Is StepUp a kind of credit or loan?

StepUp comes in the form of a credit agreement. But unlike other credit agreements, with StepUp you do not take on the risk of major debt, interest charges or account servicing fees.

This is because the StepUp credit agreement has been setup as a credit score building service, not as a traditional loan.

The credit agreement is for £84. This is held in reserve for you (so you won't see it in your bank account or be able to spend it).

You make small, fixed £7 monthly payments for 12 months. We report these to the major credit agencies - TransUnion, Experian and Equifax. This enables you to demonstrate that you can make on-time payments over the length of a credit agreement – this is the single biggest factor that goes to raising your credit score.

You can cancel the credit agreement at any time, with no further payments being required. We would simply report your agreement as repaid early. But please do note – credit agencies look for consistency and the ability to sustain repayments over extended periods, so our product works best over the entire 12 months.