A PocketFund loan is a personal installment loan that is repaid over time with a set number of scheduled payments. Installment loan payment schedules are structured over a six month time period. PocketFund loans are provided wholly online, so you don’t need to visit a physical storefront to complete the loan. Approved loans are electronically deposited into your bank account, and the repayment is electronically deducted from your bank account.

The amount you can borrow is determined by your qualifications and by your state’s regulations. We offer two types of loans. Our starter loan provides up to $1000 for first time borrowers. After you have successfully repaid your initial loan, you may qualify for better rates and/or increased funding of up to $2000.

The fees we charge depend upon the amount of your loan and the rules of your state. We have no hidden fees. Your APR and all fees that you are responsible for are detailed in your loan agreement when your application is approved. You can view your state fees here.

Your PocketFund application is submitted and processed completely online without the need to visit a store location. Upon approval, the funds are deposited directly into your bank account, usually by the next business banking day. Your loan payments are then automatically deducted from your bank account on the date each payment is due.

We understand, and we want to help. Our representatives can discuss what loan options are available to you. If you would like assistance with debt management, you may call the National Foundation for Credit Counseling at 1-800-388-2227.

We may need to speak with you regarding your application or to answer any questions you may have. Rest assured that we will never sell your contact information.

As part of the approval process, we gather information from multiple sources some of which meet the definition of consumer reporting agencies. Your credit is pulled in the form of a soft inquiry to verify information provided in your loan application and ensure you meet our underwriting criteria.This is not a traditional credit check and it will not impact your FICO score. Your actual score is not a key factor in determining your eligibility for a PocketFund loan. We understand that things happen, and your history should not keep you from access to credit. For more information on credit inquires, visit Credit Karma here.

We want to support you in developing healthy financial habits, and to protect you from getting so far into debt that you can’t easily pay off your loans. As such, you may only have one loan outstanding at a time. You may be eligible to refinance for increased funding once you’ve demonstrated a successful payment history. You may also payoff your loan in full at any time with no penalty.

We will either call or email you to let you know our decision on your loan approval. Due to certain state regulations, not all customers may be eligible for instant approval, and some customers may need to submit additional documentation.

Funds will be posted to your account by the end of the next business day at no additional cost to you. We process approved loans and electronically fund your checking account using the ACH network. ACH stands for “Automated Clearing House” and is an electronic funds transfer network that connects U.S. banks. Transfers are processed by the Federal Reserve Banks or a private network such as the Electronic Payments Network.