Cashplus launches credit builder tool

Monday 20 December 2021 12:18 CET | News

Cashplus has announced it is launching a credit builder tool for small and medium-sized businesses aimed at helping the 65% of UK startups that are refused credit.

Called the Business Creditbuilder, the tool aims to help firms build their credit score while paying their standard account fees.

The tool, which is free to Cashplus business account holders, has been developed with credit reporting company Equifax.

It structures Cashplus’s business customers monthly account fees as an interest free loan.

Account fees are structured as a one-year-fixed term loans that is payable over 12 months at 0% interest.

The 12 payments and repayment of the entire loan will be captured at Equifax with the aim of helping improve businesses credit score.

In addition, Cashplus is also launching a business credit card offering 1% cashback for UK sole traders and small businesses who often struggle to secure affordable lending. 

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Keywords: product launch, SMEs, startup, credit card
Categories: Payments & Commerce
Countries: United Kingdom
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