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.
WageDayAdvance short-term loans review
Now in administration, WageDayAdvance provided flexible short-term loans of up to £2,000, designed to tide you over until payday.
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.
Compare WageDayAdvance loans against services from a range of lenders
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.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
Key features of a WageDayAdvance loan
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|
|Repay early at any point|
|FCA registration number||672831|
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 were the eligibility requirements?
|Additional eligibility notes||You must be in permanent employment.|
You must have a bank account and debit card.
Meeting these requirements did not guarantee you’d be granted a loan.
What are the different loan options?
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.
Additional Borrowing Options
|Option to change repayment date|
|Repay early at any point|
|Repaying early can reduce overall interest|
|Option to extend loan term|
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.
Is high-cost, short-term borrowing a good idea?
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.
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