Pounds to Pocket are a provider of short to medium term cash loans. If you’re looking for a short or medium-term unsecured loan of between £200 and £2000, Pounds to Pocket may be able to help you.
At CashLady, we want to help you understand all aspects of financial lending, not just small loans. Today we’re continuing our series on Pounds to Pocket, so we can help you understand everything you may need to know if you’re considering taking out a loan with them. In this blog post, we’ll be looking at some of the most commonly asked questions when taking out a Pounds to Pocket loan.
What information do I need in order to apply?
In order to finish an application, you’ll need a couple of pieces of important information. You’ll need:
- A valid UK bank account
- To receive income either from an employer or be self-employed
- To be a UK resident
- Be aged 18 or over
You’ll need to get some employment details and income details ready when you apply, as well as having your bank account details to hand.
Is there an application fee?
When you apply for a loan with Pounds to Pocket, there are no application fees, no origination fee and no closing costs. This means that you’ll know exactly how much the loan will cost you, minus late fees, before you even apply for the loan.
Will Pounds to Pocket run a credit check on me?
As part of the application process, Pounds to Pocket will run a credit check on you. This is to make sure that you are able to fully repay the loan with no difficulties. As a responsible lender, Pounds to Pocket do not want to trap anyone in a financial agreement that they do not fully understand or do not have the financial means to pay back.
Once Pounds to Pocket have run a credit check on you, this will be used to help them determine whether or not you will be approved for a loan.
How quickly can I get my loan?
In the majority of cases, once your loan has been successfully completed, it will be processed with 30 minutes. If you pass a credit check and your loan is approved, the funds can be sent to your bank account within 10 minutes. The whole process can take under an hour.
How do I repay the loan?
You can choose from two options to repay your loan. Both allow you to just have the money taken from your bank account so that you don’t have to worry about repaying your loan on time.
The first option is to use your debit card details. This means that your repayments will automatically be taken out from your debit card on the agreed repayment dates with no cost to you.
The alternative option is to use direct debit authorisation. This is the option that you should use if you don’t have a debit card from your bank. If you use this repayment method, the repayment amounts will be taken directly from your bank account on the agreed dates.
To set up a direct debit authorisation, you need to go into the branch and present the information to your bank. This will allow your bank to release the repayment amounts that are due in order to repay the loan to Pounds to Pocket on the agreed dates.
Do Pounds to Pocket use a CPA?
Pounds to Pocket do use a CPA – or continuous payment authority – for repayments. A CPA is a specific type of automatic payment that a lot of lenders use. It authorises a financial lender to withdraw specific amounts of money from a borrower’s debit card. These amounts are previously agreed in the loan application process.
After the borrower agrees to a CPA, the CPA means that lenders can withdraw payments without having to get the borrower’s permission for each individual repayment. This makes it a lot more convenient for the borrower, but it’s important you’re aware of the commitment you are making.
On your repayment date, it is important to ensure that you have enough money in your bank account to cover the repayments. Pounds to Pocket will use the CPA to collect the full amount that is due from you. If the debit fails after the second attempt, you will be charged a late fee by Pounds to Pocket of £15 and your bank may charge you for a bounced transaction.
Your CPA can be cancelled, but an alternative repayment method should be agreed with Pounds to Pocket. You will still be responsible for repaying the loan on time, as well as any charges that should accrue.
What happens if I need to borrow more money?
Sometimes unexpected events happen and in that event, you may need to borrow more money than you had taken out. In the unlikely event that this happens, you can apply for a Top-Up with Pounds to Pocket.
A Top-Up means that you can borrow more money on top of your current loan. You can apply to get a Top-Up before you’ve repaid your current loan, as long as you are approved. Once approved, your current loan is rolled into a new loan for an increased amount and longer repayment period. The cost of this new loan will depend on how much you decide to Top Up.
There are no early settlement or processing fees involved for closing your previous loan and rolling it into the new loan.
Are there any late fees?
Yes, Pounds to Pocket charge a £15 late fee for every repayment that misses the agreed repayment date.
Got any other questions about Pounds to Pocket that we didn’t answer? Let us know below, or chat with us on Facebook or Twitter. Remember that if you’re stuck in a financial emergency, you can always apply for a loan online with Cash Lady – we’re here to help you.