What Is a Wage Advance?

Instead of waiting for the pay cycle set by your employer, you can draw on wages you have already earned, and repay the amount on your next payday. At WageGo we provide convenient access to your wages via our WageGo mobile app.

WageGo is brought to you by the team behind Fundo Loans Pty Ltd, a licensed Australian loan provider operating since 2019. We built WageGo to give employees a fairer, more transparent way to access pay they’ve already earned.

This product is not a typical loan, but a short-term credit product designed to get you your earned income to manage the timing of your personal finances. Access is subject to assessment, eligibility and approval.

Key facts

What is a wage advance?

A wage advance is an arrangement that lets you access part of your earned-but-unpaid wages ahead of your normal pay date. You repay the full advanced amount on your next pay date.

How does earned wage access work in Australia?

With WageGo:

• Download the WageGo app and create an account.
• Connect your bank account and verify your income and personal details. If eligible, you will have access to an approved available limit.
• Choose how much of the amount you want to cash out within your available limit, and the funds will hit your account in as little as 60 seconds from contract signing.²

Each advance will be due to be settled in full on your next scheduled pay date. After all advances are paid, you may wish to apply for another advance if needed and eligible.

Wage advance vs payday loan: what is the difference?

A wage advance and a payday loan are not the same thing. The key difference is that a wage advance gives you access to wages you have already earned, while a payday loan is a separate credit product.

Both options come with costs and should only be used for short-term needs. Consider whether the option suits your circumstances, and ensure you can manage the repayments without financial hardship.

What are the benefits and limitations of earned wage access?

Earned wage access can help you manage the timing of money you have already earned, without waiting for payday.

However it has limitations. WageGo is designed to help you with managing the timing of your personal finances and not a revolving credit solution. As it is not a traditional loan and not regulated by the National Consumer Credit Protection Act, this means we don’t provide financial hardship assistance.

Before taking an advance, always confirm you have sufficient income at your next pay date to repay the full amount including the applicable fees and interest.

How much can I access with WageGo?

The available limits range from $50 up to $2,000, subject to eligibility and assessment. The amount you can access depends on your income, spending habits and circumstances.

What does a wage advance cost?

WageGo uses a transparent fee structure which includes an establishment fee of 5% of the pay advance amount and an interest rate of up to 24% per annum.

Your actual cost will vary depending on your pay cycle and the number of days until your next pay date.

Who is eligible for WageGo?

WageGo is designed for people who:

• are individual Australian residents, at least 18 years of age;
• are currently employed and earning a consistent and verifiable income;
• have an Australian bank account that receives regular salary or wage payments from which repayments can be made (via direct debit or PayTo), and connect that account for assessment;
• have sufficient anticipated income at the next pay date to repay the pay advance in full including the applicable fees and charges.

If your only income is from Centrelink, you are not eligible for WageGo.

Alternatives to consider first

Before using a wage advance, you could:

• ask your employer whether they offer a payroll advance;
• use savings if you have them;
• speak to a free financial counsellor (National Debt Helpline 1800 007 007).