Cashplus Prepaid Card with Creditbuilder option

dazzaofdagenham · 31 December 2016 at 9:39PM

Thinking I understand the principal behind it.

However what does a loan of 72 pounds look like on a credit report....surely other lenders when they see this must question why a loan of such little value

[Deleted User] · 31 December 2016 at 11:41PM

Most algorithms are looking for successful repayments, rather than values.

il638 · 28 February 2018 at 2:46PM

so just to bump this up, as my wife is looking at one of these, but not spend on it, so basically 5.95 a month she'll need to top the card up monthly with and that will cover the credit builder option, after 12 months of only paying the small loan off on it, she can close the account down and have proof of holding credit? atm she has none and also no income since having our little one, shes never had credit so we thought this may be worth a punt as an example. have I understood it right? top up 6 quid a month before loan due date, job done proof of successful loan repayments by end of year? or better still take it out and just top it up 80 quid and let it pay itself off automatically for that year, no chance of forgetting to top up monthly?

cheers

stevenhp1987 · 28 February 2018 at 5:37PM

il638 wrote: »

so just to bump this up, as my wife is looking at one of these, but not spend on it, so basically 5.95 a month she'll need to top the card up monthly with and that will cover the credit builder option, after 12 months of only paying the small loan off on it, she can close the account down and have proof of holding credit? atm she has none and also no income since having our little one, shes never had credit so we thought this may be worth a punt as an example. have I understood it right? top up 6 quid a month before loan due date, job done proof of successful loan repayments by end of year? or better still take it out and just top it up 80 quid and let it pay itself off automatically for that year, no chance of forgetting to top up monthly?

cheers

Sound's like a waste of £80.

Get her to sign up to MSE Credit Club and do a check on what credit cards she is eligible for.

Get a credit card, even if it's a sub-prime/poor credit one (ignore the APR, you won't pay interest if you pay it off in full each month), put normal spend on it (supermarket, petrol etc.) and pay it off in full.

That will do much more for her credit report than this will.

dazzaofdagenham · 1 March 2018 at 2:11PM

il638 wrote: »

so just to bump this up, as my wife is looking at one of these, but not spend on it, so basically 5.95 a month she'll need to top the card up monthly with and that will cover the credit builder option, after 12 months of only paying the small loan off on it, she can close the account down and have proof of holding credit? atm she has none and also no income since having our little one, shes never had credit so we thought this may be worth a punt as an example. have I understood it right? top up 6 quid a month before loan due date, job done proof of successful loan repayments by end of year? or better still take it out and just top it up 80 quid and let it pay itself off automatically for that year, no chance of forgetting to top up monthly?

cheers

Would it not be better to keep the 5.95 and put it to better to use .?

That’s what I would rather do....

BlueJ94 · 23 April 2018 at 12:24PM

i signed up to the credit builder loan option, it paid the loan in advance for me which is great. I click on the app and I can't add the credit builder option to it? It says I'm not eligible for it? I don't understand it. I did however pay £5.95 to use it last month.

[Deleted User] · 23 April 2018 at 12:35PM

A loan won't look good on your files...

dazzaofdagenham · 21 August 2018 at 7:57PM

I see this offers a overdraft facility as well.

Still expensive at 5.95 a month for £100 overdraft

Lukeyambest32 · 3 March 2019 at 12:23AM

I had the Same thing and wondered the same thing. They loan you a set amount and then immediately take it out again so you cant spent it. The point is to pay 5.95 per month until you've paid the full amount. I wondered about the no credit no pay thing too but until the loan is cleared this doesn't happen as technically they've given you the money and you've agreed to it even tho yo don't get it. It's purely to show that you can pay off a set amount a mo eth to build your rating. Its helped my credit score but I still cant figure out how to use the damn thing

System · 3 March 2019 at 12:31AM

I had it. It was a waste of £5.95 a month. Didn't really impact my credit report. Only showed up with 1 of the agencies as far as I remember. It was just completely pointless and another direct debit I didn't need. I shut it down as soon as the loan was paid off.

Cashplus Prepaid Card with Creditbuilder option

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