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Frequently Asked Questions

Our most frequently asked questions

Our Service

  • Who are WageDayAdvance?

    WageDayAdvance are a leading short term UK lender established in 2004. We have a Yorkshire based call centre and provide unsecured loans of up to £1000 over varying terms, with over 150 employees based in our offices in Leeds and Nottingham. Find out more about us

  • How Do I Borrow From WageDayAdvance?

    Apply online using our straightforward application form; simply choose how much you would like to borrow and over how long before completing the online form.

    We will check that the loan is affordable for you. Our lending decision is based on a combination of your circumstances and, for new customers, a full credit check.

    As a responsible lender, sometimes it isn’t possible to do all of this online, so we may ask you to supply some supporting documentation before making a final decision.

    Once approved, your loan could be transferred to your bank account within 1 hour. Loan applications completed overnight can take a little longer, but everything is made clear during the application process.

  • How much can I borrow?

    As a new customer, you could borrow between £80 and £500 and existing customers could borrow up to £1000 subject to an affordability check.

    Try our simple loan calculator to find out what is affordable for you. Or as an existing customer you can login into your login area to find out how much you are eligible to apply for today.

  • How long can I borrow for?

    There are two loan options available to you:

    If you apply for the WageDayAdvance loan you can repay your loan over 1, 2 or 3 months.

    If you apply for the Advance Plus loan your repayments can be spread over 4, 5 or 6 months.

    The term will depend on which of our loans you are eligible for and how much you would like to borrow.

    Try our simple loan calculator to find out what is affordable for you. Or as an existing customer you can login into your login area to find out what loans you are eligible to apply for today.

  • What are my repayment options?

    When you enter into a loan agreement with us you are required to provide us with a Continuous Payment Authority (CPA) to take the repayments from your account using your debit card. In addition, you may opt to provide us with a direct debit mandate to pay by direct debit instead.

    If you choose not to provide a direct debit mandate, we will use CPA to try to collect the instalment due from your debit card on each Payment Date.

    If a Payment Date falls on a Sunday or a bank holiday, then payment may be taken on the next working day.

  • Do you charge any fees?

    We do not charge any fees for applications or bank transfers on our loans.

    We have two loan products, a WageDay Advance loan and the AdvancePlus loan.

    If you take out a WageDayAdvance loan and miss a repayment you will incur a default fee of £15 in addition to the daily interest charges. The default fee will only be applied once.

    If you take out an Advance Plus loan there are no late repayment default charges and you would never pay a penny more than was agreed upfront.

  • How do I get in touch?

    We’re here for you on 0333 006 2000. Our opening times are Monday to Friday 8am to 8pm, Saturday 9am to 5pm and Sunday 10am to 4pm. Alternatively, you can email us at info@wagedayadvance.co.uk

  • How do I make a complaint?

    If you're not happy with the service you receive or the loan that you've taken, it's really important that you let us know.

    Ways to complain:

    Call us on 0113 8879737

    Email complaints@wagedayadvance.co.uk

    Write to Complaints Team, Wage Day Advance Limited, PO Box 10397, Nottingham, NG1 9JJ

    For more information on the complaints process including the timescales we will get back to you within, please visit the complaints page

  • Where can I get help with my finances?

    If you find that you’re struggling with your finances there are free independent sources of debt advice available to you. Read our Debt Advice for a list of sources

Our Loans

WageDayAdvance Loan

  • What is a WageDayAdvance Loan?

    This loan is for customers who want to borrow £80 to £750 for a short period of time, over 1, 2 or 3 months.

  • How much could I borrow?

    New customers could borrow between £80 and £500, and existing customers could borrow up to £750.

  • What would my repayments be?

    If you borrow over 1 month you will make one repayment for the whole loan amount borrowed plus the interest. Your repayments will be setup in line with your pay dates.

    If you borrow over 2 or 3 months your initial repayment(s) will be interest only, covering the interest of the loan for that month. Your final repayment will be for the original amount borrowed plus one month's interest, so it will always be higher.

    You can reduce the final payment amount by making additional repayments early, at any point during the term of the loan. This could also save you money on the interest that you pay.

  • Is there a minimum loan term?

    Yes, there is a minimum loan term of 21 days for a WageDayAdvance loan. If your next pay date is in less than 21 days’ time from when you take your loan, your first repayment will be made on your following pay date. Your repayment dates will be clearly shown in your loan summary before you sign your agreement.

  • Can I repay a WageDayAdvance loan early?

    Yes, if you need your loan over a shorter period than 21 days you have the option to repay your loan early and you will only pay the daily interest charge for that period. So if you decided to settle your loan after 14 days you would only pay the original amount borrowed plus 14 days of interest.

