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.
| Product Name | Wageme Payday Loan |
|---|---|
| Available Amounts | £50 to £5,000 |
| Representative APR | 79.5% |
| Loan terms | 1 month to 24 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 |
To apply for a loan with Wageme, follow the steps below:
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).
Only apply for a 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. |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Option to extend loan term | |
| Phone number | 0207 993 0742 |
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.
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.
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.
If you have any queries or need support, you can give Wageme a ring on 0207 993 0742.
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.
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