Help: Borrowing money with our Credit Add-Ons 

Business Cash Advance

  • It’s a flexible alternative to a business bank loan.

    Our funding partner Liberis provides small businesses finance in the form of a Business Cash Advance, a simple solution based on advancing your future customer credit and debit card payments. It enables you to access between £2,500 and £300,000, which you only repay as an agreed percentage of your future card sales, mirroring your cashflow.  

    This means when you have a period where sales are slower, the amount you repay will reduce in line with your card sales to give you breathing room. Equally, if your business is doing better than expected, your repayment amount will increase, but the percentage that is retained will always remain the same.

  • As long as you take an average of at least £580 in card transactions per week and have been trading for at least 4 months, you can apply, and you could get an answer within 24 hours. Liberis approve over 70% of applicants and work to be as flexible as possible to support applications and provide small businesses with the money and support they need.

    Please note: Liberis will ask you for Personal Guarantees if you’re applying as a limited company or limited liability partnership.

  • Liberis can provide you with anything between £2,500 and £300,000, dependent on your average monthly card takings; but typically they’ll advance around one months’ worth of card sales. For example, if on average you take £10,000 per month via card payments, this is how much you'll qualify for - however, they can be flexible on this figure. Get an online quote here.

     

     

  •  

    The Liberis Business Cash Advance comes with one fixed cost, simply added to the repayable balance, with nothing to pay up front. There are no penalties or additional fees. Pricing is unique to each business, so for a bespoke price, get a free no obligation quote online at any time.

  • Please see our table below, to find out which credit product combinations you can have on your Current Account:

    Business Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

    Personal Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

     

  • Unlike bank loans, there are no complicated APR’s and no fixed terms. Repayments are only ever taken as a fixed percentage of your future credit and debit card sales - and there are no other fees, penalty charges or hidden costs. This works particularly well for seasonal businesses with a fluctuating cashflow, as when business is quiet, you’ll pay back less. And if business is busy, you’ll be paying back more - always the same percentage of your card takings.

  • Liberis are committed to funding in a responsible way, because in short, it’s the right thing to do. Whilst the Business Cash Advance industry is not currently regulated, they take their responsibilities as a finance provider very seriously.

    They’ve designed their products to be as transparent as possible, to help you make informed choices. Both Liberis and Cashplus are always on hand to answer any questions (and put anything needed in writing too). 

  • If you find your financial situation changes and you’re struggling to keep up with your repayments, you should contact Liberis straight away to discuss how they can support you.

    Alternatively, if you’re experiencing financial difficulty, you should consider contacting the Citizens Advice Bureau who may be able to help you with free information and confidential advice. Please visit www.citizensadvice.org.uk or call 03444 111 444.

  • If you manage your credit responsibly and make all your repayments on time, this could have a positive impact on your credit rating. 

    If you're late with, or miss your repayments, this could hurt your credit rating.

    Liberis will use several sources of information to understand your business, including 3rd party credit bureau checks. They carry out both company and consumer credit history searches, which will leave a record of this search on both credit files, visible to other finance providers - however, neither credit score will be impacted.

  • Absolutely, if you don't want to receive any future credit offers from us, just let us know by emailing us at [email protected]

    If there's a specific product you don't want to receive offers about, please include that in the subject line, so we can let you know when you're eligible for other suitable products.

iDraft

  • It’s a low cost fixed credit limit that’s attached to your Cashplus Personal or Business Current Account. You can automatically dip into it when you don't have any money in your account and use it on anything you choose - from covering bills, to everyday purchases and withdrawing cash. And it's reusable which means you can continue to use the iDraft limit as you pay off the amount you've used in part or in full.

  • The Cashplus iDraft is available only to eligible customers, by invitation.

    Once you've received an offer from us, simply log into your Online Servicing account or the Cashplus Mobile App, navigate to the iDraft screen (within Add-ons or from the tile on your Account Overview) and follow the steps to complete your application. Please remember to read and accept your Credit Agreement.

