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

The interest is included in the monthly repayments that we deduct from your Tide account. At the end of the 12-month period, we’ll return all your monthly repayments to you, minus the interest.

A representative example:

26.8% representative APR based on an assumed unsecured loan amount of £240 with 12 monthly payments of £22.69 at an annual interest rate of 24% (fixed). 

• Total amount payable is £272.33
• Net cost £32.33
• As £240 will be returned to you upon final instalment

You can see a breakdown of your upcoming payments and interest in the app. Tap More > Credit > Credit Builder > Payment breakdown.