Our credit repair loan is designed to assist you in building your credit score. You do not receive any money at the start of the loan but commit to pay £5 per month to improve your credit rating. After 12 months we will share the payments you have made with you.
How it works
- You open an account with Moneywise and get a £60 interest free loan.
- We put the £60 into a suspense account and hold onto the funds.
- You agree to repay £5 per month for 12 months to repay the loan.
- At the end of the 12 months we will give you £30 towards your next loan.
- With the emphasis on regular repayments we treat the loan in exactly the same way as all our loans. So we will share your loan information with Credit Reference Agencies.
What if I stop making payments?
- We report all payments made including missed payments so if you end the agreement before the loan is finished, we will put the account into default and write the loan off.
- Your credit file will show the default and we will recover our costs from payments you have already made.
- You get nothing back.
- Your situation will be the same as when you started. At the end of the day, it’s your credit file. We are only offering help to repair it.
Repair your credit rating with Moneywise
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Membership is open to all who live and work in the Tyne and Wear, County Durham, Teesside or Northumberland region.
Joining Moneywise is free and all we ask is you save regularly to support our funds for lending. We only lend to members so you can be confident your savings are being used to support like-minded individuals.