Tide Credit Builder Terms and Conditions

Version 1.0

Date: 20 May 2021

Introduction
1. These terms and conditions (known as the “Credit Builder Terms“) are between (“you”) the business that has signed up to these Credit Builder Terms and Tide Capital II Limited (“Tide Capital“). References to “we” or “us” in these Credit Builder Terms shall be to Tide Capital.
2. The Credit Builder Terms set out the terms on which Tide Capital may provide you with the credit builder tool (the “Credit Builder“) via Tide Platform (the Tide business banking platform, accessible through our mobile app and through our website (https://tide.co)).
3. These Credit Builder Terms must be read together with, and are in addition to, the Tide Terms available here. If there is a conflict between these Credit Builder Terms and the Tide Terms, the Credit Builder Terms will prevail in relation to any matters relating to the Credit Builder and the Tide Terms shall prevail otherwise. Capitalised terms used here but not defined shall have the meaning given to them in the Tide Terms.
4. References in these Credit Builder Terms to your “Tide Business Account” are to your bank account or e-money account linked to and managed through Tide Platform.
How Does Credit Builder Work
1. You can use Credit Builder to build your credit score and help you prove your creditworthiness to credit reference agencies (“CRAs”).
2. Credit Builder is structured as a loan amount determined by Tide Capital in its sole discretion (the “Loan”). The Loan will be provided by Tide Capital for a fixed term of 12 months (the “Term”). The Loan amount and applicable Interest (defined in Clause 3 (Interest and Fees) below) will be presented to you before you accept these Credit Builder Terms and will be available to view through Tide Platform once you activate Credit Builder. By activating Credit Builder, you are deemed to have accepted the offered Loan amount and the Interest rate.
3. Each month during the Term, Tide Capital (via Tide Platform) will collect a payment from your main Tide Business Account to repay the Loan amount (each such installment being a “Loan Principal Payment”) and the accrued Interest in accordance with the payment schedule provided to you by Tide Capital via the Tide Platform (the “Payment Schedule”).
4. Each Loan Principal Payment will be credited to a locked sub-account within your main Tide Business Account (the “Locked Sub-Account”) (as further described in Clause 4 (Activation and Locked Sub-account) below).
5. You will not be able to withdraw the Loan Principal Payments from the Locked Sub-Account during the Term, unless your Credit Builder access is cancelled in accordance with Clause 6 before the Term ends.
6. At the end of the Term, after making all your required monthly payments in full, your Loan is deemed repaid and your Loan Principal Payments will be available for withdrawal from your Locked Sub-Account. Instead of making the funds available for withdrawal, Tide Capital may instead credit the Loan Principal Payments directly to your main Tide Business Account. Any Interest payments made are non-refundable.
Interest and Fees
1. There are no separate fees or charges for the Loan charged under these Credit Builder Terms.
2. You agree to pay interest at a fixed rate per annum (365 days) on the outstanding amount of the Loan (the “Interest”).
3. Interest shall accrue daily from the activation date and will be charged monthly, as set out in Clause 2.3 above.
Activation and Locked Sub-Account
1. You can activate the Credit Builder tool by accepting these Credit Builder Terms through the Tide Platform. The Credit Builder tool shall be available to you from the date of activation until the earlier of the end of the Term or the termination of the Credit Builder Terms in accordance with these Credit Builder Terms (the “Availability Period”).
2. Upon activation of Credit Builder, Tide Capital will open on your behalf the Locked Sub-Account within your main Tide Business Account and deposit your Loan Principal Payments in the Locked Sub-Account.
3. By accepting these Credit Builder Terms, you authorise Tide Capital to open the Locked Sub-Account and deposit the Loan Principal Payments in the account on your behalf. Note that the Locked Sub-Account is not a standalone business current account – it is a virtual pot where Loan Principal Payments are segregated from the funds in your main Tide Business Account.
4. You will not be able to withdraw the Loan Principal Payments from the Locked Sub-Account during the Term, unless you cancel Credit Builder before the Term ends.
Payment Mechanism
1. You authorise Tide Capital to debit from your Tide Business Account any amounts that are due and payable by you to Tide Capital under these Credit Builder Terms, including any Outstanding Interest Amount (defined in Clause 7.1 below) payable under Clause 7 (Effects of Cancellation).
2. If there are insufficient funds in your Tide Business Account to pay the full amounts, you allow Tide Capital to use any credit balance which is held in any of your Tide accounts or e-money accounts (including sub-accounts). In particular, Tide Capital may deduct the Outstanding Interest Amount from the Locked Sub-Account.
3. Tide Capital, or Tide acting on its behalf, will report non-payments to any relevant CRAs.
Cancelling Credit Builder
1. You can terminate these Credit Builder Terms and cancel your Credit Builder access via the Tide Platform at any time. No cancellation charges will apply.
2. We can terminate these Credit Builder Terms and cancel your access to Credit Builder at any time in the following circumstances:
  1. any of the circumstances in which Tide can terminate or suspend services under the Tide Terms;
  2. if PPS or ClearBank seek to suspend or terminate your Tide Business Account;
  3. if you seek to close your mainTide Business Account;
  4. if you have not made the payments due hereunder within thirty (30) calendar days from and including the payment due date specified in your Payment Schedule;
  5. if you are in breach of the representations and warranties in Clause 8; and/or
  6. we decide to discontinue the Credit Builder tool.
Effects of Cancellation
1. Upon termination of these Credit Builder Terms for any reason, you will be liable to pay any outstanding Interest accrued until and including the termination date (the “Outstanding Interest Amount”).
