Frequently Asked Questions

Borrowing

How much money can I receive?

You can receive up to £2,000.†

How do I know that my personal loan has been approved?

You will receive an email notification once your personal loan has been approved

When will I receive my personal loan?

Your application may be processed within 30 minutes,¶ once it has been received. Funds will be sent to your current account within 10 minutes of approval.§ We provide 10-Minute Transfer§ at no extra cost

Are there any fees associated with applying for a personal loan?

No, we do not charge you any fees to apply for a personal loan — no application fee, no origination fee and no closing costs.

How does borrowing a personal loan work?

The first step is to fill out our five-minute online application. If you need assistance, you can call our Application Support team at 0800 635 0841. The money is sent to your current account within 10 minutes of approval.§ We provide 10-Minute Transfer§ 24/7 at no extra cost. Then you gradually repay the personal loan over time in manageable installments. It’s just that easy!

Am I eligible for a personal loan from Pounds to Pocket?

To be considered for approval, you must:

• Have a valid bank account
• Receive an income through employment or self-employment
• Be a resident of the United Kingdom
• Be at least 18 years of age

What if I don't have perfect credit?

You can apply even with less-than-perfect credit.‡

Will I save if I repay my loan early?

Yes. If you repay your loan early, you will only pay the amount of interest that has accrued on your outstanding balance. For example, let’s say you took out a 12-month loan and decided to repay it in only two months. You would only pay interest for the two months that you had the loan outstanding. We do not charge a fee for repaying your loan early.

What information should I have ready in order to apply?

• Employment and income details
• Bank account details

How much will my loan cost?

The finance charge of your loan will depend on the amount for which you are approved and your payment dates. For example, a £500 loan borrowed for 364 days with a monthly payment schedule and 12 payments of £79.09 each has an applicable APR of 276.41%. Representative 278% APR.

How long do I have to pay off my personal loan?

Loans are typically repaid over 12 months in regularly scheduled monthly payments.

What are personal loans?

Personal loans are unsecured loans that range from £400 to £2,000† and are typically repaid over 12 months. They can be used for a variety of immediate money needs like car repairs, urgent home repairs or other emergency expenses.

Will I save if I pay more than my amount due on my payment due date?

If you send an extra payment or pay more than is due on a payment due date, it will reduce your principal balance accordingly and will reduce the total amount of interest you owe.

General queries

How do I contact Pounds to Pocket directly with my questions?

Simply call 0800 635 0841, email support@PoundstoPocket.co.uk or use our online chat.

Why does Pounds to Pocket run credit checks during the loan approval process?

We run credit checks to verify your application information and to help determine the amount of your potential loan. We strive to follow responsible lending practices and use the credit check to ensure that we only lend in amounts that can be repaid without hardship.

What if I forgot my password?

To reset your password, click on the Forgot Password link under the customer login section. On the next page, enter your email address and click the Send Me My Password button. A new password will be delivered to your email address. Once you log in with your new password, you will be required to update that password to something familiar to you. You must update your password to continue.

Will borrowing from Pounds to Pocket affect my credit score?

If you take out a loan from Pounds to Pocket and repay it on time, we will inform the credit bureau of your timely repayments, which should positively affect your credit score. However, if you do not repay on time, this could have a negative impact on your credit score.

Can I cancel my loan?

Yes. To cancel your loan, you need to call Customer Service at 0800 635 0841 before your loan is issued. If you do not call in time to cancel your loan, or change your mind several days later, you can still pay back early and only owe for the time the loan was out.

Why do I not receive emails from Pounds to Pocket?

We send email notices when you apply and are approved for a loan. We also send payment reminders and payment confirmations. If you are not receiving any of these emails, add our email address support@PoundstoPocket.co.uk to your address book or to your spam good list or whitelist. We also send promotional emails with discounts. If you aren’t receiving promotional emails, log into your account and update your Contact Preferences under Manage My Account.

Is my information secure?

Your privacy and security is extremely important to us. We maintain physical, electronic and procedural safeguards to guard your personal information. View our complete Privacy Policy.

How do I update my customer profile?

Log into your personal account using your email and password. Once you are logged in, click on the corresponding link under the Manage My Account section to make updates.

How do I change my password?

To change your password, log into your personal account using your email and password and click Change Password under Manage My Account.

I want to top up my loan (borrow more)

What will my monthly payment be?

Your new monthly payment will depend on your loan duration and loan amount after your top-up is approved.

What is a top-up?

If you are still feeling the pinch, a top-up allows you to borrow more money on top of your current loan. You can apply for a top-up before paying back your current loan. If approved, your current loan will be rolled into a new loan. You will pay an additional finance charge on your topped-up loan amount. The exact amount of your finance charge will depend on your loan amount and your repayment terms. There are no early settlement or processing fees involved for closing your previous loan and rolling it into the new loan.

How do I apply for a top-up?

If eligible, you can apply for a top-up right from your online account or by calling 0800 635 0841.

How much will my top-up cost?

There will be an additional finance charge on your topped-up loan amount. The exact amount of the finance charge will depend on the amount of your loan and your repayment terms. However, there are no early settlement or processing fees when you apply for a top-up.

How long do I have to repay a topped-up loan?

