*AD in collaboration with Polar Credit
This past year has seen many people face financial difficulties. Jobs being furloughed (did anyone even know what that word was before 2020??) hours cut back, and the huge difficulties of homeschooling while trying to work. With the added stress of not knowing where the money was coming from to buy food and pay the bills, life as I put it has been proper rubbish. One thing I would NEVER recommend is taking out a payday loan. They cause more damage to your mental health than not having the money in the first place. With their disgustingly high-interest rates for a quick injection of cash it’s totally not worth the hassle. Have a look around at alternative financial products. Like Polar Credit.
So What Is Polar Credit?
Polar Credit is a direct lender which offers credit to people looking to borrow money when they need to. They are a responsible direct lender making all their own lending decisions and will never sell your personal information for marketing or any other purposes. You can think of Polar Credit much like a credit card but without actually having the card, which if you think about it, is much more sustainable in our environmentally conscious world.
Another way of thinking of Polar Credit is that it can help you bridge your income shortfalls. They have lower interest rates when compared to payday loans.
How Does It work?
You can apply online for your credit line (this is an ongoing form of credit which you can use to borrow money when you need to) and choose a credit limit that suits your needs. You can then use it as and when you need to. If you don’t use it, you don’t pay for it!
The money can be transferred to your bank account as and when you need it. You can transfer any amount over £25 as long as you make your payments on time and stay within your credit limit.
Repayment terms are flexible to your requirements. As an example you could pay the minimum amount back one month then repay more or the full balance the next. There are no early settlement fees.
On the first anniversary of your Polar Credit account opening, they reduce the interest rate by 10% per annum. Then they continue to reduce the interest rate by 5% per annum every 6 months until it is lowered to 29.9% per annum.
How Can Polar Credit Help Me?
“Helpful for short-term money shortfalls”
Here is a quick list of how Polar Credit can help you:
- Polar Credit is a revolving credit product, not a loan.
- It can help you build your credit score if used appropriately.
- You can borrow small amounts of money as and when you need it.
- It can be faster to open a credit line account than apply for a credit card account, therefore you can access the money faster.
- Flexible repayment options.
- Friendly customer service.
- No guarantor is required.
- Interest-only accrues on the amount that is borrowed, not the full credit limit.
- Interest rates decrease over time.
For more information, please visit Polar Credit.
Thanks for stopping by today, I hope you found this post useful and it’s definitely a better option to consider than a payday loan. You may find my personal finance category helpful for further reading.