At Bits, we believe in transparency and helping you make informed decisions. Below, we've outlined the key risks and benefits associated with our core subscription and store card products to help you determine if they are suitable for your needs.
Risks
Potential impact on your credit file: We securely share factual account and payment information with Experian, Equifax and TransUnion. Late or missed payments may be recorded by these agencies and could negatively affect your credit score.
Increased Debt Risk: It's possible to accrue more debt if the product is not used responsibly. Ensure you understand the terms and your capacity to make repayments before proceeding.
No Guaranteed Results: As with any credit-related product, there's no absolute guarantee you’ll see the expected improvements in your credit score. Success depends on various factors, including your overall credit activity.
Non-Regulated Product: This product is not regulated, which means it does not offer the same level of consumer protection as a regulated lending service might.
Benefits
Flexible Repayments: Bits offers flexibility in repayments, giving you more control over your financial management.
Educational Tools: Gain access to a wealth of educational resources that explain the intricacies of credit scores and how to improve them.
Enhanced Support Options: Depending on your selected plan, you could enjoy benefits such as VIP or premium customer support, providing you with a superior service experience.
Ease of Access: Quickly and easily access most Bits services through our website or mobile app, designed for your convenience.
We encourage you to carefully consider both the risks and benefits of our products. If you have any questions or need further information to help with your decision-making, please don't hesitate to contact our support team. We're here to assist and ensure you choose the best option for your financial health.