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5 Tropical Holidays you should go to STAT!

Travelling is back baby! And we’re excited to start launching our partner packages! We’ve teamed up with a whole array of businesses to offer you discounted packages using My Pay Stat Macro Loans.

We’ve teamed up with NovaCoach to provide you with discounted summer travel packages. It’s about time we returned to air and sea to make the most of the summer.

NovaCoach is offering clients who have been approved* for My Pay Stat Macro Loans a 5% discount on these travel packages if they’re funded via My Pay Stat*.

The information on this website is for general information only.

It should not be taken as constituting professional advice from the website owner – the Capital & Centric Funding Pty Ltd (CCF).

CCF is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances.

CCF is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

While some case studies and videos on the website are real, others are based on stories told to us by financial counsellors and consumers, and some are reenactments. The case studies and videos help us to illustrate different financial situations that people face.

3 Ways to Pay Off Your Loan Faster!

Paying off your loans faster will save you money and fees. With Capital & Centric Funding My Pay Stat products, we also ensure that there are no early exit fees! We want to share with you 3 tips to help you save on fees and pay off your loan faster. We are an Aussie Responsible Lender, who wants to help you adopt simple methods to pay off your loan early.

If you are paying fortnightly on a Macro Loan, switch to weekly repayments. Interest on a Macro Loan is being calculated on your balance every day. If you have a smaller balance then technically you’re saving on interest that is being compounded daily.

Make extra repayments! Every dollar counts when you are paying off a loan. If you make extra repayments, then the term of your loan is shortened. This could save you on monthly fees, for example: If you have taken out a loan for 3 months and paid it off in 2 months, then you have saved monthly fees on the third month! (This use case is valid if there are no outstanding fees eg. dishonour fees etc)

Increase your repayment amount. If your repayment amount is $50 per week and you can afford to increase your minimum repayments, then by paying extra you’ve reduced the term of your loan which could save you in monthly fees and interest!

With these 3 easy steps, you could pay off your loan faster than you expected and save on fees and interest! Send us an email at [email protected] from your registered email to talk about switching repayments types. If you would like to make additional repayments, you can do this through your login at www.mypaystat.com.au and if you’d like to increase your repayments then send us an email to [email protected] from your registered account.

The information on this website is for general information only.

It should not be taken as constituting professional advice from the website owner – the Capital & Centric Funding Pty Ltd (CCF).

CCF is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances.

CCF is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

Traditional Banks & Lenders vs Micro Lenders – What’s the difference?

The Australian banking sector is monopolised by traditional banks and lenders – for good reason! For a long time, traditional banks and lenders were the only option for banking and getting finance for most consumers. 

However, MicroLenders have been taking the lending world by storm. The entire FinTech (financial technology) industry is buzzing about the potential of Micro Lenders, as it shows what a possible future for lending could look like.

Why are Micro Lenders like My Pay Stat such a big deal though? For us common consumers, what difference does it make to go to a traditional lender instead of a Digital MicroLender?

This blog will address these questions, as well as introduce the top benefits of Digital Micro-Lending.

What is a Digital Micro Lender?

Digital Micro Lenders are 100%, digital lenders. Yup, that means they don’t have a physical branch anywhere. They’re a rising new star in the world of lending, and they’ve sometimes been coined as ‘challenger lenders’ because digital micro lenders concentrate on offering apps, software, and other tech that streamline lending from your mobile devices. 

They make getting a loan as easy as possible through pure online services. Because of how they work, they also tend to be more flexible and transparent than the large, traditional banks and lenders we all know, and struggle to love. 

Just like any normal lender, Micro Lenders are a place to borrow money from and hand over interest repayments. Nowadays, Micro Lenders operate with the latest Artificial Intelligence FinTech to enable even more customised app and personal lending experiences that are tailored to the customer. 

And That’s How Micro Lenders Became Popular

Micro Lenders have boomed in popularity. Especially overseas, Micro Lenders have become extremely popular, overhauling the finance sector like how Uber transformed your life and home or Airbnb with cheap lodging options that weren’t hotels. Popular Micro Lenders, have more than 12 million users because it eliminates many of the common fees that physical banks and lenders ask for. 

Not only overseas though, 100% of online banks and lenders and all their conveniences are quickly getting their market share in Australia too. 

So what can an online lender offer you?

Why should you switch from a traditional, long-established bank or lender to a digital micro-lender? Customer loyalty and all that, right?

Well, through the use of artificial intelligence in their technology and operating systems, Micro Lenders can now offer extremely broad services much more quickly.

