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Pounds to Pocket Loans @ www.poundstopocket.co.uk
Pounds to Pocket became a hit success soon after they launched at www.poundstopocket.co.uk back in 2010. They had started out offering quick same day 12 month loans for bad credit that were available 24/7. This was a huge step forward at the time, with there being very few subprime personal loan options on the market. Those that were active tended to impose delays of a few days before funds could be received. The rapid surge of this lender was boosted by heavy investment in TV advertising that hasn’t stopped. The original owner (Cash America International Inc) had already proven their credentials locally with the QuickQuid brand. Recently, Enova International Inc was spun off from Cash America.
Enova was originally created to manage all of CA’s web properties. Here in the UK they now represent the brand in focus, plus QuickQuid and On Stride Financial that is differentiated through the targeting of near-prime rather than subprime. Their flagship brand in their home country is CashNetUSA whilst DollarsDirect is also important for them in both Australia and Canada. Whilst the Pounds to Pocket loans started out catering a fixed 12 month period, the terms have been enhanced so that the customer can now choose from 6 months onwards. Early settlements can also be made at any time through the Pounds to Pocket login. Between £200 and £2000 can be accessed by new and returning customers.
The standard pricing runs as £208.08 per £300 (6) and £907.40 per £1000 (12). A discount can however be received by first time users through their promo code. This trims down the charges to £203.85 (6) and £899.45 (12). The discount here is 5% from the initial repayment using (5SOC). It was previously 10%, but that promotion has been removed from www.poundstopocket.co.uk that suggests that it won’t work. It is tricky to know for sure since you can’t validate codes on their application form. One area where this service has took a step back is on the change from 24/7 to 7/7. Their business hours in full are Monday to Friday (7am/10pm) and Saturday to Sunday (10am/6.30pm).
This company has a good market reputation and they have took on a member place with the CCTA. Whilst they have commanded much of the subprime market share over their history, this would have been shrinking through the rise of such brands as Satsuma Loans and Sunny who themselves have been investing in big ad campaigns. The general pricing is quite high as evident from the cost over a year with the discount applied at £899.45 per £1000. With a fair/good credit score it would make sense to instead apply with On Stride where they’d ask for £385.88. Since they are a little stricter the underwriting does take longer and they also close over the weekend.
£208.08 /£300 (6)
£907.40 /£1000 (12)
Pricing Examples with Promo…
£203.85 /£300 (6)
£899.45 /£3000 (12)
Data Taken from www.poundstopocket.co.uk: February 2017.