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 each month and over what term, just as you would with a traditional personal loan.
As you make repayments against your personal loan, the funds you repay become available to you again — but outside of the personal loan package and as part of your revolving credit facility, which remains available for you to use as long as you keep the account in good standing.
This means you can access those funds flexibly, without it affecting your loan repayment schedule. You can repay your personal loan early at any time without penalty.
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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 ...
How do you use the information I give you?
The information you provide on your application helps us to make responsible lending decisions. Details of how we use your information after this are available in our Privacy Policy.
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 ...
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 ...
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 ...