Cashplus Credit Builder Question

Johnch1959

I think a lot may be missing the point here, the loan isn't really a loan that you can spend as you don't actually see the loan in your account, it's just an advance of 12 months card fees (£5.95 a month). Of course, you don't have to pay the monthly fee but if you don't you pay a small percentage on every transaction you make.

Ben8282

IF you actually want a prepaid credit card with a monthly fee and IF you have absolutely no credit whatsoever and want to create a credit file for yourself then I think this could be good to start your credit files off as they will report this to all CRA's.
However, if you already have credit files and credit agreements then I can see very little point in this as I don't believe that the existence of this very small loan (and as others have said it is shown as a loan) will make any difference one way or the other.

Keeley621

HI,

I have a cashplus card with credit builder also.

But when I took this card out I didn't realise that the actual loan was a virtual loan and so I'm paying £6 a month for no reason.

I have other credit cards which is helping to boost my credit. But just thought the little loan of 71quid would help a little just before Christmas. Unaware it's a virtual loan.

I have tried to close the account down but I've been told I can't because I'm out of the 14 day cooling off period. But I can't afford to just throw this money down the drain like this.

Does anyone know a way of me being able to get out of this stupid contract.

I feel so stupid not realising what I was getting myself into.

welly_59

Not really, youll need to just deal with it