Frequently Asked Questions

About SteadyPay

Who are you?

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.


How did you come up with SteadyPay?

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.


How do you make money?

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.


If you don't charge interest, what's with the Annual Percentage Rate (APR)?

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.


Are you regulated?

Yes. We're authorised and regulated by the Financial Conduct Authority. Our registration number is 789333.


Is there a typical customer?

Our customers work in many industries under a range of contracts. Common reasons for dips in pay include:

  • Not earning pay when taking a sick day, bank holiday, personal holiday, etc
  • Earning less pay when working a shift that has fewer hours or a lower hourly rate
  • Booking fewer gigs, not earning commission

I'm a sole trader/freelancer, can I use SteadyPay?

Unless you're paid through an agency, then we're probably not the best fit at this time.


What happens if I become unemployed?

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.

Subscriptions

What does the subscription get me?

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.


How do I pay the subscription?

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.


Is there a fixed term of contract?

There is no fixed term or minimum term.


How do I cancel my subscription?

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.


Top-ups

What is 'My last total pay'?

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:

  • You must confirm with us the employer that is paying you for the purpose of the top-up service.
  • If no pay is deposited by your employer over multiple pay periods, we may end the credit agreement.
  • We do not count transfers from a different personal account as pay.
  • We do not count Universal Credit and Income Support as pay.

What is 'My average pay'?

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.


What's the qualification to get a top-up?

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.


How do I get a top-up?

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.


Can I get more than one top-up?

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.


What happens if I don't respond to the top-up notification?

We'll assume you don't want the top-up.

Please respond within 24 hours of receiving the notification.


Can I decline a top-up?

Yes. When you get a top-up notification, just press the 'Decline' button.


Can I assign top-ups to more than one employer?

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.


When are top-ups deposited into my current account?

One business day after accepting a top-up.


How quickly does SteadyPay identify my pay?

In general, within 24 hours of it posting to your current account. It can take longer sometimes, depending on your bank.


Repayments

How do I make repayments?

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.


When do I have to make a repayment?

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.


What if I miss a repayment?

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.


How much is a repayment?

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.


Setup

What's involved in the lending assessment?

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.


How long does it take to get a decision if I've qualified for SteadyPay?

We'll notify you when the lending assessment is done. It can take a few minutes to process.


Why do I have to connect the app to my bank?

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.


How do I select my bank?

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.


What do you need to verify my identity?

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:

  • Take a picture of one proof of identity document. It must have at least 3 months validity left on it.
  • Take a picture of one proof of address document. It must be no more than three months old.
  • Take a picture of you holding the proof of identity document next to your face.

We accept the following documents:

Proof of identity

  • UK or foreign passport
  • UK or EU/EEA drivers licence
  • EU/EEA government issued national identity card

Proof of address

  • UK bank or credit union statement
  • UK credit card statement
  • UK utility bill (gas, water, electricity, landline)
  • Council tax bill
  • UK/EU/EEA mortgage statement
  • Tenancy agreement from local council or housing association (dated within last 12 months)
  • HMRC tax notification (dated within last 12 months)

Security

What type of access do you have to my bank account?

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.


Do you see my bank login credentials?

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.


How is my information protected?

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.


Is the app password protected?

Yes, you set a personal password. The app times out automatically too.


Do you sell customer information to third parties?

No, never.


Do you share my information with third parties?

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.


Troubleshooting

I'm not getting any notifications from SteadyPay.

On your mobile, go to app settings and make sure you haven't blocked or toggled off push notifications for SteadyPay.


I deleted the app.

Not to worry. To recover your account, simply download the app and then sign in.


I forgot my password.

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.


I changed employer. I want to reassign the top-up.

Please contact us and we can update this for you.


Why am I being asked to relink to my bank?

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.


How do I link to a different bank account?

Please contact us. We'll set things up so on you can change your link.


How do I pay for a missed subscription or repayment?

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.