How do I pay back my thinkmoney credit facility?
You’ll repay your thinkmoney credit facility when you get paid, so it works just like any other bill – we’ll budget for it from the incomes that we can see on your account.
Can I repay my credit facility early?
Interest is calculated by the day, so if you’re able to repay some or all of your credit facility early, you could save money.
You can repay your credit facility using online banking or the app. Here’s a step by step guide:
- Go to the ‘Current Account Plus’ section
- Select the credit facility you want to repay
- Go to the ‘early repayment’ section
- Enter the amount you want to repay
- Hit ‘pay’ and you’re done!
Example of how interest is calculated
If you borrow £100 for 10 days, you’ll repay a total of £107.50 – this includes the £100 you borrowed plus 75p a day for 10 days – £7.50 in interest. But if you clear your whole balance after six days instead, you’ll only pay £4.50 in interest – that’s £104.50 in total.
The loan for you at your fingertips
More choice and more flexibility for you than ever before. To be able to apply for loans and more good stuff, just download the thinkmoney app.