CommBank AdvancePay gives Commonwealth Bank account holders access to money in advance of payday of their work or salary. This short-term loan is applied to your account and is limited to your next work payout.
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What is CommBank AdvancePay
AdvancePay by Commonwealth Bank gives customers help when unexpected costs hit, and you need a short-term solution to avoid costly loans. CommBank only lets you use this feature a limited amount of times per year, which depends on your situation.
To access CommBank AdvancePay, you will need to prove to the bank that your salary or income will land in your bank account on a certain day to get a small loan from the bank. You will also need to choose the repayment date (within 4 weeks), which is the date your salary should hit your account.
If you are late, your account will be considered overdrawn and you will pay a 14.90% interest rate.
CommBank AdvancePay Fees
If you need to use CommBank Advancepay, you will need to pay a $5 fee for every $500 you request as a loan. This means that the maximum fee you can pay is a flat charge of $50 on a $5,000 loan.
The highest loan you can get with CommBank AdvancePay is $5,000 AUD.
CommBank AdvancePay Alternatives
There are many other alternatives to CommBank AdvancePay that can assist customers from other banks looking to get access to short-term loans.
- Beforepay: This application has a limit of $1,000 AUD and levies a 5% transaction per loan. This is more expensive and has a lower limit compared to CommBank AdvancePay.
- MyPayNow: A limit of $1,500 AUD with a 5% flat fee attached.
- Fupay: Fupay is similar to Beforepay with a $2,000 AUD limit and a 5% fee per loan request.
For Commonwealth Bank customers, there is no second best way to get a short-term loan than CommBank AdvancePay. Their fees are next to zero and they give you immediate access to finances in times of stress and hardship.