There is currently a waitlist to get Tymit. Go to our main web page at tymit.co.uk and leave us your contact information so we can let you know when it is your turn to try it out. The sooner you sign-up the earlier you’ll be selected! You’ll then be able to download the Tymit app and complete sign-up in less than 2 minutes with your phone.
We are currently accepting a limited number of users for testing purposes until we finalise the licensing of our platform with the pertinent UK regulator, the FCA (Financial Conduct Authority). Tymit was designed entirely from scratch to offer more flexibility and control to the user than ever before. As a brand-new credit product, it requires ensuring that it is fully compliant with all existing rules and regulations. We are working very hard with the FCA to finalise all pending requirements soon. For further questions please let us know at email@example.com.
You need to be 21 years of age or older, have an iOS or Android smartphone, a UK bank account to your name, and currently be living in the UK (we will make it available in other countries of the EU next).
Yes, we need to run a standard credit check with credit reporting agencies given that we are issuing you a credit line. We made sure that the application process is really fast and easy, and most importantly, that it won’t have any negative impact on your credit report if by any chance we can’t extend you credit. During the onboarding process we will first run what is called a “soft check” on your report (see only, not write anything) to make sure everything looks good before progressing with the application.
If you get approved and become a Tymit user, we will let the credit agencies we work with know that you became our customer and the size of the credit line we extended. We are also legally required to report to these agencies if you fail to meet the minimum required payments, but we will make every effort possible to work with you to ensure it doesn’t get to that.
Yes, absolutely. Your personal information is managed directly by us and stored securely in our servers using the highest encryption and security standards. We will only share what is absolutely necessary with the official credit bureaus and with our card processing and issuing partner that needs your basic details in order to issue you the Tymit Visa card.
When you sign-up with Tymit you immediately get a Visa virtual credit card available in the Tymit app that you can use for online purchases. Also, you can order a physical card to be delivered to your home address. Simply use any of these cards like any other card for your purchase, and you’ll get an instant notification on your phone at the moment of payment. By tapping on that notification, you are able to select the repayment plan that you prefer for that purchase. You can choose to pay it back in full on the next month (always totally free) or in 3 to 24 equal monthly instalments (free if buying at one of our partner vendors displayed in the app). You can always go back to the app to change your selection very easily with no penalties or added costs.
Anywhere in the world that accepts Visa. Remember that Tymit has full Credit Card functionality which means you can use it to rent cars, book hotels, on-board airplanes, and anywhere else that requires having a credit line available.
There are no tricks and no hidden charges with Tymit. We charge no membership fees and no fees when you buy abroad (we apply the market exchange rate provided by Visa and add NO extra cost). Also, there are no fees or additional charges outside of interest when you put a purchase in instalments. Finally, we also won’t charge a fee if you first miss a payment; we may charge a late payment fee if there are extraordinary late payments after several notices and alerts have been delivered.
Only in certain purchases. There is no interest (and no commission or fees) for every purchase that you decide to pay in full on the next month, always. Also, there is no interest (and again no commission or fees) when you buy in promotional instalments at one of our vendor partners. These vendors are clearly displayed in the app. We charge interest for any other purchase that you choose to turn into instalments, and it will always be clearly displayed every time you choose your plan with your phone. Remember, if you don’t choose any plan, then the purchase is due in full the next month at no added cost. Finally, there is also no added cost or penalties for early pre-payment of any purchase.
Yes, anywhere in the world where Visa is accepted (which is in many, many places). Additionally, when you buy abroad we use the market exchange rate published by Visa and NO added fees or costs. As always, you are able to turn any payments made abroad into monthly instalments of your choice, so you can pay over time for any travel expenses when needed.
Yes, your Tymit card will always work as long as you have credit available in your account. If you have no access to the internet at the moment of purchase, or simply choose to ignore the instant notification sent to your phone, the purchase will be recorded to be paid in full on the next month (these are always free). You’ll be able to change the payment plan, if you want to, later easily through the app when you are back online, or when is more convenient for you.
Every month you’ll be required to pay for all the purchases made in the previous month that you chose to pay in full, plus any payments due of purchases that you chose to repay in instalments. The Tymit app will display at all times what your monthly payment is and when it is due. If you need to reduce your payment you can do so by changing the repayment plans for any of your purchases to a longer period.
The preferred method is using Direct Debit; the monthly payment will be automatically deducted from your bank account each month. The Tymit app will notify you before submitting payment so you can make sure you have funds in the account. For more information on how Direct Debit works and the favourable protections it has for you go to https://www.directdebit.co.uk/Pages/Home.aspx. You can also pay by sending a bank transfer.