To use Credit Builder, you need to top up your Credit Builder account with the amount of money you want to spend to set your spending limit. Paysend will generate account statements on the 1st and 15th day of each month which show how much you have spent on Credit Builder during the spending cycle.
Paysend will automatically collect the amount due on your statement the day after the statement is generated (i.e., on the 2nd and 16th day of each month) to ensure you repay on time.
To save you from needing to top up your Credit Builder account again, we will first attempt to collect the amount due from your GBP account. If your GBP account has insufficient funds, we will collect the amount due from your Credit Builder account instead.
If we collect payment from your Credit Builder account, your spending limit will decrease and you will need to top up your Credit Builder account again to increase your spending limit.