2. When you request to cancel Credit Builder, or when Tide Capital decides to cancel Credit Builder, we will inform you of the Loan Principal Payments you have made up until the termination date and any applicable Outstanding Interest Amount.
3. Any Interest payments and deductions made are non-refundable.
4. Before we make your Loan Principal Payments available for withdrawal from your Locked Sub-Account, we will deduct the Outstanding Interest Amount from your Locked Sub-Account in accordance with your authorisation in Clause 5.1 (Payment Mechanism).
5. Instead of making the funds available for withdrawal, Tide Capital may instead credit the Loan Principal Payments directly to your main Tide Business Account.
Your Representations and Warranties
1. You make the following representations and warranties at all times until termination of these Credit Builder Terms and shall notify us immediately of any breach of said representations and warranties:
  1. the obligations expressed to be assumed by you under these Credit Builder Terms are legal, valid, binding and enforceable obligations;
  2. you are not subject to bankruptcy, insolvency, winding up or other similar events;
  3. you are able to meet your debts as they fall due;
  4. the entry into and performance by you of these Credit Builder Terms do not and will not contravene or conflict with your constitutional documents and any applicable law or regulation or judicial or official order (including anti-money laundering (AML), counter-terrorist financing (CTF), know your client (KYC) and general data protection regulations);
  5. no filings of statutory accounts or confirmation statements with Companies House are or will be overdue;
  6. no litigation, arbitration or administrative proceedings are taking place, pending or, to your knowledge, threatened against you, any of your directors or any of your assets which, if adversely determined, might reasonably be expected to have a material adverse effect on your business, assets, financial condition, trading position or prospects; and
  7. you are not aware, or could not reasonably be expected to be aware, of any circumstances that would adversely affect your business or your directors’ credit scores.
How your information will be used
1. To ensure the continued performance of these Credit Builder Terms we will exchange information about you with certain CRAs on an ongoing basis, including information about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. The identities of the CRAs to which we may report information, and the ways in which they use and share personal information, are explained in more detail at:
  1. Call Credit: www.transunion.co.uk/crain
  2. Equifax: www.equifax.co.uk/crain
  3. Experian: www.experian.co.uk/crain
Important Information About Your Credit Score
1. There are many factors that affect your business credit score, so Tide Capital cannot guarantee that using Credit Builder will build your credit score. Factors which may affect your credit score include (but are not limited to) whether you pay your bills on time (including invoices), how often you’ve applied for credit in the past, whether you’ve exceeded overdraft limits and whether you file your business accounts on time. For more information, please see our Credit Builder Frequently Asked Questions.
Change to the Credit Builder Terms
1. Tide Capital may unilaterally change these Credit Builder Terms, including the fees and charges, or payment terms, by providing you with thirty (30) days’ written notice. If you do not want to accept the changes, you will need to terminate the Credit Builder Terms as set out above. Tide Capital may make changes with less or no notice due to a change in the law or regulation or to make a change that is not obviously detrimental to you.
Miscellaneous
1. No breach of any provision of these Credit Builder Terms shall be waived except with the express written consent of the party not in breach.
2. If any provision of the Credit Builder Terms is determined by any court or other competent authority to be unlawful and/or unenforceable, the other provisions of this Credit Builder Terms will continue in effect. If any unlawful and/or unenforceable provision would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect (unless that would contradict the clear intention of the parties, in which case the entirety of the relevant provision will be deemed to be deleted).
3. You may not without our prior written consent assign, transfer, charge, license or otherwise deal in or dispose of any contractual rights or obligations under these Credit Builder Terms. At any time, without your consent, we may assign, transfer, charge, license or otherwise deal in or dispose of any contractual rights or obligations under these Credit Builder Terms.
4. These Credit Builder Terms are made for the benefit of the parties, and are not intended to benefit any third party or be enforceable by any third party. The rights of the parties to terminate, rescind, or agree to any amendment, waiver, variation or settlement under or relating to these Credit Builder Terms are not subject to the consent of any third party.
5. These Credit Builder Terms and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with them or their subject matter or formation shall be governed by and construed in accordance with the law of England. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with these Credit Builder Terms or their subject matter or formation.
6. These Credit Builder Terms are the complete and exclusive statement regarding the subject matter of these Credit Builder Terms and supersede all prior agreements, understandings and communications, oral or written, between the parties regarding the subject matter of these Credit Builder Terms. Neither party may assign these Credit Builder Terms, in whole or in part, without the other party’s prior written consent, and any attempted assignment without such consent will be void.

Privacy Policy and Data

By accepting these Credit Builder Terms, you agree to Tide Capital collecting, using, and disclosing your information in accordance with Tide’s Privacy Policy. You consent that all data shared by you with Tide Capital, may be shared with ClearBank or PPS in connection with the provision of Services to you. If you no longer want us to use your information, we will stop providing the Services but may still use your data or information where we have lawful grounds to do so, for example because we need to retain records for regulatory purposes.