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-£5,000 to be repaid over 1 month to 18 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 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:

How much do you need to borrow?

How long do you need to borrow for?

1 - 5 of 5
Name Product Available Amounts Monthly repayment Total payable Link
QuidMarket Short Term Loan
£300 to £1,500
Go to site
View details
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1297.5% and total payable £454.38 in 3 instalments of £151.46.
The Money Platform Short Term Loan
£250 to £1,000
Check eligibility
View details
Fund Ourselves (Welendus) Short Term Loan
£100 to £1,500
Go to site
View details
Representative example: Borrow £200 for 122 days at a rate of 208% p.a. (fixed). Representative 504.7% APR and total payable £286.62 in 4 monthly payments of £71.71.
Moneyboat Short Term Loan
£200 to £1,500
Go to site
View details
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
Lending Stream Instalment Loan
£50 to £1,500
Go to site
View details
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Please note: 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

Drafty Line of Credit
QuidMarket Short Term Loan
The Money Platform Short Term Loan
Fund Ourselves (Welendus) Short Term Loan
Moneyboat Short Term Loan
Lending Stream Instalment Loan

Key features of a Wageme loan:

Product NameWageme Payday Loan
Available Amounts£50 to £5,000
Representative APR49.9%
Loan terms1 month to 18 months
Maximum APR1,721%
Instant decision in most cases
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 point
FCA registration number673281

How does a Wageme loan work?

  1. 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.
  2. The calculator will show you exactly how much you will repay in total based on your loan amount and term.
  3. 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:

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 point
Repaying early can reduce overall interest
Option to extend loan term
Phone number0207 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

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.

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