Wagetap

Wagetap, wage advances from your mobile in the UK

Wagetap is a mobile app that allows UK workers to access part of their salary in advance. According to the company's own information, the process is designed to be completed in under three minutes and the maximum amount available is £100 of your next pay. The company presents itself as an alternative to traditional banks and payday lenders, with a fixed fee instead of complicated repayment plans.

How the advance works

The service is structured in three steps: downloading the app, creating an account with data verification and requesting the advance. The app is available on the Apple App Store and Google Play. Once approved, the user receives the amount and repays it when their payday arrives. The company states that it does not apply hidden fees or late charges, and that the money can be used for expenses such as mid-month bills or buying groceries.

The site shows a representative example of the cost: a loan of £108, with a fixed fee of £8, 0% interest and a repayment period of 62 days, resulting in a total repayment of £108. The representative APR indicated is 57.3%. The company notes that terms and eligibility criteria apply, as well as ongoing suitability checks.

Business model and regulation

Wagetap operates as a credit broker and not as a lender. It facilitates credit agreements with Creative Finance Ltd, an entity authorised and regulated by the Financial Conduct Authority (FCA) under reference number 702435. Wagetap acts as an appointed representative of Creative Finance Ltd under FRN 1024314. The company that operates the brand is Wagetap UK Limited, with company registration number 16105377.

Origin and proposition

The company was founded in Australia with the aim of making access to wages more transparent and affordable. It is now bringing that same model to the UK market, where it aims to be a financially responsible partner for workers in the country. The company states that each application is assessed using different criteria from those of major banks or payday lenders, in order to offer financing in a responsible and fair way.

Declared scale

According to data published by the company itself, more than 300,000 people worldwide use its services and advances worth more than £250 million have been granted globally. The company also indicates an average rating of 4.8.