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WageDayAdvance Loans @

WageDayAdvance Loans
WageDayAdvance was established in the year 2004. They had started out in Skipton, but more recently moved into a large office in the city centre of Leeds. This brand that is active at is assigned to the subsidiary of SRC Transatlantic Ltd. This is a division of CURO Financial Technologies Corp that was previously known as Speedy Group Holdings Corp. This acquisition went through in early 2013. Their core brand (Speedy Cash) has 13 stores in the UK, whilst they have 194 in the USA (+23 as Rapid). The owner collectively has a network of 420 stores that includes the 190 locations in Canada that go under the Cash Money branding.

Things haven’t gone well for Speedy here in the UK where they have closed their site for online applications and some stores have shut down. The WageDayAdvance loans have remained popular, but they have had to adapt their service as most lenders have in this modern era of price capping and stricter regulations. There are now 2 products. The smaller option covers between 1 and 3 months for amounts of £80 to £500 or £750 max on reloans. The secondary choice is Advance Plus that sees 4 to 6 month repayments with differing sums of £100 to £500 (£1000 return). Their monthly £100 charge meets the price cap head on at £24 per £100 borrowed.

The extended term of 6 is advised based on the lower interest rate charged. The WageDayAdvance loans are available 7 days a week. Their opening hours are Monday to Friday (8am/8pm), Saturday (9am/5pm) and Sunday (10am/4pm). There is a WageDayAdvance login facility added to the site. WageDay has always been one of the bigger firms competing in the subprime space. They were at one point the 2nd most profitable payday lender, only edged out by Wonga. Now with more competitive pricing and increased flexibility, this 7 day service is expected to continue to perform well. What perhaps limits growth is that they don’t currently advertise on TV. They did have a small clip on E4, but this was a few years ago now.

Pricing Examples…
£24 /£100 (30)
£211.20 /£300 (3)
£253.99 /£300 (6)

Data Taken from February 2017.