Ideas of the Week

The Smart Credit Edition


Help us build the right smart credit tools for you.


One side of ChipX will be offering better returns, the other side will be offering offer fair, affordable credit, funded by (and lent within) our community.

We think through the power of open banking data, automation and community lending we can shake up the industry and make credit smarter and cheaper. We already have the technology to help people effortlessly save money, so using this magic to help people borrow better is a natural next step.

To keep things fair, there’ll be a few rules to all smart credit lending:


  • Smart credit will charge rates at least 30% cheaper than your bank overdraft charges.

  • It will be paid back automatically in installments 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.


Smart credit could take a few different forms, here are a few ideas we’ve come up with. Let us know which ones you most like the look of.

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, pay it back over time using a smart credit payment schedule you won’t feel, not in a lump sum.

Would you use this?
Would you use this?

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 charge.

Would you use this?
Would you use this?

Payday advance

Using our data and AI we can spot if you are about to go overdrawn and offer to lend you your entire paycheck early to stop you going overdrawn. So you can avoid your bank’s overdraft fees and interest charges.

As with all smart credit loans, any fees or charges we apply will be 30% lower than your bank’s and you’ll automatically repay the loan.

We know this term has some baaad connotations. But we want to responsibly reclaim it and use automation to make payday advances smarter and better.

We will be ethical and responsible with our Payday Advances. We won’t allow someone to use a new payday advance until they’ve fully repaid their last one. We want people to feel good about their money and help them smash their goals, not get stuck on debt treadmill.

Would you use this?
Would you use this?

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.

Would you use this?
Would you use this?

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.

Would you use this?
Would you use this?

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.

Would you use this?
Would you use this?