Let’s make borrowing better 🎉
We’re looking at ways we can shake up the financial world. Right now, we’re looking at lending. We’d love to know what you think about our ideas to make credit smarter and fairer.
However, we’re not regulated for lending yet. So everything below are ideas only, not products we’re offering, for now…
We already have the technology to help people effortlessly save money, so using this magic to help people borrow better feels like a natural next step for us.
Smart credit ground rules
We like the idea of calling our loans ‘smart credit’, because we believe our AI could find better ways to borrow.
We want people to feel good about their money, so we’ve also thought of a few simple rules to keep things fair:
Smart credit will charge rates at least 30% cheaper than your bank overdraft charges.
It will be repaid automatically in instalments using the same AI that calculates your Chip savings. So you won’t feel it (you’ll repay more when you can, and less when you can’t) and won’t fall behind on repayments.
You need to have used Chip for three months and passed relevant credit checks to be approved.
Overdraft killer ☠️
Our overdraft killer will get you out of your overdraft now, by lending you a one-off smart credit loan. So you can stop paying rip-off bank rates and sneaky fees.
Goal boost 🚀
Goal boost will get you over the line, whatever your savings goal.
Once you’ve hit 75% of your savings goal, and it looks like you might struggle to hit your deadline we’ll offer to lend you the remaining 25% using smart credit. Or if you need to get over the line earlier than you thought, you can ask for a goal boost at any time.
Time machine ⌚
We’ve all had those months where life throws you a curveball just before payday, or all the small things have just added up. What if you could travel forward a week and get payday to come early?
Our AI can spot if you are about to go overdrawn and offer to lend you your entire paycheck early. As with all smart credit loans, any fees or charges we apply will be 30% lower than your bank’s overdraft charges and you’ll automatically repay the loan.
We will be ethical and responsible with what is effectively a payday advance. We won’t allow someone to reuse our time machine until they’ve fully repaid their last smart credit loan.
We want people to feel good about their money and help them smash their goals, not get stuck on debt treadmill!
Cash boost 💪
If you’re a trusted Chip saver who has proven their financial responsibility, you can borrow up to £500 instantly. You’ll repay using smart credit terms, so it’ll be cheaper than an overdraft and repaid automatically.
Plug-in overdraft 🔌
Our plug-in overdraft can stop you from becoming overdrawn. If it looks like you’re about to become overdrawn, we will automatically lend you however much you need to keep your bank account balance in the black. Think of it as overdraft protection.
As our smart credit will be cheaper than your overdraft rate you’ll save on all those sneaky overdraft charges.
Spread the cost 🥑
With spread the cost you can select a payment from your transaction history and we will send you the money to cover it.
We may even be able to approve the payment before you’ve made it. Either way, you can pay it back over time using a smart credit payment schedule you won’t feel, not in a lump sum.
We’re not regulated for lending yet. So, just remember all of the above are ideas only, not products we’re offering, for now…