Portify - Credit building for hard-workers

Anyone come across this ?

A strange set up, its like moneydashboard so allows you to connect accounts and gives you budgeting tools, the unique thing is it lends you money interest fee. I don’t get how they make money, but they do have some partnership agreements with big names so I would assume that’s how.

I signed up, because there is no risk, only read access to my accounts, and I was approved for £100 loan straight away. I don’t need the loan, so not bothering, but was just interested how it all works.

The app is laid out nicely, you can set a target you would to be notified if you are reaching, so you can make sure you cover bills and so on, it also tells you your likely expenses.

Anyone else have any thoughts ?


Haven’t heard of this before reading your post have downloaded and had a quick look same as you I was approved for £100. Will take a better look at the app After work

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I think they make money by the fact have to pay £6.99 a month to be able to access the credit


How does Portify make money?

Portify makes money by asking company partners to pay us a license fee, so you can access the app for free.

We also make money from some of the products we sell in the app, like Flex Finance.

An interesting app.

Ahh so the £100 you are approved for, you have to pay £6.99 to access.

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Yeah you do but they say there is no interest to pay just the monthly fee

So there is no fee, but you have to pay for the loan, so in a way there is a fee. Not sure its cheap if its £6.99 a month for £100 but could be handy if you really needed it.

For £6.99 a month you could have a Tandem ‘membership’ which will (probably) offer a much higher credit limit on a conventional credit card facility than this Portify solution. But I appreciate each product is targeting very different audiences, and Tandem has a higher bar to entry.

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lol I have a Tandem card and totally forgot about that! Although its not used and will be closed in March.

According to their Terms you can get the loan without paying the membership fee just by emailing them. I emailed them to test this. No answer.

It looks like another way of making money is to get deliveroo etc. to provide it as a service for their casual workers.

Maybe, just maybe, there wouldn’t be a need for this app if these companies actually paid fair wages? Just a thought. :wink:

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Maybe you don’t sign a contract you dislike if you would need to borrow money to make it viable as a job

I believe there should be regulations against what is almost slavery to protect workers from being exploited by these scum companies and fix the law in such a way that these workers can’t be classified as independent contractors so they actually get some rights.

It’s actually ironic that the UK government is completely screwing up the skilled contractor market with regulations like IR35 but ignores the industries where IR35 would actually be a welcome measure to protect workers.

There’s been discussion of “economic independence” rules becoming part of the definition of self-employment for years. But, as with our ridiculous system for buying property, our wonderful leaders are so far into cloud cuckoo land, solutions are barely discussed.