Wageday Advance Ltd was formed way back in 2004, and is part of a complex setup of companies, being directly linked to the international financial organisation CURO Financial Technologies Corp (one of the largest payday bodies in the world, with some 3,000 global employees across 200 locations). The parent arm of both of these brands is SRC Transatlantic Limited (SRC), which also operates Speedy Cash Intermediate Holdings Corporation (Speedy Cash), a US-based company.
WageDay Advance are today committed to “Good customer service and responsible lending”, yet as we’re about to uncover, it’s not always been smooth sailing for those who’ve borrowed from Wageday Advance.
Wageday Advance haven’t previously been subjected to fines from the Financial Services Authority or the Financial Conduct Authority, as many of their competitors have. However, they haven’t escaped criticism by the Competition and Markets Authority. These criticisms included the ‘Faster Payment’ charge of £15 – an optional service that attracted a fee higher than their nearest competitors.
The group would also come in for criticism when the Advertising Standards Authority ruled that the TV advert for Speedy Cash promoted irresponsible borrowing. The issue at the time related to the featured voice-over: “… those pesky unexpected bills … A flex loan from Speedy Cash could help take the weight off your shoulders … unlike some payday loans, if you borrow say £100 with a flex loan, you pay just £22.60 in monthly interest”.
The ASA also found that the APR was not sufficiently displayed (owing to the colour of the text and the background it was presented on).
It was a drastically overlooked term by payday lenders.
Payday lenders have historically let their borrowers down. In its early years, Wageday Advance used to advertise itself as a “no credit check” lender. This ran the risk of inviting those with CCJs and poor credit histories to lend from them.
We can help
✓ We look after payday loan claims, and only payday loan claims – this is our core legal specialty (for you, this simply means that you’re in safe, experienced hands)
✓ We make the payday loan claims process as fast and simple as it can be – all handled online, you won’t ever have to face Wageday Advance or their representatives
✓ We are regulated by the Claims Management Regulator
✓ We provide a completely transparent no win, no fee service – it’s as simple as that
✓ We lead the industry – both in the results we secure and the low level of our fees (which are charged at a fixed flat rate of 25%