    Once you've successfully signed up, the annual fee will be deducted from your balance automatically. Your iDraft will normally be added onto your account within a few hours, but if we receive your completed application after 4pm on a Friday or over the weekend, it will be available from midday on the next business day.

  • We've made costs clear and transparent, so that it's easy to budget how much it costs you when you dip into your iDraft limit. There are a couple of costs to be aware of:

    • An annual fee – to cover each year's use of this feature. We'll confirm exactly what this when we send your offer.
    • Daily Usage Fees – There's a flat charge for every day you have a balance over £5. This varies depending on your credit limit and we'll confirm the exact amount in your offer communications and Credit Agreement.

    Late Payment Fees –there’s no late payment fee to pay if you don’t make your repayments on time, because this is covered by your flat daily usage fee.

    Check the "Charges" section of your iDraft Terms and Conditions for more details. Please remember, the quicker you pay back your iDraft balance, the cheaper it could be.

  • No problem. We'll just deduct the fee from your agreed iDraft limit.

  • Over limit fees: No extra fees will be charged, but going over your iDraft limit could damage your credit score.

    Late payment fees: No late fees will apply, but again, please remember that being late with your payments could negatively impact your credit score.

  • Each monthly statement period, we'll send an iDraft statement to your Online Servicing inbox. This will confirm how much you owe in daily usage fees and when it needs to be paid.

    To repay your iDraft, simply pay money into your Cashplus Current Account, via any of the methods you would normally use, no later than the date shown on your statement. We recommend that you pay in full to keep charges to a minimum.

  • Yes, each month we'll send your iDraft electronic statement to your Online Servicing inbox which will show:

    • The total amount borrowed on the iDraft
    • The minimum payment due
    • The total amount of usage fees incurred
    • A reminder of your payment due date
  • Please see our table below, to find out which credit product combinations you can have on your Current Account:

    Business Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

    Personal Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

     

  • At Cashplus, we’re serious about our commitment to responsible lending.

    We strive to be as responsible as possible and try to be completely clear and open about any charges involved with all our products. We offer what we believe you or your business can afford to repay, with an amount that meets both your needs and your ability to make your repayments.

  • If you can’t afford to make your repayment on time, contact us on 0203 059 5784 (calls may be recorded) straight away – we may be able to help.

    Alternatively, if you’re experiencing financial difficulty, you should consider contacting the Citizens Advice Bureau who may be able to help you with free information and confidential advice. Please visit www.citizensadvice.org.uk or call 03444 111 444.

    Please remember, not making payments on time can damage your credit score.

  • Yes, using our credit products could impact your score.

    If you manage your credit responsibly and make all your repayments on time, this could have a positive impact on your credit rating.

    If you're late with, or miss your repayments, this could hurt your credit rating.

  • Absolutely, if you don't want to receive any future credit offers from us, just let us know by emailing us at [email protected]

    If there's a specific product you don't want to receive offers about, please include that in the subject line, so we can let you know when you're eligible for other suitable products.

Debit Protect

  • We designed Debit Protect to help you cover a Direct Debit that would otherwise bounce.

    It's exclusively for use on Direct Debits you have set up to be paid from your Cashplus Account, and we can cover up to a maximum of £1,000 per Direct Debit.

    How it Works

    1. If you've got a Direct Debit due to leave your account, we'll always check your account the day before it needs to be paid, to make sure you've got enough funds available to cover it
    2. If we can see that you're short, we'll let you know so that have time to pay money into your account
    3. At the same time, we'll let you know if you're approved for a Debit Protect loan to give you the option for us to pay the Direct Debit shortfall for you. - We'll send details of this offer to you via email and/or Online Servicing Message and/or SMS
    4. Then it's up to you. To accept the offer, simply follow the Debit Protect sign up process via Online Servicing or the Mobile App.
    5. We'll do the rest and make sure your Direct Debits are paid on time - and save you a rejected payment fee. Please note the amount you borrow will be paid directly to the company you have the Direct Debit setup with - it won't be paid into your account
  • Debit Protect is designed specifically for covering Direct Debits. Whether it's a gym membership or electricity bill, if you're eligible and the payments between £10 and £1,000 - we'll pay it for you.

