We're a young UK company, founded in 2017. We're focused on providing an innovative lending service. For us, innovation is more than applying technology in a cool way; it's about coming up with a different way of doing business. This means not charging interest. This means not charging a bunch of fees.
We came up with SteadyPay by concentrating on solving a financial problem, not on selling a financial product. When your pay is less than usual (due to working fewer hours, taking time off, etc), you're put under a lot of pressure. It ruins budgets. It means going without or choosing which important thing to go without. That's bad enough – but it can also lead to taking on expensive debt with credit cards, overdrafts or payday loans. Fear of receiving less pay creates its own pressure too, due to overworking. Colds are ignored. Holidays are rarely taken. This takes a physical and mental toll. We set up SteadyPay to relieve these pressures.
The only way we make money is though a small weekly fee. We're a subscription service. Kind of like Netflix or Spotify, but for personal finance.
Our APR doesn't depict an interest charge. You're not at risk of paying more than what you borrow (the top-ups you opt to receive). Instead, our APR depicts the subscription as the cost of using our service.
Yes. We're authorised and regulated by the Financial Conduct Authority. Our registration number is 789333.
Our customers work in many industries under a range of contracts. Common reasons for dips in pay include:
Unless you're paid through an agency, then we're probably not the best fit at this time.
Please contact us so we can freeze or reduce your repayments. We don't want to add to your stress. By the same token, we'll put a hold on top-ups as increasing your debt obligations would be unfair. Once you've got another job we can resume everything.
It allows you to access interest free credit that's used to top-up your pay. The subscription fee is payable whether you receive a top-up or not.
The subscription fee is £4 a week.
We'll ask you to set up a continuous payment authority with your debit card. This means we can automatically collect the subscription fee from your debit card on the due date, which is Friday each week. Easy.
There is no fixed term or minimum term.
You can cancel the subscription and end your contract with us at any time. On the app, go to My Profile and select the cancel subscription feature. You will need to repay any top-ups you owe us.
Please note that just deleting the app will not cancel the subscription and not end your contract with us.
This is all the pay deposited into your current account by your employer over your last pay period (e.g. monthly fortnightly, weekly).
Please note:
If you're paid monthly or four-weekly, this is based on your last three pays. If you're paid fortnightly, this is based on your last four pays. If you're paid weekly, this is based on your last six pays.
You're entitled to a top-up when you get paid £25 or more below your average pay. You must also be within the credit limit and up to date with your subscription and repayments.
You become eligible for top-ups after you've paid your subscription for 2 weeks.
You get a notification from us when you qualify for a top-up. If you press the ‘Accept' button, the money needed to make up the difference in pay is deposited into your current account.
Yes. SteadyPay is a type of revolving credit. For example you could receive a top-up to offset a lower than usual pay due to a reduced shift work, then later on receive a top-up to cover a few days off sick, and then later again receive a top-up to cover a holiday, and so on.
You continue to get top-ups so long as you stay within the credit limit and you're up to date with your subscription and repayments. Your repayments go to refreshing the credit available for top-ups.
We'll assume you don't want the top-up.
Please respond within 24 hours of receiving the notification.
Yes. When you get a top-up notification, just press the 'Decline' button.
Sorry, not at this moment. If you've more than one job, our recommendation is to pick the one that usually pays you the most.
One business day after accepting a top-up.
In general, within 24 hours of it posting to your current account. It can take longer sometimes, depending on your bank.
When you onboard to SteadyPay, we'll ask you to set up a continuous payment authority using your debit card. This means we can automatically collect a repayment from your debit card on the due date. Easy.
Repayments align to your pay cycle, whether that's weekly, fortnightly or monthly/four-weekly. This makes it easier for you to manage your finances.
The due date is timed to match your payday or nearest business day after that.
Repayments are paused if you're paid below average by £25 or more, and reset if you opt for another top-up.
If you miss a repayment we may stop advancing top-ups. If you continue to miss repayments we may end your subscription. If you default we may report this to credit reference agencies. We may also take court action to recover the balance owed to us.
If you think you can't make a repayment or if a repayment will put you in financial hardship, please contact us at least three days before the due date. We'll work with you to come up with a fair repayment plan. We can also introduce you to Step Change, who can give you independent, confidential and free advice on managing problem debt.
We spread repayments into instalments. No hassle.
The amount to repay in each instalment will depend on the size of the top-up. The number of instalments will depend on your pay cycle.
For example, let's say you're offered a top-up of £250 and that you're paid on a fortnightly cycle. The amount to repay would be £31.25 in each instalment, and you would repay this over 8 fortnightly instalments.
Don't worry, we'll provide everything you need to know about repayment instalments when you're offered a top-up.
We need to verify your identity and make sure you can afford the repayments. We run checks with credit reference agencies. We also check your pay and expenses from your linked bank account. We need sufficient pay history to calculate your average pay.
We'll notify you when the lending assessment is done. It can take a few minutes to process.
For SteadyPay to work it needs to be able to calculate your average pay and to monitor your pay so it knows when you need a top-up or can repay a top-up. The most efficient and effective way to do this is to link to your bank. This means the whole service can be automated, making it easy for you.
You'll be presented with a list of banks that connect to SteadyPay. We support all major UK banks. Select the bank that your pay is deposited into.
We do an automatic check with credit reference agencies to verify your identity. Most of the times this works; on occasion we may need further information.
If this is the case, we'll notify you and ask you to:
We accept the following documents:
Proof of identity
Proof of address
SteadyPay has “read-only” access to your bank. This means the app is restricted to checking your account so it knows if you're due a top-up or can repay a top-up. The app can't be used to make withdrawals, transfers and payments. SteadyPay staff have no access whatsoever to your account.
No. SteadyPay does not view or store your login credentials. When you link the app to your bank, your credentials are encrypted and transmitted to your bank for authentication over a secure channel.
We use multiple layers of security controls. The servers are hosted in locked-down premises. The network is protected by firewalls, intrusion prevention and anti-malware technologies. Systems, data and transmissions are encrypted. Access and authorisation protocols are strictly enforced. We undergo independent security tests and audits.
Yes, you set a personal password. The app times out automatically too.
No, never.
We share information on you with third parties that we've engaged to support our service, for example credit reference agencies. To learn more, please read our Privacy Policy.
On your mobile, go to app settings and make sure you haven't blocked or toggled off push notifications for SteadyPay.
Not to worry. To recover your account, simply download the app and then sign in.
For security reasons we will need to reset your password. On the login page of the app, select the link 'Forgot My Password' and follow the prompts.
Please contact us and we can update this for you.
We'll ask you to do this when we can't retrieve your account information needed for making top-ups and repayments. This typically happens when you change your bank login details or when your bank reviews login details as part of its security process.
Please contact us. We'll set things up so on you can change your link.
Missed subscription payments and repayments are automatically retried up to 3 times. If a subscription payment fails more than 3 times, please get in touch with us to arrange an alternative payment method.