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 charge a fee for setting one up — interest is charged at the same rate as your main account balance. You can have more than one instalment plan running at the same time, and they’re all managed through the Cred app.
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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 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 ...
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 mobile phones does Cred work on?
Your mobile phone needs to be at least iOS v13 or Android v8 technology to download the Cred app and open and manage an account.