About WageDayAdvance (Closed)
Curo Transatlantic Ltd (a subsidiary of Curo Financial Technologies Corp) entered administration in February 2019 that sunk with it WageDayAdvance (aka Wage Day Advance) and Juo Loans. This closure was caused by a wave of compensation claims mimicking the same fate as Wonga who closed in August 2018. It is common for loan books to be sold on to debt collectors, but WageDay’s business plus assets have headed to Shelby Finance Ltd for £8.5m. Shelby is part of Morses Club that outside of doorstep lending trades as Dot Dot Loans. With bad debts nuked, around 50,000 customers have moved across. The employees have also moved with the call centre and decision platform being part of the deal.
WageDayAdvance (WDA) had been one of the longest running payday lenders active at www.wagedayadvance.co.uk since 2004. The business was formed by former pawnbroker Dale Chapman who successfully guided a highly profitable payday lender over a decade. WDA that helped to put Skipton on the map was took over from America’s Curo in early 2013. WageDay’s initial focus was monthly-only lending, but they later extended to cater instalments between 1 and 6 months. Customers could receive between £80 to £500 when new and £1000 when reloaning. The company operated 7/7 between Monday and Friday (8am-8pm), Saturday (9am-5pm) and Sunday (10am-4pm). Monthly pricing was price capped (£24 per £100). For instalments per £300, they charged £211.20 (3m) and £253.99 (6m).
That 3 month charge was very expensive, but the 6 month rate was improved. WDA consistently ranked top 5 in the payday and instalment niches. They had a 96% Feefo rating with over 1100 reviews over a 1 year period. Their Facebook page (when active) had 9400+ likes. Despite the compensation woes, they did build a good market reputation over the years. The launch of Juo to support WageDay was an interesting move as here you could opt for both a guarantor and unsecured loan. Juo was the only guarantor lender to operate on Sundays and so it was a shame to see that project close. As shown with Wonga, no one is safe these days!
Rivals & Similar Lenders Like WageDayAdvance
This lender deserves high praise for becoming a top 5 lender without major investment in advertising. We can recall a short TV ad shown on E4, but this was many years ago now. Shortly before closing, WageDayAdvance’s traffic performance was closely matched to SafetyNet and the student-only firm Smart-Pig. At 6 months where they were most competitive you could receive similar pricing at One Stop Money Shop and Uncle Buck. You could however find much cheaper deals elsewhere. Many existing customers have now been moved across to Dot Dot/Shelby. Dot’s product has added flexibility, but they haven’t been performing well for traffic. We’ll keep monitoring this though as there should be a change with 50,000 migrated users.
Last Check @ www.wagedayadvance.co.uk: June 24th, 2019
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