  • Debit Protect is available to customers that meet our eligibility criteria. If you meet this criteria, and we can see that you're short on funds and have a Direct Debit due, we'll send you a low balance alert. This will include an offer of Debit Protect if we’re able to extend one to you.

    From there, signing up for <Debit Protect> is simple - just login to your Online Servicing account or the Mobile App and select the 'Debit Protect' option from your Account Overview screen or within 'Add-ons'. Follow the on-screen instructions and once you've successfully completed the process, we'll do the rest.

    Because customers’ circumstances can change rapidly, we can’t guarantee that you’ll be approved for Debit Protect. And Again, please note, from time to time we may alter or remove the offer of Debit Protect as we review your eligibility.

  • It depends on the exact amount needed to get your Direct Debit paid. So for example, if the payment is for £199, your Debit Protect would be for £199 and paid directly to the business collecting the Direct Debit payment.

    We can offer a total of up to £1,000 to cover any Direct Debit that’s set-up to be paid from your Cashplus Account when you don’t have enough money in your account to cover the payment.

  • The cost to use Debit Protect is straightforward and will be confirmed in both your offer email, and your credit agreement when you sign up.

    There's a daily usage fee of 80p per £100 per day for each day your loan is outstanding up to 45 days (when you sign up you'll be able to select your repayment date).

    So if we cover a Direct Debit of £50 for you, you'll be charged 40p per day until it's repaid. If you need 10 days to repay that amount, that would cost just £4.

  • We’ll alert you that a Direct Debit looks set to bounce the day before the payment’s due. You then have until 9:00am on the day that the Direct Debit’s due to be paid to sign up for your Debit Protect in Online Servicing and/or the Mobile App.

    Provided you complete the loan setup before this cut-off, we guarantee the Direct Debit will be paid on time.

  • Repaying your Debit Protect is simple – just make sure that you have enough money cleared in your Cashplus Account to repay the Debit Protect by the repayment date (see the question below for details) that you choose when you sign up. On the date you've selected, we’ll then take the amount you borrowed plus any charges confirmed in your agreement, from your Cashplus Account, on your chosen repayment date.

    To make sure you have enough money in your account to repay your Debit Protect, view our free and easy ways to pay into your Cashplus Account.

  • Please see your agreement for confirmation of any charges. And please note, if you don’t make your repayment or you repay late, it could hurt your credit rating

  • Please see our table below, to find out which credit product combinations you can have on your Current Account:

    Business Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

    Personal Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

     

  • At Cashplus, we’re serious about our commitment to responsible lending.

    We strive to be as responsible as possible and try to be completely clear and open about any charges involved with all our products. We offer what we believe you or your business can afford to repay, with an amount that meets both your needs and your ability to make your repayments.

  • If you can’t afford to make your repayment on time, contact us on 0203 059 5784 (calls may be recorded) straight away – we may be able to help.

    Alternatively, if you’re experiencing financial difficulty, you should consider contacting the Citizens Advice Bureau who may be able to help you with free information and confidential advice. Please visit www.citizensadvice.org.uk or call 03444 111 444.

    Please remember, not making payments on time can damage your credit score.

  • Yes, using our credit products could impact your score.

    If you manage your credit responsibly and make all your repayments on time, this could have a positive impact on your credit rating.

    If you're late with, or miss your repayments, this could hurt your credit rating.

  • Absolutely, if you don't want to receive any future credit offers from us, just let us know by emailing us at [email protected]

    If there's a specific product you don't want to receive offers about, please include that in the subject line, so we can let you know when you're eligible for other suitable products.

Creditbuilder - How it works?

