Pockit Launches Innovative Credit Builder Product to Empower Financial Inclusion

Pockit introduces the ‘Fast Track to Credit’ credit builder product, aimed at empowering individuals excluded from traditional banking systems to enhance their credit scores and access essential financial services

Pockit, a leading UK fintech dedicated to providing essential financial services to underserved individuals, has unveiled its groundbreaking ‘Fast Track to Credit’ credit builder product, aiming to bridge the gap for those excluded from the traditional banking system.

The newly launched service is designed to assist individuals in swiftly enhancing their credit scores, offering Pockit customers a secure and sustainable path to accessing a broader spectrum of financial services that typically require a good credit history, such as loans, mobile phone contracts, or car finance.

With a seamless setup process and rapid approval mechanism, the product is exclusively available to customers enrolled in Pockit’s top-tier subscription plans. Participants receive a virtual loan, securely held in savings, against which they make monthly payments mirroring a structured repayment scheme. These payments are promptly reported to the three major UK credit agencies—Experian, TransUnion, and Equifax—to expedite the improvement of customers’ credit profiles. Notably, missed subscription payments are not reported to credit agencies and do not negatively impact credit scores. Moreover, customers who consistently meet payments for three months become eligible for a real loan ranging from £50 to £300, further contributing to their credit enhancement.

Participants in the Fast Track to Credit plan also gain access to Pockit’s extensive suite of personal finance products. Additionally, they benefit from automatic purchase insurance coverage of up to £1,000 against accidental damage and theft. Furthermore, customers can enjoy a range of exclusive rewards, including up to 15% cashback and discounts at prominent high-street brands, alongside enhanced cashback of 2.5% on other expenditures and direct debits. Eligible Pockit customers who have their salaries deposited into Pockit accounts can also leverage the recently launched Income Advance product, allowing them to access a cash advance of up to £100 from their salary or benefits without undergoing hard credit checks. Moreover, customers can anticipate receiving their entire salary or benefits BACS payments one day earlier.

The introduction of the credit builder product addresses the challenges faced by UK consumers amidst rising living costs and limited access to credit. Recent research by ClearScore and EY revealed a significant decline of 76% in loans extended to UK individuals with the lowest credit scores since 2019. Moreover, a survey conducted by the Money and Pensions Service in the previous year highlighted that nine million adults—one in five—were declined for credit in the preceding twelve months, with young people and parents disproportionately affected.

Virraj Jatania, CEO and Founder of Pockit, expressed the company’s dedication to supporting its customers’ financial well-being and empowerment. He emphasized the necessity of addressing the barriers faced by individuals with low credit scores, enabling them to access essential financial products and services with confidence. Jatania emphasized that the Fast Track to Credit plan reflects Pockit’s commitment to providing a reliable and secure pathway for customers to strengthen their credit scores, ultimately empowering them to assume greater control over their financial journeys.