A simple solution to lending or Borrowing money Between Family & Friends
Benefits Of Using Pay My Parents
- Helps friends & family get repaid on time and in-full
- Helps remove family/friendship conflict when payments are due
- Automated system - set & forget!
- Loan repayments are managed for you by PayMyParents
- Access to free professional financial education
- Doesn't affect credit ratings
- Helps mitigate financial risk - including free Legal documentation
- 24/7 access to members portal to manage, edit and monitor loans
- Free lifetime access to all our financial resources and services. The only time a cost is incurred is if, or when, a loan is active, with the borrower paying a small fee on repayment transactions.
Pay My Parents Makes Managing Loans Between Family & Friends A Breeze
Joining now grants you immediate, free, lifetime access to all our financial resources and services designed to help you create wealth, no matter how much you earn. The only time a cost is incurred is if, or when, a loan is active, with the borrower paying normal transaction fees.
Join NowJOIN AS A MEMBER TO GET THESE GREAT BENEFITS
Increases the chance of getting repaid on time
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.
Helps remove conflict when payments are due
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.
Safe, nurturing environment
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
Automated system – set & forget!
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.
Access to free financial education
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
Helps mitigate risk - including free legal documentation
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.
Will never affect your child’s credit rating
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.
24/7 access to members portal to manage, edit and monitor loans
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.
No sign up costs or monthly subscription
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.
JOIN NOW - FREE LIFETIME MEMBERSHIP
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