SteadyPay

SteadyPay, a UK-based fintech company, offers short-term, interest-free loans through its “CashWave” product. While it presents itself as a convenient financial solution, several concerns have been raised regarding its practices. Below are key issues associated with SteadyPay:

Regulatory Scrutiny by Advertising Standards Authority (ASA)
In November 2024, the UK’s ASA banned a SteadyPay advertisement for promoting irresponsible borrowing behavior. The ad encouraged consumers to take loans for non-essential purchases, trivializing the seriousness of debt.

High Costs and Hidden Fees
SteadyPay’s subscription model charges users £30 per month, leading to a representative APR of 91.26%. Such high costs, especially when not transparently communicated, can be burdensome for vulnerable consumers.

Aggressive Debt Collection Practices
Some customers have reported being harassed with letters, emails, and phone calls during difficult times, such as grieving a loved one. Attempts to set up payment plans were met with threats of defaults and negative credit impacts.

Opaque Business Practices
There is limited public information about SteadyPay’s leadership, financial health, and operational scale. This lack of transparency raises concerns about the company’s accountability and trustworthiness.

Employee Relations and Contractual Issues
An ex-employee described SteadyPay’s contract as exploitative, ignoring statutory laws and forbidding agreements with creditors. The company allegedly rescinded a job offer after the employee requested basic work equipment, highlighting potential issues in employee treatment.