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-£350 (or up to £1,000 for existing customers) to be repaid within 35 days.

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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 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.

Key features of a Wageme loan:

  • Loans of £50-£1,000 for up to 35 days. For first-time customers loans are capped at £350.
  • Fixed, high interest rates. Wageme charges 0.8% interest per day. That means it would cost you £24 to borrow £100 for 30 days. Realistically this is an expensive way to borrow money.
  • 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.
  • Quick application and access to funds. Apply online in just 4 minutes, 24 hours a day. Wageme funds its loans 7 days a week between 7am and 9pm, and uses automated technology to assess your suitability for a loan. Its acceptance criteria are strict, but you will get a quick decision and if approved, the money in your account the same day.
  • Repay on your next payday. Wageme allows you to choose the exact day you wish to repay the money on (as long as it’s within 35 days), so you can align it with your payday.
  • Early repayment. You can settle your loan early at any time free of charge. This is recommended if you can afford to do so, as it will save you money in interest.

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?

Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
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.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

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

Lending Stream Instalment Loan
Satsuma Short Term Loan
Savvy.co.uk Personal Loan
Sunny Loan

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 at moneyadviceservice.org.uk.

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 one-time 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).

Wageme will continue trying to take the missed payment from your account for 90 days. After this it will transfer you to an external debt collection firm. Additional interest is charged for a maximum of 60 days after you go into arrears, up to a maximum of the amount you borrowed.

What are the eligibility requirements?

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

  • Over 18
  • UK resident
  • Employed
  • Hold a UK bank account and debit card

Additional Borrowing Options


    If you have a Wageme loan, you can apply for an extension online.

  • Re-loan. As an existing customer, you won’t need to fill out the application form again for another loan. You may need to confirm some information online, as Wageme will want to verify affordability. Be aware that getting into a “borrowing cycle” (a regular habit of using these loans) is not recommended.

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.

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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