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 total amount of credit available to you under the facility.
You can then access funds from that approved credit limit at any time, in any amount, up to your available balance. We refer to each instance of accessing your funds as a "drawdown". As you repay, the credit you've used becomes available to draw down again. If you'd prefer more structured repayments, you can also set up an instalment plan to repay a set amount over a fixed period. Your agreement is regulated under the Consumer Credit Act 1974 and we are authorised and regulated by the Financial Conduct Authority.
"If you'd prefer to borrow a lump sum and repay it in fixed monthly instalments, similar to a personal loan, you can find out how in our article 'Can I use Cred like a personal loan?'"
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Is Cred a credit card?
Yes, you can transfer funds from your Cred account to your current account to make purchases as you would with a money transfer credit card. Digital credit card functionality to make contactless and online purchases will become available soon for ...
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.
Do Cred charge any fees?
We charge interest on money that you borrow however we do not charge any fees including late payment fees or any other fees. Cred will never ask for any type of advanced fee in exchange for a loan or credit account.
How do you work out how much interest I pay?
Have a look at your credit agreement for more information on how interest is calculated.
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.