Overview

• Wagestream is offering unsecured workplace loans with representative APRs of 13.9%–19.9% and employer-negotiated caps up to 34.9%.
• Employers including Asda and Pizza Express confirm staff can access the loans through the app on a voluntary basis.
• Debt advisers and unions warn that automatic repayment from wages and the pairing with fee-based salary advances could entrench debt for low-paid workers.
• An Asda employee reported obtaining £1,000 within hours after a short online application process.
• Wagestream and impact investors present the loans as a regulated, lower-cost alternative to payday or doorstep lenders for people excluded from mainstream credit.