Pounds to Pocket are now Onstride. Pounds to Pocket/Onstride offers borrowers the opportunity to apply for short term and medium term loans, that are both simple and flexible. CashLady takes a look at the history of Pounds to Pocket and the services that they provide.
With OnStride, you are able to apply for a personal loan of between £200 and £2,000. You can choose to pay back your loan over a period of between 6 and 36 months.
This type of loan is known as an instalment loan. Instalment loans are loans that are paid back over 2 or more instalments.
Payday loans are traditionally repaid in only 1 or two instalments, usually on your payday.
Onstride refers to their loans as ‘personal loans’. Personal loans are loans that are not secured against any assets that you own, such as a car or your home. They are also known as unsecured loans and can be used for a wide range of immediate money needs, such as repairs to your car or any other emergency expenses.
Responsible lenders, such as Onstride/Pounds to Pocket, would not encourage you to take out personal loans frequently.
Most people who apply for a loan with Pounds to Pocket will get a decision in under 30 minutes. You should receive an email notifying you of whether or not you have been approved for a loan.
If you are approved for a loan, Pounds to Pocket says that it will get the cash sent to your bank account within 10 minutes of approval. However, if your bank does not support Faster Payments, Pounds to Pocket will send the funds to your account on the same day as approval, as long as you have been approved for a loan before 2:30 pm.
Personal loans from Pounds to Pocket can either be repaid via debit card or direct debit authorisation.
If you choose to pay by debit card, your scheduled repayments will automatically be taken from your debit card on your due dates.
If you don’t have a debit card, you can opt for direct debit authorisation. This way, your scheduled repayments will be taken from your bank account on your due dates.
The amount of interest that you will pay your loan, depends on the loan amount and the term of your loan. You can get a better estimate of what your loan might cost you by using the Pounds to Pocket LoanBuilder.
Pounds to Pocket also offers its customers a ‘Top-Up’, where you can apply to borrow more money on top or your current loan (up to a total loan value of no more than £2,000). If you are approved for a Top-Up, your current loan will be rolled into a new loan, with a larger loan amount and increased repayment term. How much this will cost you, depends on how much you ‘top-up’ by and when you pay off the loan balance. More information about this can be found on their website.
Eligibility Criteria to apply for a Pounds to Pocket loan
In order to apply for a loan with Pounds to Pocket, you must:
- have a valid bank account
- receive an income through employment or self-employment
- be a resident of the United Kingdom and
- be at least 18 years old.
Pounds to Pocket launched in 2010 and is the trading name of CashEuroNet UK, LLC. Another of CashEuroNet UK’s brands is QuickQuid.
Their head office address is: Fergusson House, 124-128 City Road, London, EC1V 2NJ
The correspondence address is: 483 Green Lanes, London, N13 4BS
Website address: www.poundstopocket.co.uk
Their telephone number is: 0800 016 3106
The Pounds to Pocket customer support is open 7 days a week, from 07:00 to 22:00 on Monday to Friday and 10:00 to 18:30 on Saturday and Sunday.
Email address: support@PoundstoPocket.co.uk
They also offer a live chat service on their website.
Financial Conduct Authority registration
Pounds to Pocket is authorised and regulated by the Financial Conduct Authority. Their registration number is 673738.
Authorisation can be checked on the Financial Service Register at http://www.fca.org.uk/register
Pounds to Pocket says that it is serious about protecting your privacy.
Right to cancel your loan agreement
Under the Consumer Credit Act, borrowers have the legal right to withdraw from their loan agreement within 14 days of signing a loan contract.
If you would like to withdraw from your loan agreement with Pounds to Pocket, you must return any money that you have received, together with any accrued interest. You should contact Pounds to Pocket as soon as possible if you decide that you would like to withdraw from your loan agreement.
Pounds to Pocket will run a credit check on you to help them determine how much they can lend to you, to verify your identity and to help them decide whether or not to approve your loan application.
Does Pounds to Pocket have a television advert?
In 2014, Pounds to Pocket released this ‘if Pounds to Pocket wrote adverts’ advert. In it, people are sitting around a table, coming up with complex ideas for TV adverts to depict what Pounds to Pocket offers its customers, such as explorers looking for loans and lighthouses lighting the way.
This next advert follows on from the first, with more ideas and the advert ending by saying that if Pounds to Pocket wrote adverts, they’d be as straightforward as their loans.
Do they advertise on Google?
Yes, Pounds to Pocket does have a Google ad.
Does Pounds to Pocket charge fees?
Pounds to Pocket does not charge any application fees, origination fees or closing costs when you take out a personal loan. However, if Pounds to Pocket debits your bank account and you do not have enough money to make your scheduled loan repayment, your bank could charge you a non-sufficient funds (NSF) fee.
Also, if you miss a scheduled payment, Pounds to Pocket will charge you a late fee of up to £15. Interest will then continue to accrue on the outstanding loan amount at the same rate as your contractual rate. This will start on the following day after the day of your missed payment.
Pounds to Pocket does not charge you any early repayment fees if you choose to repay your loan early.
Additionally, if you choose to pay back your loan ahead of time, you will only pay the interest that has accrued on your outstanding balance, not the interest for the whole intended term of the loan. For example, if you took out a 6-month loan and opted to repay it in 2 months, you would only pay interest for the 2 months that you had the loan outstanding.
Likewise, if you opt to make an extra payment or pay more than necessary on a payment due date, your outstanding loan balance will be reduced and therefore the total amount of interest that you owe will also reduce.
Has Pounds to Pocket ever been fined?
This was as a result of CashEuroNet UK LLC reassessing all loans that were in arrears for 30 or more days, that they had granted since 1 April 2014 (when new FCA rules were introduced). They found that 3,940 customers were lent more than they could afford to repay.
Most of these loans were granted while CashEuroNet UK LLC was introducing tighter lending criteria.
When CashLady checked in April 2019, Onstride had 1.4k ‘likes’ on its Facebook page. It also shows that pounds to pocket are currently merging with Ostride.
According to Facebook stats, Onstride/Pounds to Pocket typically replies to messages on Facebook within a day.
Onstride seems to be very active on Facebook, with the last post made only 22 hours previously.
The post content varies, with links back to articles dealing with issues such as how to manage work stress and millennial financial planning, as well as ‘#MotivationalMonday’ quotes.
Pounds to Pocket has 1,582 followers on Twitter and has tweeted 2,255 times since they joined in August 2010.
Again, Pounds to Pocket seems to be quite active on Twitter, with their last Tweet being only 18 hours earlier when CashLady checked.
The post content is very similar to their Facebook feed, with links back to their articles and ‘#MotivationalMonday’ quotes.
Cashlady could not locate an Instagram account for Pounds to Pocket or OnStride.
Do they have an App?
Although CashLady couldn’t locate an app for Onstride or Pounds to Pocket, they do have a dedicated mobile site, which you can access through your mobile device.