App Of The Week: Loot
Loot is a financial, digital current account app, aimed at students and it’s taking over the app store. It is used for budgeting, which a lot of students (including myself!) do have a problem with sticking to. Another cool thing about this app is that they send you an actual working card that you can use in shops. Here are a couple quotes from their website – loot.io.
Set daily and weekly budgets, and if you have any money left over? Move it over to one of your #LootGoals (or just treat yourself to a pizza!).
Know what you’re spending and where with Loot’s real-time spending notifications and transaction list (complete with merchant logos, of course). And what if you’re abroad? We’ll even convert your spend into GBP so you can see the current exchange rate.
Loot is a current account and works just as you would imagine, only, Loot is not a bank. The difference is how we look after your money.
Your Loot card is a Mastercard and is protected by Mastercard rules.
Your money is kept in a separate, protected account and is available anytime you need it. We never ever take risks with your money (it doesn’t get invested in anything), and so, your account isn’t covered by the Financial Services Compensation Scheme.
This separate, protected account is controlled by Wirecard, the company who issues our Loot cards. In the unlikely event, Wirecard becomes insolvent, your money would be protected against any claims made by creditors.
I have not used this app yet, but I am very interested in giving it ago. I feel like the budgeting option would be really useful for me so I am really keen to give it a go!
The only issue I’ve read is how long it takes for some people to set up their account, as this process needs photo idea and time for that to process, etc.
Apart from that, it looks very interesting! Have you used loot? If so let me know your thoughts!