In February 2019, WageDayAdvance (and its sister company Juo loans, which provided guarantor loans) went into administration. As such, it’s no longer accepting new applications. Like a number of long-standing payday loan companies, WageDayAdvance simply buckled under the sheer volume of complaints and compensation claims. We’ve left this page live for historical purposes.
We can’t always predict what costs are around the corner and as a result sometimes we can find ourselves short on cash. WageDayAdvance provided transparent, short-term loans of between £100 and £1000, over terms of 1 to 6 months, and offered the freedom to repay your loan amount early to save interest. The company had customer service teams based in Leeds and Nottingham.
For those in need of cash fast, WageDayAdvance loans could be in your bank account within 1 hour of your application being approved.
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.
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Key features of a WageDayAdvance loan:
Loans of £80-£1000. The amount you’re able to borrow will depend on your personal circumstances.
Borrow over 1 to 6 months. Pick a repayment period that suits your situation.
Simple application. Complete your entire application online and save the hassle of phone calls and paperwork.
Transparent. The online calculator shows how much you’ll need to repay and when.
Responsible. WageDayAdvance use an affordability checker to make sure you’re not taking out a loan you can’t afford.
Quick payments. Once approved loans are sent within 1 hour.
Repay early at any time. This could save you money in interest.
Compare WageDayAdvance loans against services from a range of lenders
Table: promoted deals, sorted by total payable
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
How much do you need to borrow?
How long do you need to borrow for?
Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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How did short term loans from WageDayAdvance work?
To get a short term loan with WageDayAdvance, you firstly needed to apply online, choosing the size and duration of your loan. The company then ran a credit check and affordability check on you. If accepted, WageDayAdvance would attempt to provide the loan that you applied for, however they sometimes made a tailored offer based on your personal circumstances. You’d receive their decision online, with the full terms of their offer.
Once you accepted the loan deal your money would be with you within an hour. From that day on, until your loan was fully repaid, you’d be charged interest daily. Your loan was repaid via a Continuous Payment Authority (CPA), or you could opt to pay by direct debit.
What is a Continuous Payment Authority (CPA)?
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
What are the different loan options?
WageDayAdvance had two loan options to choose from, offering new customers the chance to borrow between £80-£500. The terms of loans depended on which loan an applicant was eligible for and how much they were looking to borrow.
WageDayAdvance. Choose to pay back your loan over 1, 2 or 3 months.
Advance Plus. Borrow for either 4, 5 or 6 months.
What were the eligibility requirements?
You must have a mobile
You must be a UK citizen
You must be 18 or over
You must be employed
You must have a bank account
Meeting these requirements did not guarantee you’d be granted a loan.
Additional Borrowing Options
Top-Ups. WageDayAdvance did not allow top ups, as part of its aim to only provide affordable loans. Once your loan and interest was repaid in full you could apply for a new loan.
Extensions. It was not possible to refinance your loan onto a longer term agreement with WageDayAdvance. However, on their WageDayAdvance loan you could apply to defer your repayment up to two times, but this was subject to further affordability checks. If you found yourself in a situation where you couldn’t afford your repayment, you would contact WageDayAdvance on 0333 006 2000 to try to find a solution that works for the both of you.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Frequently Asked Questions
Your address, a valid email and telephone number, your income and outgoings, employer and bank account details.
WageDayAdvance will notify you online or via email on the status of your application.
If your application is declined you may try again at any time, but the outcome will not change unless your circumstances have.
Applying for a WageDayAdvance loan will leave a footprint on your credit file. Late repayments can cause serious damage to your credit score, so make sure you choose a loan that’s affordable.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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