Monese expands access to zero-interest Income Advance

July 31, 2025

Monese has introduced its Income Advance service, a move aimed at helping customers manage their finances more effectively during tough economic conditions.

This development comes on the heels of its acquisition by fellow FinTech platform Pockit in Q4 2024.

The new product mirrors Pockit’s own Income Advance service, which has already seen widespread success. More than £12m has been distributed across 185,000 loans in just 15 months.

Income Advance provides short-term loans without interest or hard credit checks, offering a flat £4.99 fee per advance. Repayments are automatically deducted from the borrower’s next income payment, whether that be a salary or social security benefit. This approach is designed to reduce reliance on unregulated or high-cost lending solutions.

Pockit’s own research indicates that over half of Income Advance funds are spent on food, highlighting the pressing need for flexible financial tools to cover everyday essentials.

Loan sizes through Monese start from £50, and the service is underwritten and funded by SteadyPay.

An initial pilot with a select group of Monese users saw strong uptake, with approximately 22% of approved applicants opting to borrow.

Pockit x Monese CEO Virraj Jatania said, “Income Advance was launched to help people juggle the twin terrors of rising costs and the reducing availability of credit. It’s clear that a huge swathe of people, such as gig-economy and shift workers, remain underserved by financial institutions, underlining the need for products like ours to help weather financial shocks and smooth out their monthly cashflow. No one should have to turn to unlicensed or potentially dangerous lenders just to make ends meet, so I’m delighted that we can now offer Income Advance to Monese customers and help them manage their spending month to month.

“The roll-out reflects not only the strength of our combined capabilities, but also the shared commitment to innovation and delivering value for our customers, evidenced by repeat use of the product. We’re incredibly excited about what’s ahead as we continue to evolve.”