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Last Updated: August 2025
Waiting for payday while bills pile up can be stressful. That’s where early wage access services can potentially be useful, letting you tap into money you’ve already earned before payday hits. MyPayNow and PressPay are two Australian fintech platforms offering this service, but they work quite differently. Let’s break down how they compare, so you can figure out which (if either) might work better for your situation.
The first question most people ask is “how much can I access?” – Let’s dive into a table that compares what each service offers:
| Feature | MyPayNow | PressPay |
|---|---|---|
| Maximum Advance | Up to 25% of your wage per pay cycle (capped at $2,000 maximum). For example, a user earning $1,000 can access up to $250; the absolute cap is $2k even for higher incomes. | Up to $1,000 per pay cycle. (PressPay determines an available balance based on income, up to this $1k limit.) |
| Minimum Withdrawal | $50 per withdrawal. Users can make multiple withdrawals as needed up to their limit each pay cycle. | $20 per withdrawal. Users can make multiple withdrawals as needed up to their limit each pay cycle. |
| Fees and Charges | 5% fixed fee on the amount advanced, plus interest at 24% p.a. (accrues daily until repayment). No other fees (no sign-up, monthly, or late fees). Example: Borrowing $100 for 1 week incurs $5 fee + ~$0.48 interest (total ~$105.48). | 5% fixed fee on cash advances (PressPay Advance) with no interest charged. $0 fee options (no catch) available for many PressPay Shop card withdrawals (digital gift cards). No interest or hidden charges on any service. |
| Repayment Terms | Automatic on next payday – the full advance + fees/interest is direct-debited from the user’s bank account when their next salary is deposited. By design, advances are intended to be one pay-cycle loans. Flexibility: Users can request to delay a payment or split repayment over two pay cycles in hardship cases (especially if the full limit was taken). No late fees are charged for extensions although interest will continue to accrue on an outstanding balance. | Automatic on next payday – the advanced amount + 5% fee is deducted in full on the next salary pay date. Repayment aligns with the user’s pay cycle (weekly, fortnightly, or monthly). Flexibility: The user can easily setup repayment plans themselves from within the dashboard to repay across several weeks or reschedule a single repayment with no late fees charged. |
| Speed of Funds | Instant (usually under 60 seconds) to user’s bank account once an advance is approved. MyPayNow uses the New Payments Platform (NPP/Osko) for 24/7 real-time transfers. Funds are available around the clock, typically within minutes. | Instant deposit to bank (usually under 60 seconds). PressPay transfers cash advances immediately upon request approval, also leveraging fast payment technology. Users can initiate a withdrawal any time (24/7) and receive funds in minutes. |
| Additional Services | None beyond cash advances. MyPayNow provides advances as cash directly to your bank, which you can spend freely. They focus solely on wage advances. | PressPay Shop: an integrated service allowing pay withdrawals as digital shop cards for 100+ retailers, letting users spend a portion of their pay on shopping with 0%–5% fees and no interest. This can be a budget-friendly option to avoid fees altogether on essential purchases. PressPay Learn: a free financial education platform with tips, tools, and an AI assistant (Ella) to help improve financial wellness. PressPay’s ecosystem goes beyond cash access, aiming to empower users with knowledge and fee-saving alternatives. |
The key difference here? MyPayNow might let you access more money (up to $2,000 if your income supports it), but you’ll pay both a 5% fee plus interest. PressPay caps advances at $1,000 but keeps it simpler with just a 5% fee on cash advances, and often no fees at all for shop card options.
How you interact with these services day-to-day may also make a difference to whether they’ll suit your needs.
MyPayNow works through a dedicated mobile app that you’ll need to download. Everything happens in this app – requesting money, checking your balance, and contacting support. The interface is straightforward: sign up, get approved based on their AI assessment of your income, then tap a few buttons to get money when needed.
Think of it like having a financial tool right on your home screen. Got a bill due before payday? Open the app, request funds, and they’ll hit your account in about a minute.
PressPay takes a different approach – you don’t need to download anything. You can manage everything via their web dashboard or even by sending a text message with the amount you’d like to withdraw or to check your available balance.
For example, if you want to check your balance, you simply text “BALANCE” to PressPay’s number. Need cash? You can reply to initiate a withdrawal right from your text messages. This makes PressPay accessible without installing another app on your phone.
Both services keep your employer completely out of the loop – they won’t know you’re using the service.
When you’re accessing your pay early, knowing exactly what it will cost matters.
PressPay puts their “from zero fees and no interest charges ever” message front and centre on their homepage. Before confirming any withdrawal, they clearly show what it will cost you.
MyPayNow emphasises “no hidden fees” in their marketing, and highlight the additional interest charge (24% p.a.) in their FAQ section. They make it clear there are no other late fees, direct debit fees, or monthly charges beyond the advance and interest cost.
Both services operate in a relatively new financial space in Australia, with measures in place to ensure responsible use.
Neither MyPayNow nor PressPay runs formal credit checks (so your credit score won’t be affected by applying – although it may be if you do not meet your repayments). Instead, they analyse your banking transactions and income patterns to set appropriate limits. MyPayNow requires $450 per week minimum income, while PressPay sets a slightly lower bar at $350 per week.
Neither service allows advances if your primary income is from Centrelink, sticking to regular wage earners only.
When choosing between these services, think about your own habits and needs:
Both services get you your money quickly (within minutes) and are more transparent than traditional payday loans. They also both keep things private from your employer and won’t affect your credit score.
Whichever you choose, both services aim to give you more control over when you access your hard-earned money – helpful when bills don’t always align neatly with payday.
PressPay requires a regular income, salary or wages to use and is 100% confidential from your employer.
No app needed – just text or login.
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