Depending on your financial situation and loan amount, you can apply to repay your topped-up loan over 6-12 months. However, you can always pay off your topped-up loan early without any prepayment penalty.

How quickly can I receive my topped-up loan?

If approved, cash will be sent to your bank account within 10 minutes of approval!^§

How much can I top up?

Depending on your financial situation, you can top up your loan up to £2000^† (includes your current unpaid principal + top-up amount). Your actual top-up amount is subject to approval.

Repayment

I paid an extra £100 on my due date, but you still withdrew the regular payment of £250 on my following due date. Why wasn’t my payment reduced to £150?

Any early partial payment will be applied to your current or upcoming installment, but if you pay extra, the excess will be credited to your principal, not the following installment. Therefore, the next installment must be paid as scheduled. Early or extra payment of principal will reduce the total amount of interest you are scheduled to pay.

Why was such a small amount of my payment applied to my principal balance?

Since your loan is fully amortised, your first few payments are applied mostly to interest, and then to principal. As you continue to make payments, more of your payment goes towards the principal and less towards the interest. This is the same payment logic used for your car or house payment.

Once I pay off a personal loan, how soon can I receive another loan?

If you pay by debit card, your payment will clear the bank in seconds and you can apply for a new loan immediately. The new loan will be funded to your bank account the same day.§
Example: Your due date is Friday. Your full payment comes out on that date. The payment will clear on Friday and your new loan will be funded to your account on Friday.
If you pay by DDI, it will normally take two working days for your payment to clear the bank. Once the payment clears, we can issue you another loan. The new loan will be funded to your bank account the working day after payment clears.
Example: Your due date is Friday. Your full payment comes out on that date. The payment will clear on Tuesday and your new loan will be funded to your account on Wednesday.

What if my payment is late?

If your payment is received after the due date, it will be considered late, and you may be charged a flat fee of £12 per instalment. The best way to avoid making late payments is to pay by debit card and have sufficient funds in your bank account on your payment due date.

How can I avoid defaulting?

If you know you will not have enough funds on a due date, call our Customer Service team at 0800 635 0841 to have them set up a one-time courtesy due date adjustment. Payment advice is sent to your bank on the day before payment is initiated. so you need to call as early as possible.

What is CPA and how does it work?

Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a borrower’s nominated bank account, using either a direct debit instruction or debit card details, subject to specifically agreed terms which are fully disclosed and agreed through the loan application process. Once agreed by a customer, a CPA allows a business to take a series of agreed payments using a customer’s debit card details or a direct debit instruction without having to seek express authorisation for every payment. CPAs can provide an efficient and convenient payment method for customers. It is important, however, that you are fully aware of the commitment you are entering into when applying for and accepting the offer of a personal loan from Pounds to Pocket.

How long do I have to pay off my personal loan?

You have 12 months to pay off your personal loan; however, you can repay your loan early without any pre-payment penalties.

How can CPA be cancelled?

Customers can cancel their CPA with the bank or card provider or the company taking the payment. Customers advising the bank or card issuer that they have stopped permission for the payments should also notify us. Customers may also cancel their CPA by contacting us directly. Payments taken prior to cancellation being received will only be considered for full, or part, refund at the discretion of Pounds to Pocket. Please call us on 0800 016 3109 (Call free from landlines. Mobile phone companies may charge up to 40p per minute.). If you cancel your authority for the repayment of your loan with us, you will still be responsible for paying any money that you owe, including any charges that may accrue. An alternative means of repayment should be agreed.

What if I miss a payment?

If we do not receive a payment on its due date, you may be charged a flat fee of £12 per instalment. If you miss a payment, your loan is considered in arrears, and we will begin collection procedures for this outstanding payment. Depending on your payment frequency, if you miss a certain amount of consecutive payments, we may accelerate the full balance of your obligations to us and the entire outstanding balance plus all accrued and unpaid interest that is owed will be declared due and payable. We will begin collection procedures for the total amount (principal plus accrued interest) owed on your loan.

What if I want to send payment information to collections?

For your protection, please do not email or fax any credit card information to our Collections Department. Please call us at 0800 635 0841 if you would like to set up a payment.

What are my repayment options?

You can choose from two convenient repayment options that allow you to make payments right from the comfort and privacy of your home:

1. Debit Card: Your regularly scheduled payments will be automatically withdrawn from your debit card on your due dates at no additional cost to you. You don’t have to worry about remembering to send in payments each time!
2. Direct Debit Authorisation: Use this option if you don’t have a debit card. Your regularly scheduled payments will be automatically withdrawn from your bank account on your due dates.

How do I view my payment schedule?

Just log into your Pounds to Pocket account! You can also call our Customer Service team at 0800 635 0841. They’ll be happy to answer any questions you may have.

How does a Direct Debit Authorisation payment work?

Direct Debit Authorisation behaves the same as a cheque. Once presented to your bank for payment of the loan, the Direct Debit Authorisation will allow your bank to send the specified amount due to us in order to pay each installment on the day it is due.

Can I pay my personal loan off early?

Yes. You can pay off any portion of your loan or the entire loan at any time during your loan cycle without any extra fees or penalties. In fact, you can save interest if you pay off your loan early. Interest will only accrue for the length of time your balance is owed. If you’d like to pay your loan off early, call our Customer Service Representative 24/7 at 0800 635 0841.