Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
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.
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.
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 £80 and £2,000, over terms of 1 month to 12 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.
| Product Name | WageDayAdvance Short Term Flexible Loan |
|---|---|
| Available Amounts | £80 to £2,000 |
| New customer maximum | £750 |
| Loan terms | 1 month to 12 months |
| Soft search eligibility check | |
| Funding speed | Once approved, your loan could be transferred to your bank account within 1 hour. Loan applications completed overnight can take a little longer. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment Phone payment Direct debit |
| Repay early at any point | |
| FCA registration number | 672831 |
| Link | More Info |
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.
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.
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You must be in permanent employment. You must have a bank account and debit card. |
| Link | More Info |
Meeting these requirements did not guarantee you’d be granted a loan.
WageDayAdvance had two loan options to choose from, offering new customers the chance to borrow between £80–£750. The terms of loans depended on which loan an applicant was eligible for and how much they were looking to borrow.
| Option to change repayment date | |
|---|---|
| Repay early at any point | |
| Repaying early can reduce overall interest | |
| Option to extend loan term | |
| Link | More Info |
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.
Payday loans, and high-cost, short-term credit from lenders like WageDayAdvance 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.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
