What is the credit limit?
The credit limit is the amount of credit that Cledara gives to the account based on the customer's credit quality reflected in the bank account provided during the signup process. This credit limit is established once an account is activated. Additionally, in order to give our customers the highest credit limit possible, our model reviews the data quarterly so your Cledara credit limit may change.
The information about your Credit Limit is displayed on the top of the dashboard page in Cledara.
How is your credit limit calculated?
Your credit limit is directly related to your cash balance as reported in your bank accounts that are connected to Cledara with Plaid. We look at your current cash balance, average balance, and average outgoing transactions for the last 90 days. As your cash balance in your linked account increases or decreases, so may your credit limit.
Submit an account that best represents your financial position. You can connect another bank account for repayment purposes afterwards.
How to connect a bank account?
When you go through the signup process, you will be asked to start a connection process to link a company bank account to Cledara.
You’ll be redirected to your financial institution’s website via a secure connection provided by Plaid.
To continue, enter your online banking credentials and Plaid will retrieve your financial data to generate a credit limit automatically.
If Plaid can't find your account
You will need to verify your account manually, but don't worry, we walk you through the steps here.