The Monese Credit Builder helps you to build and improve your credit score and history. As your credit score and history improve, you should be able to access better value loans.
You can apply for the Credit Builder in your Monese app by heading to ‘Credit Builder’ in your GBP account Explore tab.
Here’s how it works:
- Simply choose a fixed amount that you’d like to pay each month for 12 months
- In a locked account, we’ll create an interest-free credit builder loan for the same amount as 12 months of your savings
- Each month, you’ll repay the amount that you’ve chosen, which in turn repays the interest-free loan
- We’ll report your monthly payments to the leading credit agencies to help build and improve your credit score and history
- After 12 months, your interest-free loan will be fully repaid. This means you’ll have 12 months of successful repayment history recorded with the credit agencies
- The amount you’ve saved will be unlocked and ready to spend
Find out more about credit scores here
Your interest-free credit builder loan will be provided by Monese Credit Limited, a lending company within Monese. Find out more about Monese Credit Limited here