We understand how important it is for you to know that your money is safe, secure and accessible only to you. So here are the facts:
What is Loot?
Okay we are not a bank, we are better. At Loot, we believe that students and young people should be able to go out and do the things they love without worrying about money or relying on an overdraft. Whether they’re saving for a night out, an around the world trip or even saving for a mortgage on a house – we’ll help you get there.
So we’ve created a banking experience using really smart tech that allows you to budget, put money aside and pay using your Loot contactless card.
What can I do on the app?
You can track your daily and weekly spending- saves all of that pre-payday panic. Tell us how much you want to spend per week and we’ll give you a daily budget.
You can put money aside for different adventures by creating a Loot Goal. Add the pennies when you can and when the time is right, you can treat yourself. You can even add a photo for maximum motivation. When you’ve decided on your #LootGoals, share it with us and we might make it happen for you for free.
- Go abroad
You can make purchases abroad without having to pay any additional charges- which is great if one of your #LootGoals is a holiday
- Real time transaction list
Know what you’ve spent as soon as you’ve spent it so you don’t get any nasty surprises.
- Pause / Unpause
You can pause your account if your card or phone gets lost or stolen- which is great if you drop your wallet down the toilet on a night out.
- Web App
If you don’t have an iOS or Android phone, or you lost it last night in the bar, you can still access your account on the webapp. The automatic backups from the other app versions mean that you’ll still be able to access, send and spend money with your loot account.
But where does my money actually go?
Good question. The Loot MasterCard® and account is an electronic money product supplied by Wirecard card solutions. Wirecard are authorised and regulated by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051)
In short, Wirecard provide your Loot account and prepaid debit card. We’ve built our app on top of their system, so you can get the most out of our awesome features whilst knowing that your money is being looked after.
Where can I download it?
It only takes five minutes and we’ll need you to take a photo of yourself (queue the selfies). But be sure to have your UK address and a form of ID on you- we are very big on security, you see. It’s super quick and once we have verified your details, we’ll send out your contactless card and it will be with you within 7 days.
Once your contactless card has arrived, activate it (click on the *card* tab in the app) and off you go. If you need more info, we’ve got all of your questions answered right here.