Important: In 2019 Pounds to Pocket was absorbed into On Stride. On Stride then entered administration in October 2019. This page has been kept for historical purposes. You can compare alternative short term and payday loan providers.
Unlike a traditional “payday” loan, that would be paid back in one lump sum on payday, Pounds to Pocket offers borrowers the facility to spread repayments over terms from six to twelve months. This means a more expensive loan overall, but smaller, more manageable monthly repayments.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around. If you’ve used the Pounds to Pocket calculator to get a quote on a loan, you can use the tool below to get an idea of how much the loan that you have in mind might cost from a range of other popular lenders.
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Pounds to Pocket offer a relatively straightforward online loan service, that’s designed to get borrowers through a period of financial shortfall. It’s not a solution for ongoing financial difficulties.
When you apply for a loan, Pounds to Pocket will run checks into your credit history, affordability and creditworthiness to make sure that it offers a responsible loan.
Loans are then repaid using either a Continuous Payment Authority (CPA) – which authorises a lender to withdraw sums from a customer’s debit card – or a Direct Debit Authorisation, if you don’t have a debit card. In both cases, provided sufficient funds are in the account, the repayment will be made automatically on a pre agreed date each month, until the loan has been repaid. Repayments each consist of interest accrued so far plus part of the original amount borrowed.
CPA differs from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday/short term lenders will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.
You should only apply for a Pounds to Pocket loan if you’re certain you will be able to make the repayments, and you meet the following criteria:
If you haven’t finished paying off your current Pounds to Pocket loan but want to borrow more, your current loan can be rolled into a new loan with an increased loan amount and longer repayment term. This is subject to approval.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
On the hunt for loan companies like Pounds to Pocket? There are a number of online lenders that offer uncomplicated, short term personal loans – find them here, compare live rates and apply online.