Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.
Representative Example: Amount of credit: £800 for 12 months at £132.16 per month. Total repayment of £1,585.87. Interest: £785.87. Interest rate: 150% pa (fixed). 279.1% APR Representative.
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Personal loans are unsecured loans that range from £200 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.
No, we do not charge you any fees to apply for a personal loan - no application fee, no origination fee and no closing costs. Visit our Rates & Terms page to learn more about the cost of your loan.
We run credit checks to verify your application information and to help determine whether your application will be approved or denied, as well as to help us determine the amount of your loan, if approved. 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.
In most cases, your application will be processed within 30 minutes from the time it has been received. If approved, funds will be sent to your current account within 10 minutes of approval. This is dependent on your bank supporting Faster Payments. If your bank does not support Faster Payments, funds will be deposited the same day if your loan is approved by 14:30. You will receive an email notifying you if you have been approved!
Interest accrues on your unpaid loan amount. The total interest of your loan depends on the loan amount and the term of your loan. Visit our Rates & Terms page to learn more.
Representative Example: Borrow £500 and pay £79.09 per month for 12 months at a fixed interest rate of 140% per year.1 The total charge for credit is £449.01 (all interest). The Total Repayable is £949.01. 278% APR Representative.
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.
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.
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 instalment on the day it is due.
Continuous Payment Authority (CPA) is a type of automatic payment that authorises a lender to withdraw sums from a customer’s debit card, 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 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. On your repayment date, Pounds to Pocket will use CPA to collect the full amount due that day from your debit card. If the debit fails, Pounds to Pocket may attempt to debit your card a second time on that same day or the following business day.
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 3106 (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.
As a responsible lender, we don’t encourage you to use this service frequently. Each loan application is subject to affordability and credit checks in accordance with our responsible lending policy.
Your loan’s repayment method will determine how soon you can apply for 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. If approved, the new loan will be funded to your bank account the same day.§
If you pay by Direct Debit, it will normally take two working days for your payment to clear the bank. Once the payment clears, we can issue you another loan, if approved. The new loan will be funded to your bank account the working day after payment clears.
Example: Your final due date is Friday, and your full payment comes out on that date. The payment will clear on Tuesday, and you may apply for a new loan on Wednesday.
You should only take out a loan if you can afford to repay the loan pursuant to the terms of your agreement and do so in a sustainable manner. If your financial situation changes such that you believe you will not be able to repay the amount due on your repayment date, then you should contact us on 0800 016 3106 so that we can discuss the options available to you. Depending on your situation, we may be able to defer your upcoming repayment to a later date.
At Pounds to Pocket, we understand that your financial circumstances can change in an instant. If you know that you won’t be able to repay your loan amount on your payment date, you should contact us immediately so that we can do our best to help set up payment arrangements that work for you.
If your loan payment is dishonoured, returned, unpaid or otherwise missed, you will be charged a late fee of up to £15.00. We may also charge you default interest on any outstanding principal, at the same interest rate as your contracted interest rate, beginning on the first calendar day after the payment date.
Missing payments can make it more difficult and/or expensive for you to obtain credit reference agencies, and such missed payment may adversely affect your credit report. In addition, if you default under a loan agreement, we may commence legal proceedings and you may be required to pay us the reasonable expenses and costs we incur in those legal proceedings or in attempting to enforce our rights against you under the loan agreement.
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.
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 approved senders list. 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.
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.
The exact cost for a Top-Up depends on the borrowed amount and when the customer pays off the balance. Typically, the total cost of your ‘Topped-up’ loan will be more because of the increased borrowed amount and lengthened repayment term. However, there are no early settlement or processing fees involved for closing your previous loan and rolling it into the new loan.
If you are still feeling the pinch and are eligible, 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 with an increased loan amount and longer repayment term. The exact cost for a Top-Up depends on the borrowed amount and when you off the balance. Typically, the total cost of your ‘Topped-up’ loan will be more because of the increased borrowed amount and lengthened repayment term. However, there are no early settlement or processing fees involved for closing your previous loan and rolling it into the new loan.
Your new monthly payment will depend on your loan duration and loan amount of the 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.
