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Find A LenderWagepay: Overview
Wagepay is an online payday advance platform that allows Canadians to access a portion of their wages early before payday. The company’s goal is to make it easier for consumers to access their wages when money is tight while helping them improve their financial health.
Wagepay was founded in Australia in 2020 by a team of entrepreneurs. By 2022, the company began expanding globally, eventually launching in Canada in 2023. Today, Wagepay services consumers in Ontario and British Columbia.
Our Verdict
| Who Is Wagepay Best For? | Consumers who are employed but need access to their paycheque a few days early. |
| What We Like About Wagepay | Quick access to cash Lower rates than a payday loan No NSF or late fees No credit check required Free postpone repayment feature |
| What We Don’t Like About Wagepay | Only available in Ontario & BC May be difficult to repay so quickly |
What Does Wagepay Offer?
Wagepay offers payday advance loans so you can get partial payment in wages before your next paycheque arrives. If you need extra cash but can’t wait until payday, Wagepay can help bridge the gap until then.
Wagepay: Snapshot
| Payday Advance Amounts | $100 — $1,500 |
| Rates & Fees | – 8% establishment fee – 24% interest up to 62 days |
| Availability | Ontario & British Columbia |
| Loan Term | Repayment is required on your next payday, with a free postpone payment function which allows customers to postpone their repayment by one pay cycle. |
| Funding Time | Within 30 minutes |
| Funding Method | Direct deposit email money transfer |
| Repayment Options | – Automatic debit – Email money transfer |
| Late Fees | None |
| Credit Check | Not required |
Qualifying With Wagepay
To qualify for a pay advance from Wagepay, you must meet the following criteria:
- Be at least 18 years old
- Live and work in Canada
- Be employed and get paid on a regular basis
- Earn an income of at least $400 per week
- Have an active bank account for the last 90 days
- Have enough income coming in the next pay cycle to cover repayments
- Have a positive banking history
How To Apply With Wagepay
Applying for a payday advance with Wagepay is quick and simple. Just follow these steps:
Step 1: Create An Account
To apply for a payday advance, you’ll first need to create an account using either the Wagepay website or mobile app. Choose your province, enter your email address, and accept the Privacy – Acknowledgement & consent. Wagepay will then email you a code to verify your email address.
Step 2: Link Your Bank Account
Wagepay will need to verify how much of your paycheque you can advance. To do so, you’ll need to connect your bank account to your Wagepay account.
Step 3: Receive Your Payday Advance
Within minutes, you’ll receive your advance through an Interac e-Transfer.
What We Like About Wagepay
There are several things we like about Wagepay’s services:
- Quick access to cash. Once your bank account is linked and your advance is accepted, you’ll receive your payday advance within 30 minutes.
- Available around the clock. Wagepay is available 24 hours a day, 365 days a year whenever the need for extra money arises.
- Lower rates than a payday loan. Wagepay charges $8 per $100 borrowed, which is lower than the average rate for a payday loan in Canada.
- No NSF or late fees. Rather than risk being charged expensive NSF fees when your account goes into overdraft, you can avoid these fees with a Wagepay advance.
- No credit checks. You can get approved for a payday advance no matter what your credit score is. Wagepay won’t conduct a credit check, so you can get approved even with bad credit. Plus, your credit score won’t take a hit since no hard credit inquiry is performed.
- Postpone payment function. Customers can easily postpone their repayments by one pay cycle via the web portal or the app. There is no need to contact customer service.
What We Think You Should Watch Out For
While Wagepay can be super convenient when you’re in a financial pinch, there are a couple of things you should be wary of:
- Not available everywhere. Wagepay is currently only available in Ontario and BC. However, the website states that additional provinces are coming soon.
- May be difficult to repay. Since the term is so short (funds must be repaid by your next paycheque), you may have a tough time ensuring that you have enough money in your account to pay back what you owe so soon.
Is Wagepay Safe?
Wagepay takes steps to ensure that your personal data is kept safe from fraud. According to the company’s Privacy Policy, Wagepay remains in compliance with all provincial and federal privacy laws in Canada. Personal information collected is limited to what is required to carry out identified purposes.
Wagepay maintains a secure environment for storing personal data, including using encryption and password protection, and storing information on secure servers.
What Do Consumers Think Of Wagepay?
| Trustpilot | 3.4/5 stars |
| App Store | 5/5 stars |
| Social Media Presence | No social media channels yet |
| Physical Office | 325 Front Street West 2nd floor Toronto, ON M5V 2Y1 Canada |
Final Thoughts
Wagepay may be worth checking out if you occasionally find yourself in need of money before you get your next paycheque. As long as you’re steadily employed, make at least $400 a week, and live in Ontario or BC, you may qualify to have a portion of your paycheque advance before your next payday rolls around.
