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Waiver is a market leading benefit which protects your loan repayments in the event of accident, sickness or involuntary unemployment giving you the confidence to borrow.

Should you lose your income due to accident, sickness or involuntary unemployment, lasting longer than three months, your loan repayments could be waived for up to 12 months giving you peace of mind.  This means that even if you get sick pay or redundancy payments, should you lose your shift allowance or overtime through being unable to work and your income reduces, you will not have to worry about your loan repayments being met.

Where offered waiver benefit is included as a feature of the loan at no additional cost.

No, waiver benefit is different to payment protection insurance (PPI) in the following ways:

  • Waiver is provided by Clockwise as a benefit at no additional cost
  • Waiver is NOT an insurance product but is provided as a benefit in the loan agreement
  • In taking out a loan with waiver benefit you will not receive an insurance policy but a promise of payment waiver from Clockwise should you meet the eligibility criteria.

To qualify for waiver you will need to meet the following criteria at the time you request the waiver:

  • Over 18 and under 65 years of age
  • Live in the European Union
  • Work at least 16 hours per week for the past 6 months
  • Unable to work for at least 90 days
  • In the case of accident or sickness you must be able to provide confirmation from your doctor and employer of your inability to work.
  • In the case of involuntary unemployment you must register for all applicable state unemployment benefits e.g. Job Seekers Allowance.

The following exclusions apply to the waiver benefit:

Accident or sickness

  • Sickness in the first 12 months that you knew about when taking the loan
  • Medical condition for which you have seen a doctor in the 12 months prior to taking the loan
  • Elective or cosmetic surgery
  • Deliberate or self inflicted injuries
  • Accident or sickness resulting from alcohol or taking drugs

Involuntary unemployment

  • If you knew that you where going to be made unemployed or had reason to believe that it was likely at the time of taking the loan.
  • Unemployment results from expiry of a fixed term contact
  • Unemployment results from the borrower’s conduct, resignation, early retirement or any unemployment from a voluntary nature.
To qualify for waiver on grounds of unemployment the unemployment must be involuntary.
This means that you are unemployed because you or your:
(i) employer has stopped or is going to stop the business which employed you either completely or at the place where you worked; or
(ii) employer’s  need for employees to do work of a particular kind has ended or reduced (or is expected to do so) either generally or at the place where your worked; or
(iii) was Self-Employed and the business or partnership in which you was self-employed has stopped trading permanently and is being, or has been, wound up or dissolved. Self-Employed means you are:
• carrying on a business in the UK either alone or as a partner in a partnership; or
• can control the affairs of a company they work for because either you or a relative or a member of their household individually or jointly hold the majority of the voting rights in that company; or
• can otherwise ensure that the company they work for conducts its affairs according to their wishes.

Waiver loans are by online application only.

To start your application now click here

Waiver benefit will apply up to a maximum of 12 monthly loan repayments for any one instance of accident, sickness or involuntary unemployment.

Subsequent instances of accident, sickness or involuntary unemployment within 6 months of the end of an earlier instance will be regarded as a single instance. The maximum payment waiver will take into account the number of payments previously waived in respect of the earlier period of being out of work due to accident, sickness or involuntary unemployment.

Where waiver benefit is offered it is an integral part of the loan and the loan can not be taken without waiver benefit. If you don’t think waiver benefit is suitable for you then please consider one of our alternative loan products.

If you decide to top up a loan with payment waiver benefit then the additional  amount borrowed will be subject to the normal 3 month excess period as if you had taken out a new loan.

Yes, you can convert your existing payroll loan to a waiver protected loan by applying for a WiseChoice for payroll loan.

If you are unable to work due to accident, sickness or involuntary unemployment then you can start the waiver request process online at or by calling 0845 272 3442.

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