A credit line is an ongoing form of credit which you can use to borrow money as and when you need it. As long as you comply with the terms of your credit agreement, you can transfer any amount of £25 or more, up to your credit limit, at any time. Customers can personalise their credit line borrowing according to their changing needs.
At Polar Credit we offer a new solution to your credit needs
Polar Credit offers an affordable and flexible credit line to access funds on demand.
How does it work?
Customers apply for a credit limit through a straightforward online application form. If the application is approved, the money can be transferred to a nominated bank account as and when needed. Interest is paid only on the amount of money drawn out of the credit line, not on the total credit limit agreed, and repayments can be tailored based on current financial circ*mstances with only a minimum payment being a mandatory requirement each month. The lender oversees the amount of interest and repayment terms associated with the credit line.
The benefits
- Access to funds on demand.
- It can be faster to open a credit line account than a credit card account.
- Flexibility to borrow only the money you need, when you need it.
- Significantly lower interest rates when compared to payday loans.
- The interest only accrues on the amount that is borrowed.
- More flexible repayment options than short term loans.
- They can help you rebuild your credit score if used appropriately.
- They are helpful for short term money shortfalls.
The limitations
- It may be trickier to forecast the amount of interest which will be charged.
- More expensive than an arranged overdraft.
- Late repayment can cause serious money problems.
How can Polar Credit help?
We created Polar Credit to provide you with access to credit in a fast, easy and transparent way. Polar Credit is a revolving credit facility that you can use to help with your expenditure. Applying for an account with us lets you withdraw funds when you need to, with cash transferred to your bank account within minutes, if you are approved.
We know what matters to customers when they are looking for credit – a simple online application form, a quick decision and fast access to cash. Our credit line brings all of this together, but in a product that also comes with a much lower interest rate than payday or short term loans. Find out more here.
More information
What are the application criteria for a Polar Credit Line?
More questions? Check out our FAQs or Contact Us.
