Wageme short term loans review

If you're looking for emergency financial help to get you through to your next paycheck, Wageme will give you an instant decision on a loan of £50 to £5,000 to be repaid over 1 month to 24 months.

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Launched in 2012, Wageme is an online-only, direct lender of short term payday loans designed to tide you over until your next paycheck. It offers a flexible service where you can choose exactly how much money you need and the date you’ll pay it back (to match up with your next payday).

Wageme, which has headquarters in London, allows you to apply and manage your loan exclusively through its website with no need for time-consuming paperwork, meetings or phone calls. Wageme will only lend to borrowers who can afford to repay the money quickly. As such, it has a stricter acceptance rate than many payday loan providers, declining 2 out of every 3 first-time applicants.

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

Key features of a Wageme loan:

Product NameWageme Payday Loan
Available Amounts£50 to £5,000
Representative APR79.5%
Loan terms1 month to 24 months
Maximum APR1,721%
Instant decision in most casestick
Funding speedIf your bank accepts faster payments, you will receive the money on the same day that you are approved for a loan. Some banks may take 24-48 hours to clear the funds.
Repayment period optionsMonthly
Repay early at any pointtick
FCA registration number673281

How does a Wageme loan work?

To apply for a loan with Wageme, follow the steps below:

  1. Go to the “Apply” section on the Wageme website and select how much you want to borrow and over how many months you want to repay.
  2. Click through to fill in the simple application form with your personal and financial details, and state what you want to use the loan for.
  3. Wageme will perform a credit and affordability check, and if approved, you will usually receive the money in your account on the same day.

How do I pay back my loan?

You can make your repayments by using your debit card or setting up a monthly direct debit. Alternatively, you can repay the full amount early at any time through a bank transfer. This is advised if you can afford to do so, as it will save you money in interest.

Before you take out a short term loan, be sure you can afford to make the repayments. If Wageme is unable to take the money on the chosen date, an advisor will get in touch to try to resolve the issue with you. Payments that fail to clear on the specified date will incur a penalty of £15 and will have a damaging effect on your credit history (and therefore your ability to secure credit in the future).

What are the eligibility requirements?

Only apply for a Wageme loan if you meet the following criteria:

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must have a regular income.
You must have a valid UK bank account and a valid email address.

Additional Borrowing Options

Repay early at any pointtick
Repaying early can reduce overall interesttick
Option to extend loan termtick
Phone number0207 993 0742

Is Wageme a trustworthy lender?

Wageme is authorised and regulated by the Financial Conduct Authority (FCA). If ever in doubt, you can search the FCA register to ensure a lender is authorised.

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.

It also 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.

Pros and cons of Wageme short term loans


  • Early repayment. You can settle your loan early if you can afford to, without penalty.
  • Poor credit histories are considered. Wageme will still consider your application if you have a poor credit score.
  • Larger borrowing sums. You may be able to borrow up to £5,000, which is higher than many of its competitors.


  • High interest rates. Like any short term loans, you’ll pay a high rate of interest if you choose a Wageme loan. Make sure you consider all other options before turning to a short term loan.
  • Late payment fee. Wageme will charge you a penalty of £15, and interest will continue to be added to your loan balance up to a maximum of 100% of the amount borrowed.

Customer reviews

Wageme has an “Excellent” rating of 4.4 out of 5 on review platform Trustpilot, based on over 400 reviews (updated April 2024). Customers commended the easy and simple application process as well as the helpful customer service team.

Customer support

If you have any queries or need support, you can give Wageme a ring on 0207 993 0742.

Our verdict

Short term payday loans from companies like Wageme offer a quick fix when you find yourself with emergency cash flow problems, but they are a very expensive form of borrowing. Therefore, you should only consider one as a last resort. Short term loans are not the answer for long term or sustained borrowing or for people with serious debt problems. Before you apply for a short term loan, make sure you have considered all other options carefully. Read about alternatives to payday loans.

If you want to take out a short term loan, it’s important to borrow as little as possible and always repay it as quickly as you can to reduce the total amount of interest payable.”

Rachel Wait, financial journalist

Frequently asked questions

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