Gone are the weeks and weeks of waiting time, negotiations, discussions, and comparisons of interest rates. AI can do assessments, compile reports, and present them to you in a jiffy. Through this, you get personalised service processing your banking and lending needs less time, providing you with a much smoother, quicker, and easier experience.

With AI, Micro Lenders can find customer pain points and develop practical solutions that can help you in a variety of forms. You’re probably already experiencing some of what AI can do with your current banking app – it can track your spending, give you spending reports, help you keep to your budget, and save money so you can get to spending on your goals, whether it’s a house, a holiday, or even just a cosy dinner with your partner.

 The Prices are Lower going Digital 

The fact is because Micro Lenders don’t need physical locations, rental, calculating seats for a bunch of staff, and all that shebang, the cost to running an online business is naturally lower. This means the services you receive are also naturally lower in price. This is why banks and loan providers like MyPayStat are naturally more competitive as they provide what you need quicker, cheaper, easier, and while still providing services under the same laws of responsible lending as everyone else.

Check out what a digital online Micro Lender can offer you

If you’re curious about how a digital micro-lender can help you, contact one of our friendly MyPayStat customer service desks! We’ll be more than happy to answer your questions about what we can provide you.

What are Personal Loans, and why can they be a great option?

A lot of people have the misconception that personal loans are only taken out by people with bad credit who needs quick cash in an emergency. But that’s really not the case!
We’ve seen clients take out one of our quick loans for emergency purposes of course – no one plans for a burst car tire after all! However, we’ve also seen clients boost their holiday with a nicer hotel with a small loan, or ‘buy now pay later on a special Valentine’s day gift for that special someone.
Many types of people use personal loans all the time, and this blog is aimed at explaining what a personal loan is, and how it can be a great option for you.


So what’s a Personal Loans Anyway?
Let’s cover some basics first.


Credit comes in a lot of forms. You might associate the word most with credit cards, but it’s also what mortgages, car loans, financing over time, and personal loans. Different types of credit serve their purposes for your goals. Whether it’s to break up a really big expense (like a home loan or a car loan) into more manageable monthly payments or to make tracking your financing easier, credits are there to do whatever purpose you have for them.

A personal loan is a type of credit that can help you get spending. Because of some of the features that a personal loan has, many people prefer using a small personal loan to help with large purchases or consolidate multiple credit card debts because ultimately you pay less during your repayment terms. Obviously different circumstances apply to every individual.

We’ll go over a few benefits of a personal loan now.

Large Purchase? A quick cash loan can save the day. When you’re making a large purchase in-store, you might not have enough cash in hand to buy the item outright. The salesperson is giving you some options, like store credit accounts with a high rate of interest, but you see the interest rate or an early payout fee and you’re raising some eyebrows. This is where a personal loan can help! Depending on your banking institution, microlenders like My Pay
Stat (powered by Capital & Centric Funding ACL 532474) may be able to provide you with a quick loan, freshly deposited into your bank account at competitive rates in the market. A personal loan gives you some breathing room in your budget to buy now, and pay later tailored to your financial needs.

Consolidating your bills – made easy through a quick loan
Are you that person with a tonne of credit cards and credit accounts, and you’re faced with different rates and payments every single time a new month comes along? Juggling percentages and amounts can be tiring, time-consuming, and frustrating in general. But it doesn’t have to be! By getting 1 easy, competitively rated personal loan, you can pay off all your other debts and just have one, lower monthly payment every month. Not only does that give you some breathing room, but it’s also a lot less stress.

Raise your Credit Score
One of the best things about a personal loan is that your credit score doesn’t define the amounts you can take out. Since our personal loans have a limit of up to $5000, by borrowing and repaying a lot of small loans you never have too much debt to repay while building a positive credit history for yourself. Good credit history can often lead to higher credit scores! With a higher score, you can apply for larger loans – like car loans, or a home loan – with lower interest rates! Approval guidelines and serviceability apply and vary from lender to lender.

Deciding on a Loan
Taking out a loan should always be considered carefully. Like any type of credit, personal loans can be incredibly helpful when you can manage them well. The low-interest rates, easy lending terms, and flexible repayment rates of personal loans can be an attractive and useful option for many who need a boost in their finances now and then. However, when you take on a debt you should always look carefully at your situation and at the people who are offering your loan.

We take our responsible lending obligations seriously. If you’re interested in how Personal Loans work with My Pay Stat, check out our page explaining how it works. Also check out our credit guide, which lists all of our pricing in one, simple document.

What you see is exactly what you get. We don’t believe in frills and fancy language.

Capital & Centric Funding ACL 532474