Using PayMyParents gives you, the parent, 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 child 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 wrecking conflict and allows for a more harmonious, enjoyable life. As a consequence of using our system, your child is taught life-long, advanced money management skills that will help protect them from making bad monetary decisions throughout their life.
The PayMyParents portal is tailored at teaching financial literacy in a safe, nurturing environment. We will never ‘chase’ your child 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 your childs 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! PayMyParents manages the repayments and everything associated with that for you. Your child 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 your child 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 child is to ensure there is a clear Legally binding Loan contract in place. Irrespective of the size of the loan, PayMyParents provides a free loan contract that will help to mitigate any risk associated with the loan. Two examples showing the potential danger of not having any legal documentation: You lend money to your child with no documentation and something happens to you. If you have other siblings, this has the potential for a serious family dispute OR you lend money to your child with no documentation for a deposit for a house. Their relationship with their partner breaks up and the partner walks away with around 50% of your money.
PayMyParents will never affect your child’s credit rating, period! The system is designed to teach financial literacy and for kids 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 your child 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