Cred Flexible Credit Account
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 ...
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 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 ...
When might Cred stop me from making a withdrawal?
There are a few situations where we won’t be able to process a drawdown: if you’ve already made 2 drawdowns that day if the amount would exceed your available credit limit if your account is behind on payments, or if there has been suspected fraud or ...
Are there limits how often I can draw money?
You can make up to 2 drawdowns per day, and each drawdown must be for a minimum of £50. You can only draw an amount up to your available credit limit. Outside of those limits, there is no monthly or annual cap on the number of times you can borrow, ...
How long does it take me to receive funds?
Once you’ve been approved for credit and confirmed a drawdown in the Cred app, the money is sent to your bank account via Faster Payments and typically arrives in minutes. Occasionally it may take a little longer depending on your bank — once the ...
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 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.
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.
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 ...
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.