How to take out and manage your Credit Flex

This guide shows you how to:

🔗 Take out a Credit Flex loan

🔗 Check your Credit Flex eligibility

🔗 Repay your Credit Flex loan

🔗 Manage your Credit Flex loan

Check your Credit Flex eligibility

To determine your Credit Flex eligibility, we look at your company credit score, the revenue and turnover paid into your Tide account, and more.

Your minimum and maximum loan amounts

The minimum amount you can take out for a single Credit Flex loan is £100. The maximum amount, for a single or several combined loans, is not fixed.

Your upcoming payments' eligibility

See if an upcoming transaction qualifies for a Credit Flex loan in your app:

Tap Pay > Send

Select an existing Payee OR enter the recipient’s details.

If you see Pay with Credit Flex, the transaction is eligible

Your past payments' eligibility

See if a past transaction qualifies for a Credit Flex loan in your app:

Tap Pay and select a transaction from your timeline

If you see Cover with Credit Flex, the transaction is eligible

Cover costs with Credit Flex

You can take out a Credit Flex loan to either make a real-time payment or cover the costs of a past transaction.

Cover the cost of an upcoming payment

Before you take out the loan, you'll need the funds to cover the payment in your main account.

To make a payment in your app:

Tap Pay > Send

Select an existing Payee OR enter the recipient’s details

Tap Pay with Credit Flex

Read and accept your Credit Flex repayment terms including interest

Sign the personal guarantee and confirm the loan

Once the loan is confirmed, the recipient will receive the payment from your main account, while we credit the money back to your main account.

Your monthly loan repayments will start the following month.

Cover the cost after you've made the payment

You’ve made a payment, and you’d now like to increase your balance:

Tap Pay and select transaction from your timeline

Tap Cover with Credit Flex

Read and accept your Credit Flex repayment terms including interest

Sign the personal guarantee and confirm the loan

Once the loan is confirmed, you’ll receive credit in your main account instantly, and your monthly repayments will start the following month.

Manage your Credit Flex loan

View your personal guarantee

Tap Finance > Loans

Tap Credit Flex > Manage > Personal Guarantee

A personal guarantee is a legally binding agreement where you as the business owner or director of the company agree to be personally liable for the repayment of the company loan.

Signing a personal guarantee means that if your business becomes unable to pay the monthly instalments, you'll take responsibility for repayment of the loan in your personal capacity.

Repaying your Credit Flex loan

Your monthly repayments start the following month on the exact date you've taken out the loan. On this fixed due date, we’ll automatically collect the payment from your main Tide account.

Credit Flex costs

There’s no subscription fee Credit Flex. You’ll only pay the interest rate on the money you borrow.

We apply a monthly interest rate of 3.3% or 4.25% to the outstanding amount over 4 or 6 months.

Your repayment schedule

Before you confirm the loan, we’ll show you the repayment amounts and schedule. You can also see this on your Credit Flex dashboard:

Tap Finance > Loans

Tap Credit Flex

Change your loan repayment date

If you'd like, you can also change the repayment date of your loan. When taking out your Credit Flex loan, in your app, tap:

Tap Change repayment date > Calendar

Choose a date and tap Confirm at the bottom right

Review the preview of the loan, then tap Set repayment date > Confirm Change

Changing your repayment date will affect your first installment. If you choose an earlier date, this will lower your first installment. If you choose a later date, then the first repayment may be slightly higher.

Pay your loan early

To pay your Credit Flex loan early, you’ll have to repay the full outstanding amount, including any interest accrued up to that date.

Tap the Support icon in the top-right in your app

Our team will help you settle your loan

Making a repayment before its due date

You can make a repayment early. This will cover the interest up to the date of payment, but a small amount of interest will still be accrued for the days until your standard repayment date.

Those few days of uncovered interest will be then due on your standard repayment date.

Any additional money will be allocated to your next repayment.

Paying your loan if your Tide account is closed

You can pay your loan from another account if your Tide account is closed.

You just need to manually send the monthly repayment amount on the due date, as you would any other payment from that account.

What to do if you've missed a repayment

If there’s not enough money in your main Tide account on the due date, we’ll attempt to collect the amount from your additional Tide accounts indefinitely. We’ll collect any money you receive until the monthly repayment is settled.

Our Collections team may also email, call or send you an SMS to remind you of the overdue payment.

We report Credit Flex payment history to credit reference agencies. Your business credit score may be affected positively or negatively, depending on whether you make your monthly Credit Flex or other loan repayments on time.

If you’re having concerns about meeting your monthly repayments, email collections@tide.co to speak to us.

What happens if you miss two or more monthly repayments

We may ask you to pay the full outstanding amount, plus all accrued interest, regardless of how long the repayments are overdue.

Days your Credit Flex loan is overdue

4 days past the due date

If you have an Additional Account, we’ll also use that account to collect your monthly instalment

8 days past the due date

We’ll give you a 7-day grace period, starting from the repayment due date, and on the 8th day - you’ll start accruing late interest of 3.3% or 4.25% fixed monthly rate, same as the standard interest rate for your loan. It’s calculated and due over the entire overdue amount

45 days past the due date

In case you didn't reach out, we may forward this to a debt collection agency. We’ll ask you to immediately pay back the rest of the loan, plus any accrued interest