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?

When you take time off because you’re sick or on holiday, you don’t get paid. When you’re rostered a shift with fewer hours, you get paid less. Whatever the reason, come payday, your pay is down from what it usually is. We make sure you receive that usual pay. We deposit money into your current account to fill the gap between the pay you received and your usual 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)?

The APR is designed to help people compare the cost of lending services. That’s a good thing.

Our APR does not depict an interest charge. Instead, it depicts the subscription as the cost of using our service in relation to a representative amount of top-ups.

We're obligated to calculate the APR using an equation set down in regulations and which assumes we operate like a traditional lender. Indeed, in order to comply with the equation we had to assume a year’s worth of top-ups is drawn down as a single loan, there’s a fixed loan repayment schedule, and the loan repayments includes the subscription.

At the end of the day, you’re not changed any interest. You’re not at risk of paying more than what you borrow (the top-ups you opt to receive).

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 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 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.

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?

You’re entitled to a top-up when you get paid £25 or more below your average pay.

I can get more than one top-up, right?

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 receive top-ups so long as your balance stays within the £1000 credit limit and you make repayments to refresh the credit.

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?

You should receive your top-up the day after payday.

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?

When you receive pay that’s £25 or more above average. If you receive average pay, making a repayment is optional. If you can manage it, though, constantly paying down debt is good practice.

How do I make the repayments?

These are done by direct debit.

When is a repayment debited from my current account?

Two business days after we’ve notified you that a repayment is due.

Do I have to organise the repayments?

You’ll receive a notification telling you the balance due and the repayment options. All you need to do is pick the option you want and we do the rest.

What are the repayment options?

We use the amount of pay that’s above average for your repayment.

If your balance (what you owe) is smaller than the amount of pay that’s above average, you’re expected to pay off the whole balance.

If your balance is bigger than the amount of pay that’s above average, you can opt to make a partial repayment using only the amount of money that’s above average. What’s left of the balance is rolled over to the next time you’re paid. You can do up to three roll overs.

What happens if I still have an outstanding balance left after the three roll overs?

We’ll debit the balance from your current account when you next get paid. We’ll check with you first, to see if this could cause financial hardship.

Are my priority debts protected?

Yes. A repayment is taken only from the amount of pay that’s above average. This means you have your average pay to cover rent, power and other priority debts.

Can I make an early repayment?

Absolutely. On the app dashboard, select the 'make a repayment' button. You can repay part or all of the balance at any time.

What if I’m in financial difficulty? What if I think I can't make a repayment?

When you receive a repayment notification, hit the ‘Can’t make the repayment’ button. We’ll then contact you to stop the repayment and to work out an alternative repayment plan. If you know ahead of time that a repayment may cause financial difficulty, message us or email [email protected].

What if I miss a repayment?

We’ll work with you to come up with a fair repayment plan. We don’t charge interest or penalty fees – that’s not our style. However, if you continue to miss repayments we may end your SteadyPay contract and may report a default to credit reference agencies. We may also take legal action to recover the amount owed to us.


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 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.