Why did my limit drop?
Beforepay looks at hundreds of factors when determining your Pay Advance cash out limit. These factors are rechecked before every loan to provide a limit tailored to your individual financial circumstances.
As a result, your limit may occasionally increase or decrease.
The following list is not exhaustive and is meant to serve as a general guide as to the types of things that could reduce your limit, not an exact indicator of your individual situation.
Here are a just a number of the key factors that can affect your cash out limit:
Income: In order to take out a Pay Advance with Beforepay, you must have a regular source of income. This is to ensure that you can pay back your loan without hardship or financial stress. Fluctuations in your income can contribute to changes in your limit.
Debts: Having a large amount of debt from multiple different sources, including credit cards, other loans, or Buy Now Pay Later sources, can affect your limit.
Risky Behaviours: Certain financial behaviours, such as gambling, can negatively impact your Pay Advance limit, especially if it is a regular occurrence.
Missed Repayments: Missing repayments for existing loans or other scheduled expenses can have a negative impact on your cash out limit. Similarly, meeting those financial obligations is a positive indicator.
Note: Repaying early will not decrease your limit. Your limit is recalculated after every settled loan, which can sometimes result in a decreased cash out amount, but it’s not the early repayment that caused the drop.Big Purchases: Spending money you don’t have then figuring out how to pay, rather than save up for it can also play a role in your limit dropping. This can include taking out additional loans or moving money from savings accounts to everyday expense accounts.
Money Behaviours: Changing your regular behaviours when you get paid can also affect your limit. For example, making a higher-than-normal number of purchases the same day you get paid.
There is a chance we don’t have your most up-to-date information, which could also result in your limit changing. This includes:
A new job and/or a new pay cycle
Your salary being deposited into a different account
Your bank is no longer synced to your Beforepay account
If you need to update your personal details or need help getting set up, please email our support team at support@beforepay.com.au. We’re always happy to help!