Your Family - Your Friends - Their Future
Your DecisionBoth the lender and the borrower will need to sign up to PayMyParents
This can be a new loan or an existing loan you want to bring over to our system
Both parties sign the formal loan agreement provided by PayMyParents
The Lender transfers the money to the Borrowers bank account via their personal internet banking. Repayments are then automatically transferred between user’s bank accounts via PayMyParents
PayMyParents is designed to help users easily manage their loans in a secure, online environment. PayMyParents does NOT provide any funds for the loan.
The PayMyParents platform can be used to manage any of these options:
- Simply click the “Join Now” button found at the top of every page
- Next you will be required to fill in some personal details (name, email, date of birth etc.) This information is only seen by PayMyParents, and not given to any third parties.
- Hit “Create Account” - Once you have done this, you are ready to set up a loan!
- We recommend doing this with the other party present or in communication with you.
- The lender has the choice when setting up the loan to add a $5.00 default fee.
- If the parent wishes to charge interest, simply add this to loan amount when setting up the loan.
- The borrower should complete the online ‘Budget Calculator’. This is not compulsory, but highly recommended to help calculate affordability and make informed repayment decisions.
- Ensure the “Start Date” is the date the borrower wants the money to come out of their bank account.
- Both the lender and the borrower should read and sign the ‘Loan Agreement’
- The document clearly states the terms of the loan
- We have added simple explanations of the legal terms and conditions used in the agreement for your reference
- Once you click “Submit” the ‘Loan Agreement’ the Loan document is completed automatically and stored within the Portal.
- The Lender transfers the money for the Loan to the Borrowers bank account via their personal internet banking or chosen payment provider.
- From that moment forward, all repayments are handled automatically by our system - the borrower will be sent reminders prior to payments being made
- If a payment defaults or is missed, PayMyParents will follow this up in a friendly, respectful manner to help ensure this does not occur again
- Both the lender and borrower will have 24/7 access to the portal to view due dates, payments and other activities that may have occurred
- At no time will your Credit Rating ever be affected by using the PayMyParents platform.