The spending limit on your Credit Builder account is exactly the amount of money you deposit into it. This way, you spend only what you top up. You can use as little or as much of your money as you like. We don’t report any utilization percentage to the CRAs since Credit Builder doesn’t have a pre-set credit limit, so you don’t need to worry about your balance affecting your credit score.
To help you build your credit file, we will generate a statement twice a month, and report how much you have repaid to the major Credit Reference Agencies (CRAs) in the UK once a month. These CRAs may include TransUnion, Equifax and Experian.
By using Credit Builder consistently, Paysend can help you improve your credit score. However, it’s important to note that your credit score is a function of many factors. Your activity with Paysend Grow can help improve it, but there are other factors considered by the CRAs that may also influence your credit score.
We don’t charge any interest or check your credit score. You can withdraw your money at any time.