CREDIT BUILDER

'Credit Builder' is a loan-linked savings account registered with all the major credit referencing agencies.

It's an easy way to build and improve your credit rating by saving and it might help you get cheaper loans, credit cards, mortgages and more. 

First, we set up a credit builder savings account and link this to a 0% APR ’virtual’ loan.

Then. we’ll allocate your virtual loan with us and register it with the three main credit agencies.

You’ll save into your credit builder which will filter through your virtual loan as regular loan repayments.

After a set term your loan is repaid, your credit rating improved and your savings are yours to keep.

Having a loan is one of the quickest and best ways to improve and build your credit rating and get more affordable credit.

We'll give you a guaranteed loan at 0% APR with no credit check. The loan is a 'virtual' loan kept safely in an account with us.

 You pay back the loan by saving between £5 & £125 per month through your virtual loan savings account.

Every repayment is reported to all the major credit referencing agencies helping to improve your credit score.

When the loan term you chose at the outset ends, the loan is repaid and the money you saved is yours to keep.

CONVERT YOUR SAVINGS 

You have the option of converting your 'virtual loan' into a real personal loan.

 

At any time, you can convert the money you have saved in your virtual loan account into your own personal loan.

We guarantee, subject to affordability, to lend you up to 3x your savings balance up to £3,000.

Example.

You've been paying £100 a month into your virtual loan for over 8 months.

 

£800 savings x 3 equals a real personal loan of £2,400.

  • No. It’s a virtual loan registered to you but kept in an account with us.

  • Having a personal loan with a traditional lender (not a payday lender) and making loan repayments on time, is one of the best and quickest ways to improve your credit rating.

    It shows other lenders that you can borrow money and pay it back. This can help you get better credit.

    Your credit score can make the difference between getting credit or not. It can also make the difference between getting low-interest rate credit and high-interest rate credit.

  • Yes. It's a personal loan granted to you at 0% APR. However, the loan is held in a virtual loan account with us, so you don't physically receive the money.

  • You'll be making repayments on your virtual loan. However, your repayments will go into your virtual loan account and then out again into your savings account.

    This means we can report to credit reference agencies that you are repaying a loan, while you build a savings account.

  • Yes. Once you have started paying into your virtual loan, we'll guarantee you a loan of up to 3X what you have saved, subject to affordability (maximum loan £3,000). We may lend you more, depending on the assessment.

  • We don't report negative data. If you miss a payment, after 14 days your loan will cease.

    We'll pay off your loan for you and report your loan as settled. You'll get back all the money you paid in.

  • Yes. Your money is 100% safe and risk-free.

  • No. It's in your hands. We can help improve your credit score but we have no control over your other finances.

    For example, if you were to get a County Court Judgment (CCJ), go bankrupt or apply for debt management, it may set back your overall score.

    We recommend carefully managing your other finances too for the best results.

Try the credit builder calculator