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 top up my pay?

You securely connect SteadyPay to the bank your pay goes into. We work out your average pay. We then look out for when you get paid below average. When this happens we deposit money into your current account to fill the gap between the pay you received and your average pay.

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


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?

This is made by direct debit.

When is the subscription debited from my account?

On Friday each week. Please note that if you miss a subscription payment we may stop advancing top-ups until you've brought your account up to date.

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.


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.

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

Once you've paid a week's subscription you can start receiving top-ups. 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, not behind in repayments, and up to date with your subscription.

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.

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

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

To avoid missing out on top-ups, you can choose to automatically accept all top-up notifications. This can be done from your profile settings.

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.

What is average pay?

It's what we use to determine if you're due a top-up or a repayment. We review it after every three pays to account for higher or lower pay trends.


When do I have to make a repayment?

We’re not like a traditional credit provider, who require you to make repayments according to their schedule. Instead, we match repayments to your pay cycle – whether you’re paid weekly, fortnightly or monthly. This makes it easier for you to manage your finances. Typically, the due date for a repayment is three days after your payday. We’ll notify you in advance. You can also login to the app to see information on repayments.

How do I make the repayments?

These are done by direct debit.

What are the repayment options?

You can repay the minimum, all of the balance owing, or something in between. You need to repay at least the minimum.

You can make an extra/early repayment at any time.

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.


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. At the present moment we don't support Monzo or Starling - we're working on it though.

You can find guidance to linking SteadyPay to your bank here.

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)


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.


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.

You can find guidance to linking SteadyPay to your bank here.

How do I link to a diffrent 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.