Pockit Launches Income Advance: A Brave New World of Credit
Picture this: you’re juggling a paycheck, a rent bill, and maybe a surprise coffee order, and the banks seem to say “not enough cash flow.” Enter Pockit with its shiny new Income Advance product, powered by SteadyPay. The aim? Give everyday folks a friendly loan that won’t turn into a financial nightmare.
What the Service Actually Does
- Borrow Easy: Start at just £50.
- Repay from the Next Paycheck: The amount automatically slides out of your next salary drop.
- No Hidden Interest: You only pay a flat £4.99 fee. That’s it.
- Who Qualifies: As long as your income lands straight into a Pockit account, you’re in the running.
Thanks to the partnership with SteadyPay, they perform the credit check, crunch numbers with AI, and make sure every loan stays affordable. The result? A fully regulated, risk‑shored service you can trust.
Why This Matters Now
In Britain, a staggering 4.2 million households cut back on essentials (thanks to a 2023 study by the Joseph Rowntree Foundation). Meanwhile, little‑known research shows that people with low credit scores have seen a 76% drop in formal lending since 2019. In a world where “unlicensed loan sharks” are welcoming more than three million borrowers in the last few years, a safe, bite‑-sized credit solution is a breath of fresh air.
Recruiting the “Less Regular” Workforce
Shift workers, gig‑economy folk, and anyone hustling on an irregular rhythm of pay—these are the segments that Pockit tapped into when testing the product. The service had a 50% uptake among Pockit’s existing customers, which speaks volumes: there is a real hunger for a small, reliable cash boost that doesn’t turn into a debt spiral.
Numbers from the Field
- 7,000 monthly advances already given out.
- Repayment performance: rock‑solid.
- Now open to all eligible customers.
Voices Behind the Launch
Virraj Jatania (Pockit CEO): “Nobody should have to dip into shady lenders just to survive. After a successful trial run, we’re excited to roll out a fully regulated solution for everyone who needs it.”
John Downie (SteadyPay CEO): “Our partnership fills a critical gap by offering responsible, affordable, and regulated funding. Combining AI‑driven underwriting with our funding power alongside Pockit’s loyal community—this is the recipe for a real change in the credit landscape.”
So if you’re living on a paycheck that feels like a roller‑coaster and you need a little cushion, Pockit’s Income Advance might just be the safety net you’ve been looking for. Harness it, repay on time, and keep the finance cycle moving—without the horror‑show of high‑cost short‑term lenders.
