APR: 277.5% Representative
Loan amount: £200 - £2,000
Repayment duration: 6 - 12 Months
OPTIOSCORE 56.5/100 
Time to apply: 03m 20s
Pounds to Pocket customer reviews

3.8 out of 5 from 184 customer reviews

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Product data last updated: 4:53pm 13/6/2017
Customer questions answered: 0
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Representative Example: If you borrow £750 over 11 months at a Representative rate of 277.5% APR and an annual interest rate of 140.00% (fixed), you would pay 11 monthly instalments of £129.08. The total charge for credit will be £669.93 and the total amount payable will be £1,419.93.

Pounds to Pocket customer reviews

3.8 out of 5 from 184 reviews

High interest

08:45 14-07-2013

via Choose Wisely

I was declared bankrupt back in 2008 and needed some cash they were the only people who would lend to me it cost me a lot in interest but hey they are upfront about that I could afford the repayments no problem needed the cash so took the loan all in all a good experiance if the mainstream banks wont touch you but you can afford the repayments then pounds to pocket are a good option!

andrew

Loan

15:04 02-07-2017

via Smart Money People

Didnt get the 1500 loan i wanted but offered 550 which still helped. 12 monthly payments with about same interest as Provident Loans. Plenty of notice given when payments are due. Lovely customer service and loan was sorted within hours. I recomend calling as its quicker that way.

Amy McFadyen

Ridiculous, dont bother

18:06 02-04-2013

via Choose Wisely

Ridiculous, dont bother

claire

Quick but pricey

18:25 29-06-2017

via Smart Money People

its alright if you need money urgently but it quite pretty pricey paying back

Lyn G

dont used them

01:42 26-11-2012

via Choose Wisely

its a waste of time dealing with them.1. they false accused me fraudster 2. they told me that i got a marker on my credit report cfias warning (No it is protactive protection from cifas. 3 they told me that i was late payment charge last year after a credit card company was in error in their

iain

Awful customer service attitude

15:56 05-06-2017

via Smart Money People

Very poor - stay well clear, this company is terrible to deal with

Anonymous

Great Company

20:13 05-07-2012

via Choose Wisely

Pounds to Pocket do what them promise. Money was in my account the same day. Thank you Pounds to Pocket.

Janet

Awful customer service attitude

15:35 05-06-2017

via Smart Money People

Very poor - stay well clear, this company is terrible to deal with

Anonymous

rubbish service

04:00 10-06-2012

via Choose Wisely

Avoid pound to pocket as the customer service as dreadful and does not what what one arm is doing compared to the other!!!!!!!!!!!!

john

It's good

10:36 11-04-2017

via Smart Money People

Other then the extremely high interest very quick money into the bank

Robert

Our review of Pounds to Pocket

Our review by Alex
Written by: Alex
Simplicity
44.2
Features
70.3
Consumer sentiment
47.5

Total OPTIOSCORE
56.5/100

Pounds to Pocket boast one of the cheapest representative APRs on Choose Wisely at 277.5% which is very competitive. Even so, they will carry on credit and affordability checks before granting the loan. Although they boast about being a responsible lender, they do allow customers to apply for another loan with them immediately after their last payment has been completed. This feels like they are condoning high-cost short-term lending as a long-term solution, which it really isn’t.

Unlike most payday lenders, you can repay your Pounds to Pocket loan over 12 months, instead of 30 days. Although this allows you to make smaller, more manageable repayments, borrowing over a longer period will mean that you increase the total cost of the loan, so you should only borrow for as long as necessary and if you can, try to make overpayments or settle the loan early as you won’t be charged for doing so and will pay less in the long run.

As well as having one of the lowest representative APRs on Choose Wisely, Pounds to Pocket also come in second best for their OPTIOSCORE of 65.2. This has been boosted by their features which include an online account management system, allowing customers to choose their payment type and the fact that they can grant top-ups which is quite uncommon for this market. Choose Wisely customers have also given them a score of 3.5 out of 5 with particular mentions of speedy payouts in the reviews.

As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. By missing or being late with repayments, you will not only harm your credit file but could be subject to a number of fees, which can soon make things very expensive.

Overall verdict: Pounds to Pocket are one of the cheapest but highly scoring lenders on Choose Wisely. If you’re looking for a short-term loan then they are worth investigating and the ability to top-up the loan is certainly an attractive incentive. But, be warned, if you think you need more money over a longer loan term then a personal or guarantor loan would offer a much cheaper rate of interest.

Highlights

  • Competitive representative APR for this type of loan
  • You can choose to pay by debit card or direct debit
  • Top-up loans are available
  • Possible loan term of up to 12 months

Minimum criteria

  • You must be aged at least 18 years old
  • You need to have a bank account
  • You must be a UK resident
  • You need to receive an income from being employed or self-employed

Fees

  • Maximum APR 277.5%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £15

Pounds to Pocket Customer Question & Answers

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About Pounds to Pocket

Pounds to Pocket offer high-cost short-term loans from £200 to £2,000 that can be repaid over a term between six and 12 months at a representative APR of 277.8%. The application is completed online and it will take around 30 minutes to receive a decision on the loan, if successful then the funds could show in your account within 10 minutes depending on your bank. When filling out the form you will need to provide your income and employment details so have these to hand to ensure a smooth process.

Customers are able to repay the loan early or make overpayments and Pounds to Pocket don’t charge for this. If this happens then the overall loan amount will be reduced which in turn means that the total interest charged will be less.

Pounds to Pocket also allow top-ups on the loan as long as the new amount and unpaid balance of the original loan do not exceed a total of £2,000. As with the original application, if the top-up is approved then the funds will take only 10 minutes to be paid out and customers can request this via their Pounds to Pocket online account.

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Product data last updated: 4:53pm 13/6/2017