    1. Creditbuilder is a 12 month loan that you repay over 12 monthly payments
    2. We lend you the equivalent of 12 months in account fees (£71.40 with an Activeplus or £119.40 with a Deluxe account)
    3. We hold these funds for you, so you won’t see them in your account and won't be able to spend them
    4. You may pay your monthly account fee as normal and we take it as a payment against your Creditbuilder loan, which we report to the Credit Reference Agencies
    5. Once you’ve made all 12 payments on time, you'll have successfully paid off your Creditbuilder loan, which could help improve your credit score
  • Creditbuilder works by committing you for 12 months, making your Cashplus Account fees a loan that you repay over a 12 month period. As long as you pay your monthly fees on time and manage any other credit you have in the same way, the credit reference agencies will see this as a sign you can handle credit responsibly, which could improve your credit score. 

    Building a good credit history can take time, which is why Creditbuilder lasts for a full 12 months and also why you may have to wait three months to see an improvement in your score.

  • If you don’t have much credit history or your credit score could use a boost, Creditbuilder is a handy tool to get you moving in the right direction. This could be for lots of different reasons, whether you've recently moved to the UK and don't have much credit history or if you've struggled to get credit in the past.

    Unique to Cashplus, it takes just a few minutes to set up and doesn’t cost anything extra – just the monthly fee you already pay for your Cashplus Account.

    It's important to know the details of what you're getting into first though. Creditbuilder is a one-year contract that commits you to making 12 monthly payments in full and on time. Make all of these payments and you demonstrate to the credit reference agencies your ability to handle and repay credit responsibly, which could help improve your credit score and rating. But if you miss any payments, it could hurt your credit score.

  • Creditbuilder works by treating your Cashplus Account fees as a loan that you repay over a 12-month period. As with any loan repayment, if you're late making your payments or miss some altogether, it could hurt your credit score and thus lower it.

    You should always make sure you can make all 12 of your monthly payments before you enter into a Creditbuilder agreement.

  • Even though Creditbuilder is a loan it's likely not the type you might be used to, as we don’t put money into your account but rather treat your existing account fees as a loan you're repaying. This could help improve your credit score over the course of the 12-month Creditbuilder contract.

  • To get Creditbuilder you need to have either an Activeplus or Deluxe Cashplus Account with an activated card and no recent missed payments. If that's the case, it's quick and easy to apply. Simply:

    1. Go to Cashplus Online Servicing or the Cashplus app and log in to your account
    2. On the home screen, swipe right and you’ll see the Creditbuilder offer and select ‘sign up’. You’ll also see any offers as an alert on the home screen
    3. Follow the instructions and agree to the Creditbuilder terms to activate it

    And that's it - we'll send you an email with all the details of your Creditbuilder agreement plus information on how to make and track your monthly payments and see your credit score change. 

    If you don't yet have a Cashplus Account, you can apply for one online or in app and add Creditbuilder along the way.

  • When you add Creditbuilder to your Cashplus Account, you're signing up to a 12-month commitment to pay your existing account fees on time and in full each month. By doing this, you're demonstrating to the credit reference agencies that you can responsibly handle and manage credit, which could improve your credit score.

    If you don't think you can commit to making all 12 monthly payments in full and on time, Creditbuilder may not be for you.

  • Creditbuilder doesn't cost any more than your existing monthly Cashplus Account fee. There's no joining fee, no interest and no added or hidden costs. Just pay your monthly account fee in full and on time for one year, your Creditbuilder contract will end and your credit score could go up.

  • No. We don't charge any interest on your Creditbuilder loan.

  • Creditbuilder isn't an account but rather is an add-on to your existing Cashplus Account. We created Creditbuilder for one reason - to help you improve your credit score.
    If you want to know more about Creditbuilder and how it works, take a look at our FAQ 'How do I know if Creditbuilder is right for me?'

  • You can add Creditbuilder to Activeplus and Deluxe Cashplus Accounts, but not to a Flexiplus Account. This is because a Flexiplus Account has no monthly fee, so can't be used to repay the Creditbuilder.

    If you have a Flexiplus Account but want to add Creditbuilder, contact Customer Services on 0330 024 0924 and we'll help change your account plan.

