Using PayMyParents gives the borrower, the greatest chance of getting paid back on-
time and in-full! You can have more than one loan at any time and the system allows you to loan to more than one family member or friend at any time, totally separate from each other.
As the loan repayments are managed by us, there are no awkward conversations about repayments when they are due. This removes any potentially family or friendship wrecking conflict and allows for a more harmonious, enjoyable life.
The Pay My Parents portal is tailored at teaching financial literacy in a safe, nurturing environment. We will never ‘chase’ the borrower for money, but will remind them of their responsibilities, that people are relying on them and that missed payments set bad habits for future loans. At no stage will PayMyParents ever damage anyones all important Australian Credit Rating. All actions are contained within the PayMyParents secure system, ensuring no external credit facilities have access to any data
Once you have set up your loan, there is nothing more for you to do! Pay My Parents manages the repayments and everything associated with that for you. The borrower is sent payment reminders when payments are due, and the money is automatically transferred from their bank account to yours. All actions are recorded and both you and the borrower have 24/7 access to our online portal to view, manage and adjust the loan at your convenience.
PayMyParents has an ever-growing database of articles, infographics, courses and expert advice to help teach young Australian’s valuable financial skills. Both the parent and child have full access to this. You can view our Learning Centre
The best thing you can do to protect yourself while lending money to a family & friends is to ensure there is a clear Legally binding Loan contract in place. Irrespective of the size of the loan, Pay My Parents provides a free loan contract that will help to mitigate any risk associated with the loan.
Pay My Parents will never affect your anyones credit rating, period! The system is designed to teach financial literacy to understand the ramifications of missing repayments but does so in an entirely harmless environment.
If you want to make a change to the loan, or if you want to see the progress the borrower has made on the loan, you can do this at any time through our members portal. Adding more money to a loan, changing repayment amounts or starting a new loan are just some of the options available in the members portal. If you add additional funds to an existing loan, the amount, date and purpose are recorded.
You receive all of this plus more completely free of charge!
The borrower will only be charged a small transaction fee on repayments (similar to PayPal or Stripe) when a loan is active.
Joining now grants you immediate to all our financial resources and services designed to show you how to create wealth, no matter how much you earn.
Joining Pay My Parents is entirely free. Joining now grants you immediate access to all our financial resources and services designed to show you how to create wealth, no matter how much you earn.
The only time a cost is incurred is when a loan is active with the borrower paying normal transaction fees (similar to PayPal or Stripe) with each loan repayment.Join Now
We have an Internal Dispute Resolution process . If you have a complaint about our services, please contact us. We aim to resolve the majority of complaints within five (5) business days. If we believe it may take longer to resolve your complaint or to investigate the matter thoroughly, we will let you know and keep you informed of progress.
You can make a complaint in writing (letter or email) or verbally (telephone or personal representation). Your complaint will be referred to our complaints officer for response.
All details are current as of May 20th 2020. We publish minor changes on our website and periodically will update our policies.