{"id":56,"date":"2021-08-22T13:23:53","date_gmt":"2021-08-22T13:23:53","guid":{"rendered":"https:\/\/www.mypaystat.com.au\/?page_id=56"},"modified":"2022-02-15T22:52:44","modified_gmt":"2022-02-15T22:52:44","slug":"faqs","status":"publish","type":"page","link":"https:\/\/www.mypaystat.com.au\/faqs\/","title":{"rendered":"Faqs"},"content":{"rendered":"
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What do I need to apply?<\/strong><\/p>

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We’re into tech, so filling out an application form has never been easier. We require that you are employed, are an Australian citizen or Permanent Resident, and are over the age of 18. Our smart tech will analyse the rest of the information that you submit (we’ll automatically connect with cool tech to verify your identity, income, expenses, and other information and can give you an answer instantly.<\/p>\n\n<\/div><\/div>\n\n

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What if I get declined?<\/strong><\/p>

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Don’t be upset if you are declined though! Your financial situation can change over time and we might be able to consider your application in the future. If you are currently unemployed, then, unfortunately, we won’t be able to lend to you.<\/p>\n\n<\/div><\/div>\n\n

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How do I make an application?<\/strong><\/p>

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Making an application with My Pay Stat is easier than you think. You won’t need to upload a tonne of paperwork as we use smart tech to automatically gather and analyse the information that we require to make a responsible assessment. To get started we’ll need the easy things like your name, address, email, phone number, employment details, and banking details. Once you’re approved, you could have the funds transferred to your account in as little as 1 hour!<\/p>\n\n<\/div><\/div>\n\n

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When can I make an application?<\/strong><\/p>

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You can make an application with us 24 hours 7 days a week! On occasion, we may reach out to verify some information that you’ve provided which will happen on a business day.<\/p>\n\n<\/div><\/div>\n\n

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I\u2019ve been approved! What happens now?<\/strong><\/p>

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Congratulations on being approved! Once you’ve accepted your loan terms and contracts, your funds may be transferred in as little as 1 hour if accepted during business hours. If it’s accepted outside these hours, then we’ll make the transfer on the next business day.<\/p>\n\n<\/div><\/div>\n\n

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When will I receive my loan?<\/strong><\/p>

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If your application has been approved and accepted, then we endeavour to transfer the funds to your nominated account within the hour. The days that we make the transfers are Monday to Friday between 9:30am and 4pm. You will also need to consider that your bank may have a different time to clear the funds to when we\u2019ve made the transfer. You will receive an email notifying you that we\u2019ve made the transfer.<\/p>\n\n<\/div><\/div>\n\n

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Do you perform credit checks?<\/strong><\/p>

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Yes, like many lenders, we perform credit checks so that we can responsibly make an accurate assessment of your application. Don’t stress if you have a default on your credit file because we still may be able to help you depending on your circumstances. There may be circumstances that we will not be able to help you and that would be if you are bankrupt, in a Part IX debt agreement or Part X personal insolvency agreement, have defaulted on other short-term loans, or have an extremely bad credit history.<\/p>\n\n<\/div><\/div>\n\n

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What are your interest rates?<\/strong><\/p>

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For a My Pat Stat Micro Loan which is a loan from $300 to $2,000, an APR (Annual Percentage Rate) doesn’t apply.<\/p>\n\n\n\n

If you apply for a Macro Loan which is $2,001 to $5000, your repayments will include the principal amount you borrow from us, plus the establishment fee and interest charges based on the APR of 47%. A comparison rate of 63.22% p.a. applies to our Macro Loans.**<\/p>\n\n\n\n

**This comparison rate is based on our Macro Loan for an amount of $2,500 over 2 years and a $400 establishment fee.<\/p>\n\n\n\n

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.<\/p>\n\n\n\n

My Pay Stat does not offer loans for $2,500 over a term of 2 years.<\/p>\n\n\n\n

See our full Fee Statement online www.mypaystat.com.au\/fees<\/p>\n\n<\/div><\/div>\n\n

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How do I make repayments?<\/strong><\/p>

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We like to make things easy. during your application, we automatically set up the account(s) that you’d like to nominate to make repayments from. We will automatically select your primary account – that’s the account you get the majority of your income paid into – as the account to deposit your loan into and schedule repayments.<\/p>\n\n\n\n

You can select multiple accounts after the primary account to make repayments (for those times where you may have overspent a little) so we have you covered. The most important part is to ensure that there are funds in the account(s) that we are processing repayments from to avoid any additional fees. <\/p>\n\n\n\n

Another handy tool we have in your dashboard is to make additional payments. This way you can pay your loan earlier and save on fees and interest.<\/p>\n\n\n\n

Each repayment will come out of your account as a direct debit on your chosen repayment dates.<\/p>\n\n\n\n

To help you stay organised, we’ll also send you a reminder the day before repayments are due to come out of your account.<\/p>\n\n<\/div><\/div>\n\n

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What are your loan terms?<\/strong><\/p>

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If you are new to My Pay Stat and have a Micro Loan, the loan term ranges from 62 days to 9 months depending on the loan amount. For a Macro Loan, the loan term ranges from 62 days to 22 months. The actual loan term may vary depending on the approved amount and your individual circumstances.<\/p>\n\n<\/div><\/div>\n\n

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What happens if I miss a repayment?<\/strong><\/p>

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If your direct debit is declined by your bank, you may be charged a dishonour fee by your bank plus a $20 payment dishonour fee by Fee Statement<\/p>\n\n\n\n

For Micro Loans of $300 to $2,000:<\/p>\n\n\n\n