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-£5,000 to be repaid over 1 month to 18 months.
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 on which 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.
How do Wageme loans compare against other lenders’?
Table: promoted deals, sorted by total payable
If you’ve used the Wageme site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short term lenders:
Key features of a Wageme loan:
Product Name
Wageme Payday Loan
Available Amounts
£50 to £5,000
Representative APR
79.5%
Loan terms
1 month to 18 months
Maximum APR
1,721%
Instant decision in most cases
Funding speed
If 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 options
Monthly
Repay early at any point
FCA registration number
673281
How does a Wageme loan work?
Go to the “Apply” section on the Wageme website and use the slider control to indicate the loan amount you require and the date when you will be able to pay it back.
The calculator will show you exactly how much you will repay in total based on your loan amount and term.
If you are happy to go ahead, fill in the simple application form with your personal and financial details. Wageme will perform a credit and affordability check and, if approved, you will receive an instant decision and the money in your account usually on the same day.
How do I pay back my loan?
Wageme will make a withdrawal from your bank account on the repayment date you have chosen. Alternatively you can repay the money earlier 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 the make the repayment. 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 Wageme loan if you meet the following criteria:
Residency
UK resident
Minimum age
18
Additional eligibility notes
You 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 point
Repaying early can reduce overall interest
Option to extend loan term
Phone number
0207 993 0742
Is Wageme a trustworthy lender?
Wageme are 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.
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.
Customer reviews
Wageme has an “excellent” rating of 4.7 out of 5 on review platform trustpilot, based on over 400 reviews (updated July 2023). 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 then you can give Wageme a ring on 0207 993 0742.
Is high-cost, short-term borrowing a good idea?
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.
Frequently asked questions
Wageme will not automatically reject your application due to a poor credit history. It considers every application on its individual merits. As well as your credit rating, it takes into account your employment history and financial circumstances.
No, but failure to repay on or before the agreed due date may.
You will be asked to provide your name and current address, employment and income details, email address and a contact phone number, and your bank account details.
If 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.
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.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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