Credit Builder

How much does Credit Builder cost?

Credit Builder is structured as a loan with a credit limit of £240 and an interest rate of 24% APR (fixed). There are no hidden fees, penalties, late or early repayment fees. 

The interest is included in the monthly payments that we deduct from your Tide account. At the end of the 12-month period, you will get back your monthly payment and we will keep the interest.

You can see a breakdown of upcoming payments and interest at any time by tapping More > Cashflow > Solutions > Credit Builder > Payment Schedule in the Tide app

A representative example:

24% APR based on an assumed unsecured loan amount of £240 with 12 monthly repayments of £22.69 at an annual interest rate of 24% (fixed). Total amount payable £272.53.

Net cost: £32.53*

*As £240 will be returned to you upon final instalment

Repayment date Principal Interest Payment due Total balance
240
11/04/2021 17.80 4.89 22.69 222.20
11/05/2021 18.31 4.38 22.69 203.89
11/06/2021 18.53 4.16 22.69 185.36
11/07/2021 19.03 3.66 22.69 166.33
11/08/2021 19.30 3.39 22.69 147.03
11/09/2021 19.69 3.00 22.69 127.34
11/10/2021 20.18 2.51 22.69 107.16
11/11/2021 20.51 2.18 22.69 86.65
11/12/2021 20.98 1.71 22.69 65.67
11/01/2022 21.35 1.34 22.69 44.32
11/02/2022 21.79 0.90 22.69 22.53
11/03/2022 22.53 0.41 22.94
Totals 240 32.53 272.53


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