  • Add Creditbuilder to your Cashplus Account and you're signing up to a 12-month commitment to pay your existing account fees on time and in full each month. By doing this, you're demonstrating to the credit reference agencies that you can responsibly handle and manage credit, which could improve your credit score.

    If you don't think you can commit to making all 12 monthly payments in full and on time, Creditbuilder may not be for you.

  • We'll tell you! Once you've applied, we'll send you a welcome email confirming your Creditbuilder along with all the information you need to know about it, including payment dates and amounts.

  • No, you'll need to continue to pay your monthly account fees as normal over the full 12 month period, and these will be used to pay off the Creditbuilder loan.

    If you want to know more about how it works, check our FAQ 'How does Creditbuilder work?'

  • Yes! Creditbuilder isn't an account but rather is an add-on to your existing Cashplus Account. We created Creditbuilder for one reason - to help your improve your credit score.

  • Yes! Check out the table below which shows you which Cashplus credit products you can have at the same time on your Cashplus Account.

    Personal Credit Add-ons

     

    Debit Protect

    iDraft

    Creditbuilder

    Debit Protect

    NA

    ü

    ü

    iDraft

    ü

    NA

    ü

    Creditbuilder

    ü

    ü

    NA

     

Creditbuilder - Sign up and getting started

  • If you already have a Cashplus Account and have added Creditbuilder, your first payment will be on the same date as your current monthly account payments - so you'll see no change at all.

    If you've just opened your Cashplus Account and added Creditbuilder, your payments will start one month after you activate your card.

    Either way, we'll send you an email detailing your start date and all the other information you need to know and you can check your status any time in Online Servicing or the Cashplus app.

  • Building a good credit history takes time, which is why Creditbuilder lasts a full 12 months - long enough for it to have a real impact on your credit score.

    Your Creditbuilder loan and monthly repayments can take at least 3 months to show properly with the credit reference agencies from when you start, which is why it takes a similar length of time to see any change in your score. It's also important to make all 12 payments in full and on time each month, as this will complete your Creditbuilder so we can report it as 'settled in full' to the credit reference agencies, which can help improve your score even more. 

    Remember too that any other credit you may have (credit cards, loans etc) and how you manage it will also impact your score regardless of how you pay back your Creditbuilder.

  • If you're new to Cashplus and added Creditbuilder when you opened your account, your payments will start one month after you activate your card.

    If you already have a Cashplus Account and have just added Creditbuilder, your payment date will stay the same as it is now and Creditbuilder will start with your next payment.

    Either way, we'll send you an email explaining your start date along with everything else you need to know once you've added Creditbuilder. You can of course also track your payments in Online Servicing and the Cashplus app.

  • We debit your Creditbuilder payments monthly direct from your Cashplus Account, so it's important to make sure you have the funds in your account before the payment date.

    There are a couple of ways you can pay in to your Cashplus Account:

    • Pay in cash over the counter at any Post Office
    • Transfer funds from another bank account – you’ll need your Cashplus Account Number and Sort Code which can be found on the front of your card, in Online Servicing or the Cashplus app
  • While you can't have more than one Creditbuilder running at the same time, you can take another out once you've completed the first. Each Creditbuilder contract lasts for 12 months.

  • Yes. We have some useful features and tools available in the Cashplus app. To track your Creditbuilder progress - everything from payment dates to balance and history - just log in and go to Add-ons, and then Creditbuilder.

    Here you'll find lots of useful information to help track your progress including payment dates, available balance, payment history and more.

  • Even though Creditbuilder is a loan it's likely not the type you might be used to, as we don’t put money into your account - which is why you haven't received any.

    Instead, joining Creditbuilder commits you to a year-long contract to pay your 12 monthly account fees in full and on time. Make all of these payments and you demonstrate to the credit reference agencies your ability to handle and repay credit responsibly, which could help improve your credit score and rating.

