Yes, a top-up is a loan. When you join SteadyPay, you enter into a credit agreement with us that is regulated by the Consumer Credit Act and authorised by the Financial Conduct Authority.
But it's different kind loan. With banks and traditional lenders you have to pay interest. We don't charge any interest; we're a subscription service.
With banks and traditional lenders, you take out a fixed loan. We provide a kind of revolving credit - when you're paid below usual we advance you money to bring your pay back to usual. You repay the top-up by instalment.