Wageday Advance

Warning: Late repayment can cause you serious money problems

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Representative APR

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Author: Internal 

Editor: We asked some of our staff to research other lenders and write an article about them. The information in this article came from publically available sources as was available at the time the article was researched. Readers should be aware that this article does not contain 'insider knowledge' of the company researched and that they policies and processes may have since changed.

Wageday Advance

People opt for pay day loans when they are in need of money to cover an emergency and may have a less than perfect credit history. People who do possess better credit ratings may choose to either opt for credit cards or other options which are much less expensive. There are still consequences of borrowing from pay day lenders. The interest rates are high and if the payment is not done on time, then it could get out of hand very fast very easily.

WageDayAdvance has won the Top Ten Reviews Bronze award for being one of the top UK based pay day loan providers.

Conditions and Calculations

The borrower has to be a resident of UK and they will be allowed to apply for a loan of £80 to £400 for a duration of 40 days. This is primarily for the customers who are new to the lender. But for customers who have already completed a loan successfully with the lender are allowed to borrow up to £750 from WageDayAdvance. In addition to this, the borrower should be at least 18 years of age and have a steady job; their salary should be credited by direct deposit into their bank account. A payslip or other documentation may be required. The frequency of salary could be weekly, fortnightly or monthly but it is not important. The payment is taken out of the account of the borrower on the due date of payment. To make this possible, they should have a debit card linked to the account in which their income is deposited to.

The annual percentage rate of the loans is 292%. The government requires all pay day loan companies to disclose their APR to the consumers. The representative APR of WageDayAdvance is 1294.1%. This is why it is advisable for people to first check for other options if possible. 3rd party advice, from organisations such as teh Money Advice Service is always an option to go through because in some cases, people are just in need to get in a hold of their spending. They do not require a loan, they need to control their spending better. People who can make better budget plans should be able to go through life without needing emergency cash. But in case the borrower is forced to take a pay day loan to cope up with whatever financial situation that is bothering them, it will be in their best interest to take an assessment of their situation first. Knowing whether they will be able to afford the loan is of utmost importance. Although WageDayAdvance claims to be competative, this does not mean that they are cheap. If the budget is not measured correctly then the situation could get worse after taking the loan, because the borrowers will have trouble paying up the loan. It only takes for the borrower to stumble in just one month, then the loan builds up exponentially causing the borrower a lasting debt.

When should you choose a WageDayAdvance loan?

Emergency requirements could pop up any minute, could be a home repair cost, plumber, car service, utility bills or even a vet bill. Some of these expenses come at time when it just can’t be covered by the salary of the month. The WageDayAdvance is an efficient way in which one can acquire such a loan in a small period of time. These loans are known for their simplicity and convenience.