Pockit and Monese have announced the implementation of a new Income Advance solution. This initiative aims to empower customers by offering them financial flexibility without incurring interest or conducting hard credit checks.
Monese’s Product Expansion
Following this announcement, the launch of the Income Advance service marks a significant step in enhancing Monese’s range of financial products. This comes after Pockit acquired Monese in Q4 2024.
The Income Advance services from both Pockit and Monese will provide short-term credit with automatic repayment linked to income, serving as a reliable safety net for customers. The companies will continue to cater to the diverse needs of their clients while ensuring regulatory compliance.
Details on Income Advance
Developed with the intention of addressing rising costs and providing better access to credit, Income Advance is particularly beneficial for gig-economy workers and shift workers who might be underserved by traditional financial institutions. The service allows eligible Monese customers in the UK to borrow starting at GBP 50, which is then automatically repaid from their next income installment.
Pockit’s Income Advance and its counterpart at Monese are being underwritten and funded by the consumer lender SteadyPay. This partnership ensures that all loans provided through the Income Advance service remain responsible and affordable, thereby offering value and security to customers.