If approved, cash will be sent to your bank account within 10 minutes after approval!§
The duration of your Topped-Up loan will equal the original duration of your current loan. For example, if the duration of your original loan was for six months then the duration of the Top-Up will also be for six months. It should be noted that the countdown for the duration of the Top-Up begins on the date of approval of the Top-Up and not the date of the original loan.
If eligible, you can apply for a Top-Up right from your online account.
If your Top-Up is approved, Pounds to Pocket will send the approved Top-Up amount to your bank account and consolidate your current loan balance into a new loan. Your new loan will be based on the outstanding loan balance and any unpaid interest. Your payment schedule will be revised accordingly so you may repay gradually over 12 months.
So, for our example, let’s say these were the terms of your original loan:
|Annual Interest Rate|
|Total Amount Repayable|
Final Payment Due Date: 12 months from original funding date
Now, let’s say you have repaid £99.56 of the original loan’s principal prior to receiving a Top-Up. This means your outstanding loan balance prior to the Top-Up would be £600.44.
|Loan Amount At Time of Top-Up2|
|Approved Top-Up Amount|
|Loan Amount After Top-Up|
|Annual Interest Rate|
|Total Amount Repayable|
Final Payment Due Date: 12 months from Top-Up funding date
This chart is for illustrative purposes only. Your actual loan, if approved, may be larger or smaller.
1Example assumes each month is 30 days
2At least one instalment payment must be made prior to Top-Up
3Approved Top-Up amount may vary by customer
4£900.44 includes £300 Top-Up and original loan's unpaid principal
5Top-Up example does not include any unpaid interest accrued within the month the Top-Up was taken
You have the right to access and download (port) your personal records and information. This information is limited to information you have provided us and certain information generated by your activities with us. To request your data be ported, you may log into your account and choose to download and send this data. This information will be prepared in a secure format and will then be available shortly after for download. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to access your personal records and information that we hold about you. For access to information provided by you or generated by your activities, you may log in to your account and choose to download this data. This information will be prepared in a secure format and will then be available shortly after for download. For a more complete list of data held about you, including data obtained from third parties, please email GDPR@poundstopocket.co.uk with your request. Please note that this request may take up to 30 days to complete. In limited instances, certain data may not be provided upon request if that personal data concerns other individuals or if providing it would result in a release of information covered by our trade secrets or intellectual property rights.
You have the right to update any outdated or inaccurate data held about you, and to complete any incomplete data held by us. You may update personal details or employment data by logging in to your account or by calling 0800 016 3106.
You have the right to object to processing where processing is based soley on our legitimate business interests.
If you are currently receiving marketing communications, you are able to change your preferences at any time by one of the following methods:
Via email: Click the "Unsubscribe" link in any email communication and submit your email address on the next screen.
Via the web: Update your contact preferences in your account.
Via SMS: By following the unsubscribe link in your SMS communication.
If you object to our processing based on our legitimate business interests, please note that the processing shall cease only where your rights outweigh our compelling legitimate grounds for processing. You may request this right by emailing GDPR@poundstopocket.co.uk.
We use automated decision making as part of our fraud prevention, identity verification and underwriting process. This process takes into account customer stated data such as income, expense and employment information, as well as third-party data, such as credit reference data or published national household income and expense averages, to judge creditworthiness of an applicant and affordability of the requested loan. Such automation ensures that each customer is treated consistently and is evaluated objectively and allows us to make fair and responsible lending decisions.
You may request our team manually evaluate your loan application; provide your opinion; or, contest the decision made by this automated processing. To do so, please contact us at Privacy@poundstopocket.co.uk.
We will delete or anonymise data when, in accordance with our Data Retention Policy, we no longer need to process it. If we anonymise data, we may continue to use it (in anonymised form) beyond periods specified in our Data Retention Policy. You have the right to request us to delete your data sooner for a number of different reasons, for instance, if it was unlawfully processed and you may do so by sending your request to GDPR@poundstopocket.co.uk. We will review your request and respond within one month.
You have the right to request us to limit the use your data for a number of reasons, including if you have requested we correct data about you, you have objected to our use of your data, and if you believe your data was processed unlawfully, or if you need us continue to store your data for legal reasons related to you. Please note that in the event you request restriction, we will continue to store it according to our Data Retention Policy. If you would like to request restriction please email GDPR@poundstopocket.co.uk.