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Regain control over your credit repayments

We understand that sometimes things don’t go as planned, and anyone can miss a repayment. Running a business comes with challenges, and we’re here to support you through them.

In this guide, we'll help you:

  • Understand your business credit insights

  • View how repayments are processed

  • See what happens if you miss a repayment for unique Tide credit products

Ready to start?

Navigate your business credit insights

Navigate your business credit insights

Ever wondered, 'Why is my business credit score so important?'

Well, to start, your business credit score is a number, usually out of 100, that represents how well your business is managing its credit and debit.

Credit scores are assessed by Credit Reference Agencies (ie. Experian and Equifax) and it's their responsibility to determine your credit score.

So far, so good!

So far, so good!

The business credit score is also used to assess the risk of lending your business credit. If your credit score is:

  • Closer to 100 – the low risk range. Lenders are more likely to approve loans and other credit products, and with lower interest rates

  • Nearer 0 – the higher risk range. Available funding may come with higher interest rates and could cost your business more

Keep in mind that your business credit score is publicly available. Anyone can check your score with Credit Reference Agencies, before deciding to partner with you.

Repaying your credit

Repaying your credit

Processing your credit repayments

All GBP payments sent from your Tide account are made as Faster Payments. This means that you can make payments as:

  • One-off transfers

  • Scheduled payments: future-dated transfers or standing orders

  • Direct Debits

Missed payments vs your credit profile

We report any missed payments to Credit Reference Agencies. This, unfortunately, will impact your business's credit score.

Tide credit deadlines

Anyone can struggle with loan repayments. In the next section of this guide, we'll show you what you can expect, when missing a repayment deadline for individual Tide Credit products.

What happens if you miss a repayment

What if you've missed a Credit Flex repayment

What if you've missed a Credit Flex repayment

If there’s not enough money in your main Tide account on the due date, we’ll attempt to collect the amount 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.

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% fixed monthly rate

31 days past the due date

We'll send you a final notice and terminate your loan repayment terms. You'll have 2 more weeks to get in touch to discuss your repayment options

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

What if you've missed a Bounce Back Loan or Credit Line repayment

If you've missed a payment, you'll have 30 days from the date of the first missed instalment to pay it.

If you're struggling to make your repayments

If you're struggling to make your repayments

If you’re having concerns about meeting your monthly repayments, please tap Support in the app, or email collections@tide.co to speak to us.

We’ll talk over the options and work out a repayment plan.

More help if you need it

More help if you need it

You can contact the following organisations for free debt advice:

Sharing your business data with Experian

Experian is one of the three main credit reference agencies that compile credit reports. Every month we share your Business Current Account data with them to help lenders assess your financial health and credit worthiness, as well as to keep your credit profile up to date.

Your business datа is made up of your:

Credit or debit turnover

The money coming in and out of your business account

Average balance

The average amount of money in your account over a certain period

Days in excess

The number of days your account balance goes above or below certain thresholds

Rejected payments

Examples of payments that were rejected due to insufficient account balance or other reasons

Benefits of sharing your business data

Benefits of sharing your business data

Sharing this information can potentially:

  • Increase your chances of credit approval from lenders partnering with Experian

  • Lead to higher credit limits and better terms on credit cards and other financial products

  • Lower your credit costs

While sending your information, we follow strict security protocols and encryption methods, meaning that your sensitive information stays protected. If you have your app notifications switched on, we’ll let you know every time we share this information. To switch on your notifications, tap: Profile > Profile & Settings > Notification preferences.

Can I choose not to share my data with Experian?

If you’d like to keep your data private, tap Support in the app to speak to us.