Pockit and Monese have announced the roll-out of the Income Advance solution, designed to optimise the way customers stay in control of their finances.
Following this announcement, the product launch represents an important moment in the expansion of Monese’s product suite, following Pockit’s acquisition of Monese in Q4 2024.
Pockit and Monese’s Income Advance services are set to provide short-term credit with no interest, no hard credit checks, and automatic repayment from income. This process will focus on offering an important safety net and reducing reliance on high-cost or unregulated lenders. In addition, the institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on Income Advance’s launch
According to the official press release, Income Advance was developed and launched in order to optimise the way people juggle the rising costs and the overall process of reducing the availability of credit. Currently, several people, such as gig-economy and shift workers, remain underserved by financial institutions, and this situation is underlining the need for products designed to help weather financial shocks and smooth out their monthly cashflow.
With this in mind, the roll-out is expected to reflect the shared commitment to development, as well as the process of delivering value and security for customers.
In addition, eligible Monese customers in the UK will now be able to borrow money, starting at GBP 50, which is then automatically repaid from the next instalment of their regular income, representing either salaries or social security payments. As with Pockit’s Income Advance service, the consumer lender SteadyPay will be underwriting and funding the loan book, aiming to ensure that all loans are responsible and affordable.
