Up to 5 Deferrals/Extensions are only permitted at the discretion of WageDayAdvance and only to the extent that we are satisfied that it is responsible to permit you to defer/extend your loan.
If you are permitted to defer repayment of your loan for a further month, you will just pay the interest due this month and then repay the amount borrowed next month with interest accrued. You can start your request to defer your loan by clicking the "Login to Customer Area
Please Note : Extending your loan by deferring repayment of capital will cost you more and mean it will take longer to repay your loan. We discourage you from extending, please try and repay your debt as quickly as possible to reduce charges. If you are in financial difficulties, you should let us know as soon as possible and we can explore new arrangements for you paying off your debt. There are also organisations that offer free debt advice, more information is available on our responsible lending page.
If you are a previous customer of WageDayAdvance but have not yet set up an online account then click here to create one now and access your customer area.
Example of deferring repayment of a loan
The example table below shows the additional interest (or 'deferral fee') for each month you deferred and the total you would repay if you borrowed £250 and deferred payment of the capital 5 times.
||£250 Loan Amount
| ||Repaid on Due Date|| ||£250.00|| ||£73.75|| ||£323.75|| |
| ||1st Deferral|| || || ||£73.75|| || || |
| ||2nd Deferral|| || || ||£73.75|| || || |
| ||3rd Deferral|| || || ||£73.75|| || || |
| ||4th Deferral|| || || ||£73.75|| || || |
| ||5th Deferral|| || || ||£73.75|| || = £692.50|| |
WageDayAdvance must receive your deferral request a minimum of 3 working days before your loan is due for repayment - you will receive confirmation of your deferral by e-mail within 1 working day of us receiving your request. If you do not receive a confirmation e-mail please contact us immediately as your deferral request may not have been received and processed, which will result in full repayment of your loan being taken.