“Pounds to Pocket “– easy way to borrow money
Overview:
Nowadays, in order to perform many of your daily tasks, you do not even have to leave your apartment. Online services are helping us to avoid standing in a huge lines and filling out all the paperwork and one of the best reasons – it’s opened 24/7. An online personal loan is a quick and convenient way to get from £300 up to £2,000 for a variety of financial needs. You can apply online directly from the comfort and privacy of home
Let’s take a look at one of the biggest companies that offer a short-term personal loans – “Pounds to Pocket”.
Conditions and criteria of acceptance:
In order to get a loan from “Pound to Pocket” you have to meet the following requirements: you must be 18 years of age or older to apply, you must be UK resident, you must receive an income through employment or self-employment and it must be at least £700 per month and you must hold a valid bank account with debit card and direct debits.
Loan details and interest rate:
The amount of money you borrow can vary starting from £300 up to £2,000 in 12 months terms. “Pounds to Pocket” has 278% Annual Percentage Rate (APR). For example: you borrow £500 and pay £79.09 per month for 12 months at a fixed interest rate of 140% per year. The total charge for credit is £449.01 (all interest). The total repayable is £949.01. This works if you have been approved in accordance with lending criteria. If you do not qualify for the product for which you apply, they may offer you an alternative product with different terms.
Procedure:
In order to apply, you have to go to their web-site – www.poundstopocket.co.uk, there you can complete their four-step application form. After you have completed the first two steps of the application, they will tell you if you have been accepted or declined. If you’re declined, they may recommend you another company where you can try your chances. If you are accepted, they will contact you and you will need to sign an online loan agreement. You will have to provide them with your bank account details where you want the money to be transferred. They money will then be transferred into your account within one hour if you applied before 10:00 p.m. If not, the money will go into your account on the next working day.
Customer and online services:
Once you applied, you can find out whether you’re approved for an unsecured loan within 10 minutes with no extra charge to you. You can also perform a variety of actions right in your online account: review statement, make payment or change the payment date. For all questions, there are a customer support phone line as well as online chat.
Pros:
- Easy and quick way to get a loan
- You can get up to £2,000 in your account within 1 hour
- Opened 24/7
Cons:
- High interest rate compared to other personal loans companies
Verdict:
Quite high interest rate but the convenience and speed of the money being transferred to you may outweigh this if you really need the loan quickly. Anyway, consider twice before you apply to anything and read the term and conditions carefully.
