SteadyPay Announces Partnership with Pockit to Launch Income Advance Product 🚀
SteadyPay is thrilled to announce its new partnership with Pockit, a UK-based fintech providing essential financial services to those traditionally excluded from the mainstream banking system. Together, we are introducing Pockit's Income Advance product to offer affordable credit options to a large cohort of UK consumers, enabling them to better manage their cash flow without resorting to unlicensed and high-cost short-term lenders.
The Income Advance product offers customers the opportunity to borrow funds, starting at £50, which are automatically repaid from their next regular income instalment. The service incurs a flat fee of £4.99 per advance, with no additional interest, and is available to customers whose income is paid directly into a Pockit account. SteadyPay's role is to conduct credit assessments and provide underwriting services to ensure all loans are responsible and affordable, as well as to fund the loan book.
Following rigorous test phases, the Income Advance service has demonstrated high demand, with a 50% take-up rate among existing Pockit customers and strong repayment performance. The success of these trials led to the decision to extend the service to all eligible Pockit customers.
As UK consumers face financial pressures and a reduction in available credit, we are dedicated to providing safe, reliable, and regulated financial options. Our collaboration with Pockit bridges the gap in the market for responsible lending and ensures all eligible customers have access to the financial resources they need.
John Downie, CEO and Founder of SteadyPay, said, "Our partnership with Pockit is perfectly positioned to offer responsible, affordable, and regulated funding for those who struggle to access credit from mainstream providers. By combining our expertise in AI-based underwriting with Pockit's loyal customer base, we can provide customers with the financial support they need to navigate life's challenges and achieve their financial goals."
Together, SteadyPay and Pockit aim to provide essential financial services to underserved populations in the UK. By offering Income Advance, we are ensuring customers have access to affordable, safe, and responsible lending options to manage their finances effectively.