About Pounds to Pocket (Closed)
Pounds to Pocket closed quietly sometime in the early stages of 2019. This hasn’t been a forced closure, but rather a business move on their part to merge P2P with On Stride Financial. A notice of the change currently shows on www.poundstopocket.co.uk and there is a login button that’ll redirect to Stride’s site where the same login details can be used by existing customers. When learning of this development, it was surprising that they’d fuse 2 very different products on the repayment side. Fortunately, there has been a restructure and so you can find the same 6 to 12 month options with Stride’s product that now spans between 6 and 36 months (previously 1 to 2 years).
To cover the background, the Pounds to Pocket loans were unleashed on the market in the year 2010. This was formed to support the QuickQuid brand that was already firmly established on the payday market. Enova International are in charge after they took over from Cash America after Enova was spun off from the organisation. At launch a set 12 month loan was provided and they operated 24/7. The flexibility was enhanced to begin at 6 months whilst the call centre hours were brought back to Monday to Friday (8am-9pm) and Saturday to Sunday (10am-6.30pm). The company grew very quickly after early investment in TV advertising that rocketed the project firmly into the limelight.
TV ads helped to shine a light on a product that was unlike anything around at the time. There was no other online lender open on weekends that could send same day bad credit loans up to £2000 (£200 was the starting sum). Alexa data shows that they have performed well since launch, although there has been a slight dip that we’d assume is based on the rise of Lending Stream, Satsuma and Sunny. With pricing, they charged £208.08 for £300 (6m) or £203.85 with promo. The costs were £907.40 for £1000 (12m) or £899.45 with promo. As shown, rather pricey over a year. Stride’s product now has variable rates and so you can receive better value there.
Rivals & Similar Lenders Like Pounds to Pocket
Satsuma and Sunny were each key competitors that managed to surpass this company on popularity. Lenders like MyJar and Peachy had more similarly matched traffic stats. Whilst competition was always fierce, windows of opportunity had opened through such closures as H&T online, Juo, Oakam and PaydayUK. For current alternative suggestions, Satsuma is a good flexible fit for instalments terms. For longer term borrowing, there are many great services around such as AvantCredit, Bamboo and Likely. AvantCredit is of note here as they offer the cheapest bad credit deal and they are open 7/7. The now revamped On Stride has improved pricing and terms, making this itself an ideal in-house replacement.
Last Check @ www.poundstopocket.co.uk: June 24th, 2019
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