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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.
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.
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.
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.
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.
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.
Meeting these requirements did not guarantee you’d be granted a loan.
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.
We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.