  • Can I extend the term of a WageDayAdvance loan?

    Possibly, if you borrow your loan over 1 month there is the option to apply to defer your loan repayment by a further month by repaying the interest only as long as you pay the interest due.

    The option to defer your repayments is subject to our discretion and an affordability assessment. It will also increase the cost of your loan . You can only defer your loan a maximum of 2 times.

    If you borrow your loan over 2 or 3 months there is no option to defer your repayment, and in such circumstances it's important that you talk to us about your options if you face any difficulties paying back your loan.

  • What are the charges for a WageDayAdvance Loan?

    The daily interest charge on the amount borrowed throughout the term of the loan for a WageDayAdvance loan is 0.8%.

    There is also a one-off default charge of £15 in addition to the daily interest charges for any late repayments .

 

Advance Plus

  • What is an Advance Plus Loan?

    This loan is for a customer who wants to borrow up to £1,000 for a longer period of time and spread the cost evenly over 4, 5 or 6 months - whichever works best for you.

  • How Much Could I borrow?

    New customers could borrow between £100 and £500 and existing customers could borrow between £100 and £1,000

  • What would my repayments be?

    Your scheduled repayments will be set up in line with your pay dates and they will be for the same amount every month. If your next pay date is in less than 7 days’ time from when you take your loan, your first repayment will be made on your following pay date. Your first and final repayment dates will be clearly shown in your loan summary before you sign an agreement.

    With an AdvancePlus loan you also have the option to make overpayments at any time, saving you money on the daily interest. And if you fall behind on your repayments you will have the ability to catch up on part, or all of your missed payments online using your debit card by logging into your login area

  • What are the charges for an Advance Plus Loan?

    With this loan there are no default charges so you will never pay a penny more than the amount you agree upfront. The daily interest charge on the amount borrowed throughout the term of the loan is 0.75%.

Application Process

  • Who is eligible to apply for a WageDayAdvance loan?

    To apply for a loan with us you must be:

    • Aged 18 or over and in permanent employment
    • A UK resident
    • Have a bank account and debit card

    Eligibility for any loan product is subject to a number of checks. These include a creditworthiness check based upon the information you enter in the application form and for new customers a credit check. An affordability assessment is done to ensure that the loan product or loan amount is the right option for you today.

    We will only lend to you if we are satisfied that you can afford the loan offered and we ask you to please make sure, before borrowing, that you are confident that you can repay your loan in full, on time. If you cannot afford to repay the loan in accordance with its terms you should not sign up for this agreement.

    Sometimes it isn’t possible to make a full decision based on the information you enter online, and in these circumstances we may ask you to provide electronically additional documentation including a copy of your bank statement.

  • What information do I need to apply for a WageDayAdvance loan?

    To complete your loan application you will need:

    • Current address information
    • A valid email address and contact number
    • Your income and outgoings including current employers details
    • Your bank account and debit card information

    Click here if you would like to apply for a loan with us.

  • Will there be a credit check as part of the application process?

    As part of the application process you will be asked if you consent to us carrying out a credit check. This helps us to decide whether we are able to lend to you. We currently use Equifax and Call Credit to carry out our credit checks. You can find out more about these credit reference agencies by visiting their websites.

    www.equifax.co.uk

    www.callcredit.co.uk

  • I have applied for a loan what do I do next?

    Once we’ve reviewed your application we’ll be in touch to tell you the outcome of your application or request any additional information that we may need from you to make a decision.

    If you’ve already received a successful application decision then your loan will be on its way. We transfer funds via Faster Payments hourly Monday to Friday, from 9am until 8pm, with a final payment made at 11:55pm. On a Saturday we transfer hourly between 10am until 4pm with a final payment at 11:55pm. On a Sunday between 11am until 4pm with a final payment at 11:55pm.

  • When will the funds be in my account?

    After your loan has been approved it can be in your account within an hour via Faster Payments. We transfer cash hourly Monday to Friday, from 9am until 8pm, with a final payment made at 11:55pm.

    On a Saturday we transfer hourly between 10am until 4pm with a final payment at 11:55pm. On a Sunday between 11am until 4pm with a final payment at 11:55pm.

    Once the funds have been transferred they will become available in your bank as soon as your bank processes the deposit. Most banks operating Faster Payments will clear the funds into your account within one hour.

    After your loan application has been approved you will receive a text message estimating the time your loan will be in your bank account.

  • Can I cancel my application?

    Yes you can. You have the right to withdraw your loan within 14 days from the date of your loan agreement. Withdrawing from your loan agreement means that you will need to repay the amount you borrowed, including interest accrued within 14 days. Daily interest will continue to be applied to your outstanding balance until it’s paid in full.

