Payday lender WageDayAdvance loans up to £750 for no more than 40 days to people who are short of cash. People pay back the loans with interest when they next get paid. Founded by ex-pawnbroker Dale Chapman, the Yorkshire firm went solely online in 2008. It now employs 10 software developers to build the systems that determine who it lends to, and says it only lends on around 15% of the 1m applications it gets each month. Sales grew 172% a year from £1.7m in 2008 to £34.2m in 2011, driven by growing demand and improvements in its technology.
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