At StepStone credit we believe that you should be in control of what you borrow. A Stepstone Credit account is a Running Account Credit Agreement and gives you a line of credit for a fixed period that allows you to withdraw and repay back as little or as much of your capital as you like, as frequently as you like during the period of the loan. Here is an example of how it works.
Day 1 - Open £500 facility with StepStone Credit
Day 2 - Draw down £200 directly into your bank account via the app at a daily interest charge of £1.60 (0.8% per day)
Day 5 - Payback £200 via the app. This will leave you with an outstanding balance of £6.40. You can either payback the interest vie the BOOM button, or wait for it to be automatically taken from your bank account on the date stated in your client agreements. This date can be seen on the app on in your Client Zone.
Even though you have paid back all the money that you have drawn down on Day 5 the facility will continue to stay active and accessible for you until the agreed term stated in your documentation, which could be up to 114 days. Remember, you can draw down and payback as many times as you want over this period and will be only incur a daily interest charge for the capital borrowed.
We give you complete flexibility on how frequently you draw down on the facility up to your credit limit and how frequently you can pay back. We even have an automated repayment process for interest and capital to ensure that you are always on top of your StepStone Credit facility.