    The period of withdrawal begins the day after the latest of:

    • The day on which the agreement is made
    • If information is provided after the agreement is made, the day you receive a copy of the agreement signed by us and you; or
    • The day you are informed that the agreement has been signed, that the signed version is identical to the unsigned copy that you already have and you are informed that you have the right to receive a copy of the signed agreement if you make a request before the end of 14 days beginning with the day after the day on which you receive this written communication

    Please call us on 0333 006 2000 to cancel your application, make a payment or check how much you need to repay to discharge your loan. Alternatively you can request a withdrawal by writing to us at WageDayAdvance, Wellington Plaza, Wellington Street, Leeds, LS1 4DL or email us at info@wagedayadvance.co.uk

Managing your loan

  • Can you resend my pin?

    Yes we can. Just give us a call on 0333 006 2000 and we can do this for you straight away.

  • How do I update my details?

    To update your personal details login to your personal login area

    To update your bank or card details please call us on 0333 006 2000.

  • I have a new employer what do I need to do?

    Please give us a call on 0333 006 2000 and we will update your account with your new employer’s details.

  • How do I change my debit card details?

    To update your card details just give us a call on 0333 006 2000.

  • How do I change my bank details?

    To update your bank details just give us a call on 0333 006 2000.

  • Will I receive any repayment reminders for my loan?

    We will contact you via email or text message at least three (3) days prior to each Repayment Date to remind you when repayment is due. Please contact us if you are having repayment difficulties.

  • Can I change my repayment due date?

    If you have a WageDayAdvance loan you can change your repayment date by up to a maximum of 5 days after your contractual due date without being charged any additional interest.

    If you have an AdvancePlus loan and your salary pay date changes you can change your repayment due date to your new pay day. You can only do this once during the term of your loan.

    If you need to change your repayment due date please give us a call on 0333 006 2000 and we can do this for you.

  • What is CPA?

    CPA stands for Continuous Payment Authority and is a type of automatic payment that authorises a lender to withdraw funds from the borrower’s nominated bank account using the debit card details that the borrower supplied. This is subject to agreed terms which are fully disclosed and agreed to during the loan application process.

    After being agreed, CPA allows a business to take a series of agreed payments using supplied debit card details without having to seek express authorisation for each individual repayment.

    CPA can provide customers an easy and efficient way of making a repayment on agreed dates without having to setup a direct debit or call to make a repayment, however it is important that you fully understand and are aware of the commitment you are entering into when applying for, accepting and repaying a loan. You can cancel CPA at any time by calling us on 0333 006 2000. You can also cancel via email, post or by contacting your bank directly.

  • Can I cancel my CPA?

    You can cancel your Continuous Payment Authority (CPA) with your bank, card issuer or WageDayAdvance. If you decide to cancel your CPA with your bank or card issuer you should also notify us.

    You will still be responsible for the repayment of your loan with us so you must ensure that you have made alternative payment arrangements prior to the following payment dates to avoid going into default.

    Please note that separate repayments made by debit card that are individually and expressly agreed with you do not fall within the definition of CPA and are not subject to the above provisions.

  • Can I pay my loan online?

    Yes if you’re behind on your loan repayment and you’d like to catch up on your arrears you can make a repayment on your loan by logging into your personal login area.

    Alternatively if you’d like to make an additional repayment or settle your loan, please call us on 0333 006 2000 and we can take a repayment over the phone or provide you with an early settlement figure.

  • Can I pay my loan off early?

    Yes you can repay your loan at any time. You can make additional overpayments at any time or pay off your loan early, which could reduce the interest you pay.

    For AdvancePlus customers, if you do make an overpayment / regular overpayments these will initially reduce the amount of your next scheduled repayment. Any amount over this next scheduled repayment will be deducted from the final balance of your loan.

  • There are no additional charges for overpayments or early repayment of your loan.

    Please call us on 0333 006 2000 if you’d like to make an overpayment or repay your loan early.

  • Can I extend my loan?

    It’s not possible to refinance your loan onto a longer term agreement. If you’ve experienced an unexpected event you do still have options that will allow you to repay your loan over an affordable period of time:

    If you have a WageDayAdvance loan

    • You can apply to defer your loan repayment up to a maximum of two times. You will still be required to repay the interest for the amount borrowed on your due date. Deferring your loan repayment is subject to an affordability assessment and is not guaranteed.
    • If your circumstances have changed, and you’d like to discuss spreading your repayment over a longer period of time please call us. We will work with you to conduct an affordability assessment to understand your circumstances and setup a promise to pay schedule.
    • Please note that late repayment on the WageDayAdvance loan is subject to a £15 charge and additional interest may be added.

