WageDay Advance (a trading name of Curo Transatlantic Limited) was once a significant player in the short-term loan market.
The firm entered administration in February 2019. Its downfall was largely due to thousands of "mis-selling" claims, where regulators found the company failed to perform rigorous affordability checks. wageday
Roughly 800,000 customers were affected. Eligible borrowers who were mis-sold loans ultimately received only a small fraction of their compensation—less than 6p for every £1 owed. WageDay Advance (a trading name of Curo Transatlantic
The firm's exit significantly reduced the number of direct payday lenders in the UK. Note that a separate entity, Wage Day Advance Limited , now operates as a credit broker rather than a direct lender. 2. Modern Evolution: Earned Wage Access (EWA) Payday lender's collapse to hit borrowers - BBC Roughly 800,000 customers were affected