When will I get my Credit Builder repayments back?

Your Credit Builder term is 12 months, which means you won’t be able to access your money until you’ve made the last (12th) repayment. Your entire loan amount is securely held in your Monese account as soon as you sign up for our Credit Builder.

After that, you can access your money straight away. For example, if you paid £50 per month on your credit builder, you’ll have £600 available immediately after the 12th repayment.

You can close the Credit Builder before the 12-month period – but keep in mind that you’ll see little or no benefit to your credit score, which will reduce the chance of getting a loan on better terms in the future. Remember, the Credit Builder is trying to establish that you’re able to keep your commitments over the term you signed up for. If this is closed sooner, you could be implying to other lenders that you can't keep up with commitments over a 12 month period.

If you ask to close the Credit Builder early, then we’ll repay the remaining balance on your interest-free loan to Monese Credit and immediately unlock your savings so that you can spend them. These savings will be equal to the total amount of repayments you made on your interest-free loan.