    To get in touch about any of the options above please call us on 0333 006 2000.

    If you have an Advance Plus loan

    • You can feel reassured that there are no default charges and the total cost of your loan will never exceed what you agreed upfront.
    • If you’ve experienced an unexpected event please call us. We will work with you to conduct an affordability assessment to understand your circumstances and setup a promise to pay schedule.
    • If you’ve missed repayments and would like to catch up on part or all of your arrears you can do this online through your login area or by calling us.

    To get in touch about any of the options above please call us on 0333 006 2000.

  • Can I split my payments?

    It’s not possible to extend the term of your loan or make changes to the payments that were agreed at the start of your loan. But please call us on 0333 006 2000 if your circumstances have changed, and you’d like to discuss spreading your payments over a longer period of time or deferring your loan so that we can discuss this with you.

    If you miss a repayment it is possible to catch up on part or all of your arrears by logging in and making an online repayment.

  • Has my deferral been processed?

    If you haven’t received any emails from us regarding your deferral request please call us on 0333 006 2000 straight away. We can advise whether your application for a deferral has been accepted and processed or talk to you about your other options.

  • Can I top up my loan?

    We’re unable to lend further funds on top of an existing loan. Once your loan has been repaid in full, you could apply for a different amount or product.

  • Can I apply for another loan?

    Yes, simply login into your personal login area to find out what loan amounts and terms you’re eligible to apply for today. The amount and terms available will be personalised to your circumstances based on what we know about you today.

    If you apply for a loan it’s important that you review the details we already hold about you and tell us if anything has changed. We may ask you to complete your income and outgoings again to check the loan is affordable for you.

  • How do I apply for another loan?

    Simply Login to your customer area and choose the loan amount and term you’d like to apply for from your personalised loan calculator. The amount and terms available will be personalised to your circumstances based on what we know about you today.

    If you decide to apply for another loan it’s important that you review the details we already hold about you and tell us if anything has changed. We may ask you to complete your income and outgoings again to check the loan is affordable for you. If we decide you can’t quite have the amount you’ve initially applied for, don’t worry, if you can have a lower amount we’ll show you this online and you can decide if this is right for you today.

  • What if I can’t make the repayment on time?

    We understand that circumstances change and if you feel you will struggle or are unable to pay your loan repayment on the scheduled due date please call us on 0333 006 2000 as soon as possible so we can work out an affordable repayment plan for you.

    If you do not make us aware of any difficulties that you will have in making your repayment, we will make two attempts to collect the payment due.

    Attempt one: by direct debit to seek to take the instalment due on the Repayment Date.

    Attempt two: by debit card on the day we are notified by your bank that your direct debit payment has failed

    After two consecutive failed attempts to collect the instalment (as outlined above) we cannot make any further attempts to collect any payments due, by direct debit or debit card, unless we have your express authority to do so. We will never seek to recover part-payment by CPA unless you give your express consent for us to do so.

  • What happens if I default on my loan?

    If you take out an Advance Plus loan there are no late repayment default charges and you would never pay a penny more than was agreed upfront.

    If you take out a WageDayAdvance loan and fail to repay on your repayment date interest will continue to accrue on your outstanding balance up to a maximum of 60 days and you will incur a default charge of £15. The default fee of £15 will only be applied once on your loan. However if you are able to catch up on your missed payment within 2 days we will not charge you a £15 default charge.

    Our loans are rate capped products, which means that the law prescribes that we cannot charge you more than the stated daily interest per day on the balance of your loan outstanding.

    If you do not repay on time you cannot be required to repay in total more than twice the amount you borrow. For example, if you borrow £100 you cannot be required to pay more than £200 in capital, interest and charges. So once your loan balance reaches its total amount payable (This will be shown as the maximum you have to repay under this agreement on your loan documents), then all interest and charges will be frozen once your balance reaches the Total Amount Payable shown

    We will immediately try to contact you by phone, email and/or text message and find out why you have been unable to meet your repayment obligations. Please let us know if you are experiencing financial difficulty, we will show forbearance and seek to assist you by agreeing alternative repayment arrangements and we may be able to freeze interest.

    We will also share this information with credit reference agencies after 90 days which could have a negative impact on your credit score and makeit more difficult or expensive for you to obtain credit in the future.

    If you’re struggling with your finances and you’re unable to pay your loan repayment on the scheduled due date, it’s important that you call us on 0333 006 2000 as soon as possible.

    There are also free independent sources of debt advice available to you which are listed on our Debt Advice

  • Need free debt advice?

    If you default on your loan it could be more difficult for you to obtain credit in the future. If you find that you’re struggling with your finances there are free independent sources of debt advice available to you. Click here for a list of sources

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