Pockit and Monese have recently unveiled the Income Advance solution, aiming to enhance customer control over their financial resources.

This milestone marks a significant step in Monese’s product lineup expansion, following Pockit’s acquisition of Monese late last year.

The new Income Advance service offers short-term credit without interest and no rigorous credit checks. It features an automatic repayment system from the user’s income stream. This initiative aims to provide a vital safety net for users, helping them manage financial challenges more effectively while avoiding expensive or unregulated lenders.

Key Features of Income Advance

Currently, many individuals like gig-economy workers and shift workers often find themselves underserved by traditional banks. The launch of Income Advance is designed to address this gap, ensuring that users can navigate financial hardships more smoothly.

UK-based Monese clients will now have access to borrowing up to £50, with the amount being repaid automatically from their subsequent income payments, be they salaries or social security benefits. This approach ensures a responsible and affordable lending process through collaboration with SteadyPay, which underwrites and funds these loans.