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Calling all Tide members!

We’re delighted to announce that you will soon be able to get credit through Tide. We’ll be rolling the feature out on Android first, with iOS to follow shortly after.

The offering:

We’ve made accessing credit as easy and painless as it is to join Tide. You can get approved for up to £10,000 through the app, with a decision made in minutes, and up to £100,000 on request.

You’ll be asked to confirm a few company, trading and personal details before being considered. Applications only leave a soft footprint on credit reports, making our product ideal for those building their credit scores. Once you’re approved, funds are transferred instantly.

We want your feedback!

Tide is looking for users to trial the product in Tide Preview.

If you:

  • Have an Android 4.3.0 (or above) mobile device
  • Have (or will have) a Tide current account
  • Would like to access up to £10,000 of credit
  • Are available to provide feedback between late September and early October (via email)

For early access, sign up to Tide Preview here 47.

The Tide team

  • created

    Sep '17
  • last reply

    Mar '18
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Can you explain a little more about how credit works here?

Is this like an overdraft facility? Or a loan? Or a credit card?

Personally, I think the introduction of this functionality is too early - there’s so many fundamental stuff to fix before getting into this game. Sounds like the strategy and marketers winning the day…

Hi Ian,

It’s a flexible revolving credit facility, which you can access directly from the Tide app. You can repay and re-borrow throughout the period without penalty, meaning it can be used as an alternative to a traditional overdraft.

In order to access Credit, we will first ask a few company, trading and personal details, before confirming your credit limit and pricing. The entire process takes a few minutes from start to finish and only leaves a soft-footprint on credit reports, meaning it will not impact your credit rating.

Let us know if you have any other questions!

OK, I think I understand, although it may be easier to see in practice.

I was just wondering if this could act as a buffer. Say, for example, if my account balance reaches a low figure, and then an automatic payment fails because there isn’t enough money in the account. If it could briefly go into the red, and then I can top up the account. It doesn’t sound quite like an overdraft.

Hi @iagdotme,

You’re absolutely right, and we don’t call it an overdraft for exactly that reason: overdrafts are directly linked to a current account such that your balance can go below zero.

With our feature you can borrow and repay money flexibly within your approved limit, without ever leaving the app. To take your example, if your balance was running low you would be able to borrow funds for the period needed and repay when when your cashflow improved, only paying interest for the period funds were borrowed. It’s our intention to make this feature as fair, flexible and transparent as possible.

We’ll provide more details in our feature announcement - but for now, we’d love to hear what you think of the feature as part of our Preview group.

Hi @UnifiedVU, thanks for your feedback. Rest assured that we have a lot of exciting features in active development. Stay tuned to the Tide community as we should make some big announcements soon!

When exactly is this being rolled out? and is this ‘credit limit’ available to everyone? say for example, I’m a sole trader and only trading for 1 month.

Ive heard good things about Iwoca. A few business associates have used them multiple times with great success. So a great feature for Tide to introduce.

We will be rolling out Tide Credit to our Preview group in the coming days.

We do accept applications from sole traders, and consider a range of factors relating to both businesses and the people behind the business. You can find out whether you qualify in minutes, and - because we only leave a soft footprint on credit reports - there is no impact to your credit rating!

1 month later

Did this get released to the Preview group then?

If so, what was the feedback like?

Got an Email from them on Friday asking for me to provide my GooglePlay Account email to invite me to download but I haven’t heard anything back. Sent 4 emails and still no reply…

Hi @rsch, really sorry for the delay. We’ve sent you an invite with more information. Looking forward to hearing your feedback. Please do reach out if you have any further questions, we’d be happy to help.

Hi @Qzer, we’ve launched into Preview and are currently accepting applications. We hope to move Tide Credit to a general release shortly once we have have incorporated some feedback!

Are you on the list for Preview access yourself? Let me know if you’d like to be included.

Are we any closer to a iOS launch into the preview group?

Hi Ali, I’d like to see some feedback before signing up for this. I’ll wait for the general release, which I’m assuming will be very very soon.

17 days later

I would like to ask can user participate in Tide Preview program and apply for Tide credit if their account is 0£ and their last 12 months turnover is 0£


4 months later

closed Mar 6, '18