Wagepay.
What factors should one keep in mind while selecting a cash advance app?
Why Wagetap Is a Great Alternative to WagePay
When you need quick access to funds, Wagetap is there to help. However, carefully considering your options when choosing a wage advance app is essential. In this article, we'll explain why Wagetap could be your ideal choice, offering a superior alternative to Wagepay.
Similarities and Slight Differences
Eligibility
Wagetap and WagePay have different eligibility requirements, and you might be eligible for Wagetap even if you don't meet the criteria for other competitors. The eligibility assessment considers factors like minimum income, regular wage payments, no dishonour fees or payment reversals on your account, and a positive record of recent expenses and repayment history.
Speed of the Application and Funding
The good news is that WagePay and Wagetap are available 24/7, providing convenient accessibility. A Wagetap user shared that the application process and account setup usually take 3 minutes (depending on internet connection speed), and claiming funds takes no longer than a minute.
Credit Limit
When choosing a pay-on-demand app, a critical factor is the credit limit they provide. Wagetap and other competitors use varying methods to calculate this limit, considering the mentioned eligibility criteria to determine the amount you are eligible for.WagePay and Wagetap permits loans of up to $2,000 with your earnings being a significant determining factor.
Costs and Fees
Understanding the costs and fees related to cash advance apps is essential. Wagetap and WagePay charge a 5% flat fee on the loan amount. For example, if you get a cash advance of $100, the fee will be $5, and you'll need to repay $105 on your next payday.
Interest Rates
WagePay and Wagetap apply an additional interest fee of 24% per annum on top of the 5% flat rate. Considering that the loan amounts are relatively small and the loan duration is typically until the next payday, this interest fee translates to approximately $0.50 for a $100 loan. All in all, it is a reasonable amount when put into perspective.
Delay Repayments
If you require additional time to pay back your cash advance, Wagetap and Wagepay have flexible repayment choices that can assist you in managing your finances. Wagetap allows you to delay your repayment until your next paycheck, which can be done via the app.If your next pay date doesn't suit your needs, contact the customer support team through the app or at hello@wagetap.com. They will assist you in changing your repayment date to a more suitable one.
Late Payment Fees
Wagepay and Wagetap offer a significant advantage by not charging late payment fees. This brings relief, especially for individuals who experience delayed salary payments or unintentionally miss a repayment.It is strongly advised to repay the overdue amount promptly. This ensures your eligibility to use the wage advance product again and helps you avoid interactions with debt collectors.
Online Service
The days of physically visiting banks or other institutions for such services are history. Both Wagetap and WagePay operate online, ensuring easy access for users and eliminating the need for in-person visits.
Confidentiality
Your stored data is kept confidential by Wagetap and WagePay. They won't contact your employer; you don't need their involvement or sign up to access their services.
What Makes Wagetap Stand Out
While there are similarities between Wagetap and Wagepay, there may be reasons why Wagetap is a more suitable choice for you.
In-App Customer Support
Wagetap provides in-app customer support chat, which is more convenient than Wagepay. You won't have to wait days to get an email response anymore. Wagetap lets you quickly receive quick answers to your questions and assistance on your phone whenever needed.
Split Payment
Wagetap offers the convenience of dividing your repayments into smaller amounts, making them more manageable. This can be easily accomplished within the app itself.
Make Bills More Manageable with Payment Plans
Wagetap offers a bill-splitting feature that allows users to divide their bill payments into three or four payments. Users can simply input their BPAY bill payment details into the Wagetap app to settle the bill immediately. Users can repay Wagetap for three or four paydays.
Find Out Why Wagetap is a Great Alternative to WagePay
Download Wagetap from the App Store or Google Play to receive an instant cash advance of up to $2,000. With this service, you can manage your finances better by dividing your bills into smaller repayments. The process is quick and easy; you can start 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.
