Wagepay

Wagepay: online wage advances for Canadian residents

Wagepay is a financial services company that offers wage advances to residents of British Columbia, Ontario and Alberta. Through its website and mobile app, users can access a portion of their pay before payday. The company presents itself as an alternative to traditional payday loans, with a focus on speed and transparency.

How the service works

The process consists of three steps: create an account with personal and contact details, link a bank account to verify the available amount, and receive the funds via Interac transfers. Registration is completed in less than three minutes, according to the company. Advances can be requested for up to CAD 1,500, with a standard credit fee of 14%. No late fees or non-sufficient funds (NSF) fees apply. The company states that it does not perform credit checks, so TransUnion and Equifax scores are not affected.

Pricing and conditions by province

Conditions vary depending on the province of residence. In British Columbia, a maximum establishment fee of CAD 14 is charged for every CAD 100 advanced; for a CAD 300 loan over 14 days, the annual percentage rate (APR) is 365%. In Ontario, the same maximum fee applies; a CAD 500 loan over 14 days has a total cost of CAD 70, with a total amount owing of CAD 570 and an APR of 365%. In Alberta, the fee is also CAD 14 for every CAD 100, with terms of 42 to 62 days and between 2 and 7 payments depending on income frequency; a CAD 100 loan over 62 days has an APR of 82.42%. The company offers tiered pricing for selected customers, with rates lower than the standard ones.

History and expansion

Wagepay was founded in Australia in 2020 by an international team of entrepreneurs. In 2022, the company began exploring international expansion. In 2023, Wagepay Inc, its Canadian subsidiary, was incorporated and obtained a licence to operate in British Columbia, where it began offering its wage advance product. In 2024, the company launched its app on the App Store and Google Play, and received approval to operate in Ontario. The company plans to expand to other Canadian provinces.

Complementary services and future projects

In addition to wage advances, Wagepay offers a bank scoring service that evaluates the user's bank account and provides feedback to improve their creditworthiness. It also plans to launch a loyalty program with redeemable points and cash giveaways. The company operates exclusively online, with no physical branches, and serves customers through the app or web portal.

Licences and compliance

Wagepay holds payday loan licences in British Columbia (No. 86410), Ontario (No. 4741466) and Alberta (No. 359836). The company is incorporated as Wagepay INC, with Ontario corporation number 1000597492. Its head office is located at 325 Front Street West, 2nd floor, Toronto, ON M5V 2Y1, Canada.

Location and contact

325 Front Street West 2nd floor, Toronto, ON M5V 2Y1, Canada