Yes, you can get both a loan and an overdraft with Chasplus. You can add an iDraft to your Cashplus account, a low cost fixed credit limit that’s attached to your account. You can dip into it when you don’t have enough money in your account and use it on anything you wish, from paying bills, to everyday purchases and withdrawing cash. It’s available by invitation only. once you’ve received an offer, log in to your Online Servicing account on the app, go to the iDraft section an follow the steps to complete your application. An annual fee applies to your iDraft to cover each year’s use of the feature and the amount will be confirmed when you’re sent an offer. There’s also a flat charge for every day you have a balance of over £5. The daily usage fee varies depending on your credit limit but it will also be confirmed in your Credit Agreement. There’s no late payment fee to pay if you fail to make your repayment on time as it’s covered by your flat daily usage fee.
Cashplus has also created a unique add-on called Creditbuilder. Perfect for people who have defaults on their credit report, or those who have just moved to the UK and want to prove that they’re a responsible lender, Creditbuilder helps improve credit ratings at no additional cost.
How does Creditbuilder work?
- It’s a 12-month loan that you repay over 12 monthly payments.
- Cashplus lend you the equivalent of 12 months in account fees (£71.40 for Activeplus accounts or £119.40 for Deluxe accounts) and they hold the funds for you, so they don’t appear in your account and you’re unable to spend them.
- You pay your monthly account fee as normal and Cashplus take the money as a payment against your Creditbuilder loan, which they report to the Credit Reference Agencies.
- Once all 12 payments have been successfully made on time, you’ll have paid off your Creditbuilder loan which could help improve your credit score.
Cashplus also offer Debit Protect. If you have a direct debit due but not enough money in your account to pay it, Cashplus will send you an alert to let you know that you’re short. If you meet their eligibility criteria, they’ll offer to lend you the exact amount and get it paid on time for you. You can then pay them back when you can afford to.