Steady Pay

Just had an advert for this pop up in Instagram.

Only glanced but seems to advertise itself as a way of avoiding hardship and not charging interest.
However it charges £4 per week regardless of whether it loans you money or not.
It will loan you, if your pay is £25 or more below your average pay amount.
Then take all or some back if your pay is over £25 average.
Gives a representative apr of 20.4% if taking the full credit (£1000)
However if you only needed £300 over the whole year it would cost you £208 to do so.
Requires connection to bank account to work out average pay etc.
New take on payday loans?

Something about this doesn’t feel right. It’s like there’s too much emphasis on how they’re not a payday loan and how they’re socially responsible. It kind of makes me think the opposite. Probably not a service for me.


Hi @anon35201645 @simonf Simon at SteadyPay here, came across this conversation in a Google search. Thanks for the feedback, really helpful!
Many workers paid by the hour experience volatile pay (working less hours etc.) yet their bills remain the same. This can trigger unhelpful debt cycles, with people going to high cost lenders who can easily charge over 1000% APR.
If there are new customers that come on-board who are already receiving a steady income, we’ll let them know that SteadyPay probably isn’t right for them and they can put their £4 per week to better use :slight_smile: There’s also a tool on our website that can calculate the cost vs benefit for each person before joining SteadyPay.
Any other feedback that could help us would be appreciated! Feel free to drop us a line on Facebook.


It’s an interesting take on it?
Would a fee based on amount borrowed work better? Ie tiered for different levels? So those only needing a small amount don’t lose out.
Also perhaps a reward back to subscribers for paying back on time it early?
Just thinking of ways to encourage people to manage finances better. :slight_smile:

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Like your thinking thanks Simon :). Although we’re not for everyone, we can certainly evolve as we grow and learn more how we can best help more and more gig economy workers (while keeping it simple), so will take your feedback on-board!