Frequently Asked Questions

How long does it take between applying and the money being available in my bank account?

After applying you will get an instant decision on your loan. We will transfer the funds immediately and in most cases they will be with you in just a few short hours. Sometimes it can take longer but this will depend on your banks.

How much can I borrow?

You can apply for anything up to £500 (more if you are an existing customer) but the exact amount you can borrow will depend on your personal circumstances.

Am I eligible for a payday loan?

If you are over 18 years old, take home a minimum of £600 a month and have a UK bank account and debit card then you can apply.

Do I need to fax or e.mail documents to you

No, at Pocket Money we use a credit check as part of our decision making process. If on occassion documents are required, our online dropbox makes uploading them easy. Meaning we can get your loan to you quicker.

I have poor credit, can I still get a loan?

Yes you can. Even if you have a poor credit record or CCJs you could still get a loan.

I don't have a debit card, can I still apply?

No, I'm afraid that a UK debit card is essential.

How do I pay off my loan?

You needn't do a thing. We will automatically take the funds from your debit card on your next payday

Can I delay paying back my loan?

Yes you can. If things are a little tight and you need to extend your loan then let us know and you can pay a small fee on payday and pay the rest back the following month.

What exactly is a Typical APR?

"The typical APR” is an APR at or below which the advertiser reasonably expects, at the date on which the advertisement is published, that credit would be provided under at least 66% of the agreements which will be entered into as a result of the advertisement.

This can be a good way of comparing 2 similar types of loan but when comparing different products it is less effective

Our loans are designed to be over a short period of time to help people through emergencies or cash flow problems, however we at Pocket Money believe our combination of rates and service make us the short term loan market leader.

What if I don't stick to my side of the deal?

If you don’t keep your side of the agreement then costs can grow above and beyond those advertised. Basically, if you need to change your repayment date, or don’t make sure you have enough money in your account for the automated collection then you will face extra costs.

If we aren't able to take payment from your debit card on the date you have asked for, you will have broken your agreement and will have to pay a £10 fee towards the cost of a failed collection. You will also have to pay additional Interest at the same rate until the loan is repaid.

If this happens a second time and you haven't contacted us, we will pass your account to our debt collection team and you may have to pay additional default charges towards our collections costs. If you continue to fail to repay your loan you will also get black marks on your credit record and may face legal action making it much more difficult to get credit again.

We don't want to see you go through any of these problems so if you are unsure about whether you can repay a loan within 30 days, please don't apply.