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?'"