Longer Repayment Terms for Business Credit
Spread business payments over six months with decreasing interest fees.
Extended Repayments Explained
How it works
Spend When You Need
Spread The Cost
Set and Forget
What’s not changing…
There are no current changes for existing customers.
In April, all customer accounts will be upgraded to the six-month repayment model (there will be no other changes to your agreement).
Credit remains revolving, and you can still repay early.
Six Monthly Repayments with Decreasing Interest Fees in Action
1.99% Interest Rate
per 30 days on used credit2.49% Interest Rate
per 30 days on used credit
Please note: Monthly platform fees continue to apply to your credit limit and are not included in these calculations.
Spread Business Costs Over Six Months
The New Repayment Process
Use Credit to Make Payments
Use credit to make payments from your multifi Credit Account.
Repay Through Your multifi Current Account
Each payment made from your Credit Account is repaid in six equal monthly instalments, collected automatically by Direct Debit from your designated Bank Account.
Interest Fees Decrease With Each Repayment
Interest and Platform fees are collected via Direct Debit on the 8th of each month. Interest is calculated from the current balance on any outstanding credit.
Longer Repayment Terms for Business Credit
Frequently Asked Questions (FAQs)
About the Changes
We’re enhancing our product to provide more flexibility and better cashflow management for our customers. The six-month repayment model allows for more predictable, manageable repayments while maintaining the same easy access to credit that our customers value.
The new six-month repayment model will be offered to all new customers from January 2nd, 2025. The current 120-day repayment model will be phased out during December 2024, and no new customers will be accepted on the 120-day model after January 2nd, 2025.
As we’re updating our entire product offering, all customers must transition to the new model by April 2025. If you prefer not to move to the new model, a two-month cancellation clause will trigger.
Yes, you can opt to switch to the six-month repayment model earlier. Please contact support@multifi.co.uk to arrange this.
Product Features
Each payment you make from your Credit Account is automatically split into six equal monthly repayments. For example, if you spend £6,000, this would be repaid as six monthly payments of £1,000 (plus applicable interest and monthly platform fees).
- Platform fees (0.3% – 0.5% of your credit limit) are calculated and collected monthly on the 8th
- Interest is charged on the outstanding balance and collected monthly on the 8th
- Customers must set up a standing order to ensure appropriate funds are in the Current Account when fees and repayments are taken. Please note, this requirement will soon be replaced by Direct Debits.
- For credit limits £40,000-£350,000: 2.49% per 30 days
- For credit limits £5,000-£40,000: 3.49% per 30 days
No minimum balance is required, but you’ll need to ensure sufficient funds are available for your scheduled repayments and fees.
Eligibility & Requirements
For credit limits £40,000-£350,000:
- Business operating for over two years
- Annual turnover exceeding £250,000
- Personal Guarantee required
- Good credit history
For credit limits £5,000-£40,000:
- Business operating under two years
- Annual turnover under £250,000
- Personal Guarantee required
- Good credit history
Personal Guarantees help us provide unsecured lending at competitive rates while ensuring responsible lending practices.
Implementation & Transition
Your Credit Account will continue to operate as normal until your transition date, which we will notify you of in advance.
No, your existing credit limit will remain unchanged during the transition, assuming your business meets our eligibility criteria.
Any drawdowns made before your transition date will continue on their original 120-day terms. New drawdowns after the transition will follow the six-month repayment model.
Technical & Operational
If you require support calculating and setting up your standing order please contact support@multifi.co.uk
Yes! You can repay more than your scheduled amount anytime without penalties through your multifi platform. Your early repayment will automatically reduce your next scheduled payments across all your outstanding balances, helping you save on interest.
If you anticipate any difficulty paying, please contact us as soon as possible. Late payments may incur additional fees and affect your credit rating.
Yes, you can view your payment schedule anytime through your multifi platform. This will show all scheduled repayments, fees, and interest charges.
Please contact us as soon as possible if your business circumstances change. We can review your facility and discuss appropriate options.
Support & Additional Information
For any questions about these changes or your account please email support@multifi.co.uk
At multifi, we’re committed to making your financial journey as smooth as possible. For product questions please visit our comprehensive support hub designed to guide you through every step of using our platform.
