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Thinking about a Pounds to Pocket loan? Try Moneypod instead

If you have been considering taking out a Pounds to Pocket loan, have you considered whether you could be getting a better deal elsewhere?

The amount you can lend, the length of the loan, and interest rates all vary greatly from company to company. Just because you may already be familiar with Pounds to Pocket doesn’t necessarily mean that they will give you the deal that best suits your needs.

Moneypod is a short term/payday loan broker, not a lender. This means that we will help you evaluate all the different options that are available to you. We are the best way to find a Pounds to Pocket alternative that will give you a better deal.

Let’s look at the difference between getting a Pounds to Pocket loan compared to getting a loan organised by Moneypod.

 

Who are Pounds to Pocket?

Pounds to Pocket were established in 2010 based in London. This company was a two-time Credit Today Finalist for Alternative Lender of the Year in 2012 and 2013. Additionally, they also boast a score of 4.2 on Reviews.co.uk, which is based on 309 separate reviews.

Pounds to Pocket is a part of Enova International, which includes other brands such as QuickQuid and On Stride Financial in the USA.

 

What is a Pounds to Pocket loan?

A payday loan is a short-term loan that is paid back on the date of your next payday or within 30 days of taking out you loan – they’re ideal for when money is tight and something unexpected crops up you need to find the cash for. A short-term loan is taken out over a period typically less than 12 months, however you can borrow a greater amount of money with this type of loan.

Pounds to Pockets offers you the ability to lend up to £2,000 for up to 12 months.

The money can be in your account in as little as 10 minutes after your application has been approved. The application process and the time it takes to get your approval normally takes around 30 minutes. So, in the event that your application is approved, you should expect the money to be in your account within 40 minutes.

 

What are the requirements of a Pounds to Pocket loan?

There are 4 main requirements that you will need to meet before you can be accepted for a Pounds to Pocket loan, 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 old

So long as you meet these criteria, you are likely to be accepted for the loan. It is also worth mentioning that as a part of the application process, Pounds to Pocket will look into how many applications you have made within the last few weeks. If they think that you have applied for too many loans recently, they may deny your application.

 

What’s the difference between Pounds to Pocket and Moneypod?

Pounds to Pocket is a direct lender. This means that your application will only be seen by one single company offering its own products. In the event that they turn down your application, other lenders will be able to see that you have applied. As previously mentioned, if lenders see too many failed applications that you have made recently, they will be less inclined to give you the money that you need.

On the other hand, Moneypod is a broker rather than a direct lender (but more on that later). We will be able to find you a loan for the amount that you need, over a timescale that fits your needs, without racking up multiple credit searches.

 

What are Pounds to Pocket’s FCA registration details?

The Financial Conduct Authority is the regulatory body governing both short-term and payday loans. They make sure that companies like Pounds to Pocket which lend borrowers money can’t impose unfair terms in a loan agreement. As a result of this, Pounds to Pocket, as an FCA-approved lender, offers you several important protections, including:

  • You can’t be charged more than 0.8% per day (this equates to £24 per month per every £100 you borrow),
  • If you have to pay the money back late, you can’t pay a penalty fee that is greater than £15,
  • Over the course of the loan, your lender mustn’t try to make you pay more in interest and charges than the amount of the original loan. For example, if you borrow £200, you should never pay back more than £400 in total.

Pounds to Pocket’s FCA firm registration number is 673738. They are a direct lender, rather than a broker, and you can check their authorisation number on the FCA website.

Here are Moneypod’s (Nouveau Finance’s) FCA details. Nouveau Finance Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 727348. We are a credit broker and not a lender, offering credit facilities through a panel of lenders, rather than just a single company.

 

How do I apply for a Pounds to Pocket alternative?

Receiving a loan from an alternative lender is a simple 3-step process.

First, you need to fill in our simple online form which takes you less than 5 minutes. This is where you will tell us how much you want to borrow and how long you have to repay the loan. We will then take this information and match you up with one of our many lenders, ensuring that you get the deal that is best suited to what you are looking for.

Finally, if you are happy with the agreement that we broker with your lender and they approve your application, you can expect the funds to be in your account on the same day!

What are the advantages of a credit broker rather than a direct lender?

We use our network of lenders to make sure that you get the right deal rather than only having one company review your application. We match your details with the lenders who are happiest to work with borrowers in your type of situation. This means that you are more likely to get a loan that is tailored just the way you need it.

Furthermore, you won’t have to pay a penny! Our service is completely free of charge, so the only thing that we do is help save you money.

 

Am I eligible for a Moneypod loan?

In order to get an alternative short-term or payday loan with one of our lenders, you will need to meet the following criteria, you must be:

  • Over 18 years old,
  • Be in continuous employment,
  • A Resident of the UK,
  • Have a UK bank account that your wages are paid into,
  • Have an active email address,
  • Earn over £500 per month consistently.

If you meet all of these requirements, then your next short-term loan is right around the corner.

 

Why choose a loan from Moneypod?

We will search through over 200+ lenders to find the deal that will match your specific needs. You won’t be charged any more than if you were to go direct – in fact, we may even find you a lender who will charge you less because we match you with the perfect one. This cannot always be guaranteed though.

We make sure that your loan works around your needs, not the other way around.

To start your next short-term/payday loan application, click on this link – https://money-pod.co.uk/apply/

There is no better way of making sure that you’re getting the best offer when you are looking for a short-term loan than by choosing Moneypod.