How do I set up an instalment plan?
You can set up an instalment plan at the time of making a drawdown in the Cred app, or at any point afterwards for all or part of your existing balance. The minimum qualifying amount is £50. When setting up a plan, you choose either how many months you’d like to take (3 to 48 months) or the fixed monthly amount you’d like to pay — whichever is easiest for you. If you set up a plan to cover your full balance and then make a new drawdown, that new amount won’t automatically be included in the existing plan.
Related Articles
What is an instalment plan and how does it work?
An instalment plan lets you repay a set amount in fixed monthly payments over a period of between 3 and 48 months. It’s a good option if you want more certainty about what you’ll pay each month. The minimum amount for a plan is £50, and we don’t ...
What happens to my instalment plan if I miss a payment?
For plans of less than 12 months, missing 1 payment will cancel the plan. For plans of 12 months or more, the plan will be cancelled if you miss 2 payments. If a plan is cancelled due to missed payments, any outstanding balance, including accrued ...
Can I change or cancel my instalment plan?
Yes. You can adjust the term of an existing plan at any time, as long as the total duration doesn’t exceed 48 months from when the plan was originally created and it doesn’t reduce to fewer than 3 remaining instalments. You can also cancel a plan as ...
What is Cred flexible credit and how does it work?
Cred is a regulated revolving credit facility, managed entirely through the Cred app. Before your account is opened, we carry out a creditworthiness and affordability assessment. If approved, you are allocated a pre-agreed credit limit. This is the ...
How do I use Cred?
Full functionality is available in your Cred app including but not limited to drawdowns, making additional payments, setting up payment plans, viewing your transactions and statements.