Cash Advance Frequently Asked Questions
Online cash advance
For online applications finalised within business hours, we can transfer funds into your bank account the same day. If your bank account is not with Commonwealth Bank, Westpac, National Australia Bank or ANZ, you can still expect quick cash relief overnight (next business day). Please note, applications need to be finalised by 4pm each business day in order for same day processing. A finalised application means we have conducted the necessary credit history and employer checks, received back your signed direct debit authorisation, and we have approved your loan.
Credit History Checks
Part of the application process for an instant cash advance includes a credit history check. Even if you have a default, Cash Advance may still approve your loan. In situations where you have a particularly bad credit history, are now bankrupt or in a part IX debt, your application for a pay day loan will be declined.
Employer Checks
The first time you make a loan application, Cash Advance needs to verify your employment details.
In your application we ask for the contact details of your pay roll officer (make sure you give them permission to speak with us). We will contact them within business hours to verify:
- Income
- Address
- Employment Status (inlcuding how long you have been employed by your employer)
- Frequency of pay, and date of your next pay
As employer checks can only be done during business hours, applications received overnight or on the weekend will be processed first thing next business day.
For subsequent loans, employer checks will be done at our discretion.
Eligibility for a Cash Advance
To qualify for a cash advance, you need to:
- Be employed full time or part-time
- Employed for at least 3 months
- Earn a minimum of $350 per week net (after tax)
Maximum Borrowing Amount
For your first cash advance, the maximum amount of your loan is determined by your pay cycle:
- Weekly – $240.00
- Fortnightly – $320.00
- Monthly – $420.00
Returning clients who have completed repayments on previous loans may qualify for up to $600, or up to 90% of the amount remaining after deducting rent/mortgage and other monthly expense, which ever is lower.
Fees
Loan Fee
New clients
- Each time you borrow, a $0.01 (1 cent) establishment fee applies
- Also there is no weekly management fee
Returning clients
- Each time you borrow, a $24.50 establishment fee applies
- Also there is a $24.50 management fee a week for each week you have the cash advance for a maximum of 6 weeks
- Direct Debit dishonour fee of $35 for each occasion a direct debit or other payment method is dishonoured. Please note, your own bank may charge a separate direct debit dishonour fee in addition (separate) to our dishonour fee. That’s why it’s important to make sure funds are in your account on the repayment date to avoid such fees. If you have an upcoming payment which you are not able to repay- contact us as soon as possible.
- Breach fee $7 per day whilst a Breach remains unremedied we have to administer your account
- Interest for Continuing Breach 5% plus the rate prescribed from time to time by the Penalty Interest Rate Act 1983 (Vic).
Repaying your Loan
Repayments are made automatically from your authorized bank account based on your pay cycle. Once we have conducted the necessary credit and employer checks, you will need to fax or scan your signed direct debit form. Please note, the signed direct debit form must be returned by 4pm each business day in order for same day processing.
New customers need to repay the loan by your next pay day.
The repayment schedule for returning customers is determined on a combination of your salary, expenses and pay cycle.
Please ensure funds are available in your account on your scheduled repayment dates and up to 2 business days afterwards. Although we will attempt the direct debit on the day of your repayment date, other circumstance beyond our control may require us to do the transfer the following day instead. For example, if your repayment date is the 20th of the month, ensure the funds are available in your account up to midnight 22nd of the month. If your repayment date falls on a Friday, make sure funds are available up to midnight the following Tuesday. If we attempt the direct debit and it is rejected due to funds not being available, a direct debit dishonour fee of $35 plus $7 per day breach fee for overdue loans if you do not contact us.. Funds are re-attempted four days after the initial attempt and each day following. Direct debit is not available on full range of accounts. If in doubt please refer to your financial institution.
If you contact us before your account is due to be debited to reschedule the direct debit, the standard $24.50 weekly management fee applies for each week there is an outstanding balance on the account.
Financial Hardship
Financial Hardship is when a debtor is unable to make repayments on time as income has been impacted due to illness, unemployment and other reasonable grounds. For instances when you have fallen behind on repayments, or you have a upcoming payment which you are not able to repay- contact us as soon as possible. Depending on your circumstances, we may:
- Extend the due date of the loan with the understanding that additional fees are paid
- Attempt to enter a payment arrangement where no further fees are charged
