We’re something new to the world of finance – a subscription credit service for people paid by hour.

There’s no interest charges and no hidden charges, like missed repayment fees. The only thing you pay is one, low, weekly subscription fee, which gives you access to £1000 of revolving credit that’s used to top-up your pay.

Quick pay back

The subscription is £4 a week, which over the year comes to a total of £208. It doesn’t take much to get your money back.

Let’s use these example rates: average pay of £10 an hour, average work day of 8 hours. All that’s needed to pay back a whole year’s subscription are top-ups covering just over two-and-half days work.

Ongoing benefit

Pretty much everyone takes more than two-and-half days off work over the course of the year. Once you factor in sick days, bank holidays and personal holidays, the figure tends to be around 20 days.

That’s a fair amount of pay that needs topping up. Indeed, it’s £1600 worth of top-ups (if we continue to use the example rates).

This is the kind of value SteadyPay provides.

Remember, SteadyPay is a revolving credit facility. You could receive a top-up (using the example rates again) of £240 to offset 3 days lost to sickness, then later on receive a top-up for £400 for taking a 5-day holiday, and so on. You continue to receive top-ups so long as your balance stays within the £1000 limit and you make repayments to refresh the credit.

And this is before we even get to pay lost due to working fewer rostered shifts!

Affordability

Another of our innovations is that you can manage the top-ups according to what you can afford. You can choose to decline a top-up.

Competitive pricing

Comparing SteadyPay to credit cards, overdrafts and payday loans can be problematic as none of these are designed for topping up pay. However, their pricing models are very different to us.

As the table shows, they charge interest (which compounds) and a bunch of fees. This means you’re at risk of paying much more than what you borrowed, especially if you miss a repayment or make minimum repayments. There’s no risk of this happening with SteadyPay.

We like to think that for all this, £4 a week represents great value for money. We’d love to hear your take though. Reach out to us at [email protected].

To see how we could protect your pay, check out our benefits calculator.