With Credit Builder, you can:
- Access your payment history anytime
- Know exactly what you need to pay and when
- Cancel Credit Builder anytime in the Tide app
Give your company credit rating the chance to grow with Tide Credit Builder. Make 12 monthly payments, boost your credit score and widen your business funding options.infoTide Credit Builder does not guarantee an increase in your credit score, as this assessment is performed by the Credit Reference Agencies and it’s their responsibility to determine your credit score.
Sign up for a free business bank account in minutes
Activate Credit Builder to start making monthly payments (principal + interest). We’ll hold the principal payments in a separate account
After 12 months, we unlock the separate account so you can withdraw the principal paid minus the interest
With Credit Builder, you can:
If you’ve just started your own company, recently moved to the UK, or haven’t built up much credit history, then your business credit score may need a helping hand.
Tide Credit Builder is designed to help small businesses grow their creditworthiness and open up options for future business funding.
This product is subject to eligibility and only available to:
Not yet a limited company? Register your business for FREE with Tide.
Credit Builder helps you demonstrate your lending potential by reporting monthly loan repayments to Credit Reference Agencies. By making payments on time and in full you can help improve your company score and widen funding opportunities.
Credit Builder is structured as a loan that you repay with 12 monthly payments.
The loan consists of a £240 principal and an interest rate of 24% fixed.info26.8% representative 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 £272.33. Net cost: £32.33 .
At the end of the 12-month period, you will get back all the principal paid while we will keep the interest (under £33).
We’ll report your payments to Experian to help grow your business credit score.
There are no hidden fees, penalties, late or early repayment fees. You can also cancel Credit Builder at any time during the 12 months. If you cancel, we will refund you the principal paid and keep the interest up to the cancellation date.
You should cancel your Credit Builder right away if you’re struggling with the repayments. Cancelling early is better than missing a payment, which could harm your credit score.
To cancel, open the app and tap More > Credit > Credit Builder. Then tap the three dots in the top-right corner > Cancel Credit Builder.
Although you’ll miss out on building your credit score if you don’t make all the repayments, we’ll still report your loan to Experian as a settled debt. This means your credit report will show that you’ve paid the full loan amount and fulfilled your obligations, so there are no negative impacts on your credit score for cancelling Credit Builder.
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).
You can see a breakdown of your upcoming payments and interest in the app. Tap More > Credit > Credit Builder > Payment breakdown.
Yes, Credit Builder is structured as a 12-month loan. This allows us to report your monthly payments to Experian as a repayment of a loan, which helps build your credit score. The amount you borrow is set out in your Tide app.
Unlike a typical loan, the funds you borrow aren’t released to you when you activate Credit Builder. Instead, we lock each of your monthly payments into a separate account, minus interest. After your last payment or if you cancel early, we unlock the separate account and return all the payments you made to your primary Tide account.
Credit Builder helps you build your business’ credit score, and therefore your creditworthiness to credit reference agencies – the people who compile and keep your credit report.
It’s a key component of your business as;
Credit Builder is a bit like a business loan, only you receive your principal payments at the end of the term (see Is Credit Builder a loan? for more details);
This product is subject to eligibility and only available to:
Find answers to all our most frequently asked questions and how to contact our Member Support team.
*Tide Credit Builder does not guarantee an increase in your credit score, as this assessment is performed by the Credit Reference Agencies and it’s their responsibility to determine your credit score. Tide Credit Builder terms and conditions apply.