  • If you added Creditbuilder by mistake, either as an add-on or when you applied for a Cashplus Account, you have a 14-day cooling off period from the date the agreement was made, where you can cancel it. Just call our Customer Services Team on 0330 024 0924 and they'll take care of it for you.

    If you added it and are outside of the 14-day period then you're now in a contract and are committed to it for 12 months when it will complete. Remember though, Creditbuilder doesn't cost you any more than having a Cashplus Account and could help improve your credit score and rating.

  • If you miss a monthly account payment, which is also your monthly Creditbuilder payment, then we'll be in touch to let you know you've missed a payment and need to add funds to your Cashplus Account to cover it.

    Late or missing payments to your Creditbuilder can hurt your credit score, so it's important to pay them in full and on time.

Creditbuilder - Fees and charges

  • You can keep track of your Creditbuilder balance including payment dates, balance and payment history via the app or in Online Servicing on the Cashplus website. Just log in and go to Add-ons and then Creditbuilder.

  • If you miss a Creditbuilder payment, you should add funds to your Cashplus Account as soon as possible to cover the missed amount. Once you've added these funds, let us know by calling Customer Services on 0330 024 0924 or emailing [email protected] and we'll take the missed payment straight away.

    If you do this soon after your missed payment date we may be able to make your payment before it's reported to the credit reference agencies, which could save your credit score from being affected.

    It's important to make all your Creditbuilder payments in full and on time, and you should only commit to Creditbuilder if you're confident you can.

    There are a couple of ways you can pay in to your Cashplus Account:

    • Pay in cash over the counter at any Post Office
    • Transfer funds from another bank account – you’ll need your Cashplus Account Number and Sort Code which can be found on the front of your card, in Online Servicing or the Cashplus app.
  • Yes. Just call our Customer Services on 0330 024 0924 and we can take an early repayment in full and close your Creditbuilder for you.

  • No, we're afraid not. When you add Creditbuilder to your Cashplus Account you're signing up to a 12 month commitment to pay your existing account fees on time and in full each month. By doing this, you're demonstrating to the credit reference agencies that you can responsibly handle and manage credit, which could improve your credit score.

    If you don't think you can commit to making all 12 monthly payments in full and on time, Creditbuilder may not be for you.

  • No, you can't change your Cashplus Account while you have an active Creditbuilder. If you're very keen to change account, you'll need to close your Creditbuilder by paying it off in full.

    You can always add Creditbuilder to your new account as long as it's not a Flexiplus Account. To find out which accounts Creditbuilder works with, take a look at our 'Can I add Creditbuilder to any Cashplus Account?' FAQ.

  • Once you complete your Creditbuilder we'll send you a final confirmation email letting you know it's done and that we've told the credit reference agencies.

    You can continue to use your Cashplus Account as normal and won't see any change in your payment amount or date. You can always add another Creditbuilder should you want to.

  • Yes. Once you complete your Creditbuilder you can always add another to try and improve your credit score even more.

  • Nothing! Once you complete your Creditbuilder your Cashplus Account will continue as normal with the same monthly fee charged on the same date. If you decide later, you can always add another Creditbuilder when you're ready.

  • Your Cashplus Account has a fixed monthly fee that you've always paid as long as you've had the account. When your Creditbuilder was active your monthly fee was used to pay off your Creditbuilder loan.

    Now your Creditbuilder is complete, you can always add another to try and improve your score further or continue to use your Cashplus Account as normal.

    If you want to know more about how it works, check our FAQ 'How does Creditbuilder work?'

Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK. For full website terms including information on Cashplus, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/. **Credit facilities are provided by Advanced Payment Solutions Ltd (APS) and are subject to the AFL Cashplus e-money account being in good standing and applicants aged 18+. APS is authorised and regulated by the Financial Conduct Authority for consumer credit activities (Registration No. 671140). ♦Calls to 03 numbers cost no more than a national rate call to a 01 or 02 number and will count towards inclusive minutes in the same way as 01 and 02 calls. Calls may be recorded.