Listen to this article: https://www.steadypay.co/blog/wp-content/uploads/2024/01/ElevenLabs_2024-01-22T09_49_35_Chapter-1.mp3 In the UK, dealing with debt is a reality for many. It’s not just a number on a statement; it’s a shared challenge that hits both our wallets and peace of mind. Facing financial uncertainty is tough, and we get it. That’s why understanding and managing debt is crucial—it’s about taking control when things feel shaky. In this guide, we’ll cut through the complexity, offering practical strategies to tackle debt head-on. No frills, just straightforward advice to help you n ..read more

In modern financial landscapes, payday loans have become a prevalent option for many seeking immediate cash. These short-term, high-interest loans serve as a quick-fix solution for individuals facing urgent financial needs. However, they often ensnare borrowers within a detrimental cycle, perpetuating financial instability rather than offering a viable remedy. The vicious cycle of payday loans typically begins with the initial necessity for immediate funds. Borrowers, often facing emergencies or unexpected expenses, turn to these loans for swift cash without a stringent credit check. Yet, the ..read more

Behind Instagram’s Huda Kattan‘s make-up mastery and TikTok’s Khaby Lame‘s truth about lifehacks lies a flourishing community of skilful creators willing to monetise their craftsmanship. After the pandemic, a whole new gig-centred workforce across the globe has been growing exponentially, giving birth to what’s being labelled as the creator economy. The creators’ business comprises social media influencers, bloggers, curators, videographers, and content creators, all generating earnings by promoting other products and services in their content.  Some creators earn through brand deals, sel ..read more

Would you like to become a budgeting ace but feel like you struggle with your finances? Amongst the many apps or methods you already tried and immediately gave up on, the 50/30/20 rule is by far the most sustainable and efficient route to managing your finances effectively. The rule helps you draw a picture of your overall pay streams and separate them into clusters. Categorising your transactions will provide you with more reliable insights into your spending habits and a breakdown of fixed, variable or redundant expenses. What is the 50/30/20 rule? The 50/30/20 rule is a straightforward budg ..read more

The life of a freelancer has its pros and cons, but generally, people love the freedom and flexibility. Organising your own schedule and having more flexibility in managing your tasks are only some of the perks that freelancers most appreciate. Many people would also mention setting up a comfortable home office and avoiding dress codes and long, time-wasting commutes. Over the last two years and with remote work taking over, many have turned to freelance careers and invested in their own skillset and capabilities. Channelling talent into jobs they enjoy and are great at means freelancers can m ..read more

Lockdown restrictions has us increasingly relying on gig economy workers to deliver a massive variety of services and goods in the past two years. Organisations such as Deliveroo, Uber and Amazon have played an instrumental role in sustaining the staggering mobility of both products and people, dramatically growing their pool of gig workers and contractors. Off the back of the pandemic and the spread of the Great Resignation phenomenon, we’ve seen much of the population leave their permanent jobs and turn to freelance/shift-based work in order to benefit from higher flexibility and control ove ..read more

Each of the major credit agencies – TransUnion, Experian, Equifax – have their own proprietary scoring method. Credit scores tend to range from the 300s to the 800s. The following is a generalisation of what a score means. A score in the 800s is pretty awesome. You should have no trouble getting a loan or credit card, and getting a good deal on the interest rate too. A score in the 700s is not too shabby either. You should be able to apply with confidence for a loan or credit card. A score in the 600s is not going to excite lenders. Your loan and credit card application may get accepted and c ..read more

We’ve just launched a credit building service! And it’ll be bundled into the current SteadyPay subscription at no extra cost. So what is this awesome new service? When you make a repayment, you’ll be doing more than refreshing your credit for the next top-up – you’ll also be building your credit record. We partner with credit agencies to report on repayments. Credit agencies use these reports to update your credit score and credit file history. This is important because lenders refer to these when you apply for a credit card or loan. The only thing you need to do is keep up to date ..read more

1. Check your credit score and credit file This not only gives you a good starting point, but you can also see if there are any errors in your credit file. You can view the information held on you by the major credit agencies – TransUnion, Equifax, Experian. 2. Never ever miss a repayment It takes time and effort to build a good credit record, but only one missed repayment to damage it. If you are having difficulty making a repayment, contact the lender to see what options you have, 3. Keep the credit card balance low The rate at which you use available credit imp ..read more

Your credit score is a number that lenders refer to when they assess your application for a loan or credit card. Your credit score summarises your credit history. It is calculated using information such as your: Credit payment history (are your loan and credit card payments made on time) Amount of credit used (do you max out your credit card, how much of your loan is there left to pay off) Age of credit history (how long have you had a loan or credit card) Credit mix (do you have revolving credit like a credit card, instalment credit like car finance, long term secured credit like a mortgage ..read more