Can Cred change my interest rate?
Yes, we can change your interest rate, but we’ll always give you at least 30 days’ written notice before doing so (if we’re reducing your rate, we may give shorter notice). We’d only make this kind of change for specific reasons — for example, to reflect changes in our costs, respond to regulatory changes, or where we believe it’s in your interest. We will not raise your interest rate if we know you’re experiencing financial difficulty. If you’re notified of a change and don’t wish to accept it, you have the right to close your account before it takes effect, with your current rate continuing to apply until your balance is repaid in full.
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How is interest calculated on my Cred account?
Interest starts being charged the day after you borrow money and continues until you’ve repaid it in full. We calculate it on your daily balance and apply it to your account each month when your statement is produced. The same interest rate applies ...
Who are Cred?
Cred is a direct lender offering responsible credit directly to UK consumers. You can easily access our mobile app on the App Store or Google Play Store, or simply visit our website for quick access to download links Cred offers customers a flexible ...
What happens if I take out Cred flexible credit and change my mind after?
You have 14 days from the day after you receive confirmation of your initial credit limit to tell the Cred team that you want to withdraw from the agreement. Confirmation of the initial credit limit will be emailed to you when your application has ...
Is Cred regulated?
Yes. Cred Originations Limited is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 688840. Your credit agreement is covered by the Consumer Credit Act 1974, which gives you important rights, including a ...
Can I use Cred like a personal loan?
Yes. When you apply for Cred as a personal loan, the full amount you have requested is paid directly into your bank account immediately upon approval. A fixed amount repayment schedule is set up at the outset, so you'll know exactly what you'll repay ...