Before you start

Credit building is rarely risk-free, and Bits is no different. If you don't make your repayments on time, Bits could harm, rather than help, your credit score.

Even if you do make all your repayments on time, there are plenty of circumstances in which a Bits account simply won't be worth your while. Here's a (non-exhaustive) list of such scenarios:

• You can't afford to keep Bits for at least three years.

• You have unpaid bills.

• You have recent court judgments against you.

• You have been subject to individual voluntary agreements, debt management plans, or other equivalent arrangements within the past six months.

• You are currently subject to bankruptcy, debt relief, or other equivalent arrangements.

To help you decide whether Bits is right for you, we're also making a series of videos answering common user questions - click the link below to find out more.