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.
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.
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.
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).
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:
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
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.
This is made by direct debit.
On Friday each week.
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.
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.
You’re entitled to a top-up when you get paid £25 or more below your average pay.
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.
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.
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.
You should receive your top-up the day after payday.
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 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.
These are done by direct debit.
Two business days after we’ve notified you that a repayment is due.
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.
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.
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.
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.
Absolutely. On the app dashboard, select the 'make a repayment' button. You can repay part or all of the balance at any time.
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].
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.
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.
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.
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.