SteadyPay loans review July 2021

SteadyPay claims to offer "a new kind of credit" for gig economy workers looking to smooth out their income.

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Warning: Late repayment can cause you serious money problems. For help, go to

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Creditspring Membership

Creditspring membership: More than a loan

  • Borrow up to £500 twice a year, available on demand.
  • Monthly membership fee of £8 or £10.
  • Repay each advance in up to 6 monthly payments.
  • 0% interest rate – only pay back what you borrow plus the monthly fee.

Representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative APR 43.1% and total payable: £1,120.


What is SteadyPay?

SteadyPay is a subscription-based credit provider that aims to support gig economy workers or those who have an irregular income. It attempts to help workers when their weekly income is lower than usual, such as when they work fewer hours, take time off due to illness or are away on holiday.

How does SteadyPay work?

SteadyPay securely connects its app to your bank account, and when you earn less than your average weekly income, it will “top-up” your account to make up the difference. For example, if you normally earn £500, but one week only earn £400, SteadyPay will pay you a “top-up” advance of £100 into your account. You then repay this amount over a series of regular instalments.

Unlike a credit card, SteadyPay does not charge interest, but instead uses a subscription model, with a £4 weekly subscription fee. You’ll need to have paid your subscription fee for two weeks to be eligible for a top-up.

The minimum top-up is £25, and the maximum credit limit is £1,000. You can continue to get top-ups provided your balance stays below the £1,000 limit.

Key features of SteadyPay membership

Product NameSteadyPay
Available Amounts£25 to £1,000
New customer maximum£1,000
Funding speedTo be eligible for top-ups, you must have paid the subscription for 2 weeks.
Upon accepting a top-up offer, SteadyPay will transfer the money to your bank account by the next business day.
Default repayment methodContinuous payment authority
Additional repayment methodsOnline payment
Repay early at any point
FCA registration number789333

How long does it take to get a top-up?

You should receive your top-up advance within two working days of your payday. It can take up to 24 hours after your normal pay has been deposited in your bank account before the SteadyPay app updates, and then another working day for the top-up amount to be deposited in your account.

What are the eligibility requirements?

While SteadyPay offers a slightly different service to that of a credit card or personal loan, it still has certain criteria that you’ll need to meet to be eligible:

Minimum age18
Applications from self-employed considered
Additional eligibility notesYou must be in employment

How do I make repayments?

You repay your top-up advances via a number of regular instalments, which are scheduled based on whether you get paid weekly, fortnightly or monthly. Once you’ve received a top-up advance, SteadyPay will automatically take the scheduled instalments from your bank account. If you’re unable to make a repayment, you should contact SteadyPay at least three days before the instalment is due to be taken from your account.

How much can I borrow?

You can get multiple top-ups, as long as your overall credit balance remains below the £1,000 limit.

Repay early at any point
Multiple loans allowed at the same time
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