Pounds to Pocket is a UK provider of personal loans, that can also function as payday loans, if the customer pays off early (with no early payment penalties).
The company, which is a part of the U.S. based Enova Financial group (which in turn is owned by Cash America, one of largest pawnshop operators in the United States), is a licensed lender in the UK and a member of the Consumer Finance Association (CFA).
Cash America also owns another online lender in the UK, QuickQuid, one of the most popular internet payday advance companies in the country.
Instead of traditional payday loans, the Pounds 2 Pocket products are personal loans, often larger sums (in relation to an average payday loan), paid back in installments over the period of 12 months.
However, their FAQ section on the loan term states that...
"You have 12 months to pay off your personal loan; however, you can repay your loan early without any pre-payment penalties."
This means you can use the personal loan similarly to a payday advance, paying off the balance on your next payday, if you want to.
However, the APR cost of doing so will be very different than what you'd have paying the loan off according to the scheduled installments.
If your payment is late, the company uses a flat charge for each late payment, and this will also affect your total cost of borrowing the money.
Because of the installment schedule, the company's personal payday loan
products are an easier alternative to those whose financial shortfalls
can't facilitate a full loan repayment within a short-period of time.
To qualify, there are a few requirements to the borrower, including that you must be at least 18 years of age, a citizen of the United Kingdom, and that you must have a job with a steady income and access to your own bank account.
The company's online application takes about 5 minutes total to fill in, and a typical customer gets a loan decision in 30 minutes or less.
As for the amount you can apply for, as a first time applicant, that is dependent on the information you provide the company, but returning customers who have handled their business with care may be able to borrow up to £2,000.
You can apply even with less-than-perfect credit, as their evaluation of your ability to pay back the loan is based on a number of factors, not just your credit score.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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