There are times in life when a little extra cash is needed. Maybe you need to buy a new washing machine and you’ve no savings, or can’t get credit. There are many options these days but Polar Credit seems to me like a good option.
I will openly admit that I’ve borrowed money from money lenders in the past. Maybe a little to help with some spending money for our holiday, or to help with the cost of Christmas. But, I have cleared those debts off now. Because of my position I was not able to borrow from a lot of places so I’d ended up going somewhere with quite extortionate interest rates, and I’ve paid back a hell of a lot more than I’ve borrowed. Polar Credit have some interesting features on their borrowing that I’ve not seen before.
Here are a few points about Polar Credit.
- Access to funds on demand
- Can be faster to open a credit line account than a credit card account
- Significantly lower interest rates when compared to payday loans
- More flexible repayment options than short term loans
- No guarantor required
- Flexibility to borrow only the money you need, when you need it
- Interest only accrues on the amount that is borrowed, not the full credit limit
- Interest rates decreases over time
- Can help you rebuild your credit score if used appropriately
- Helpful for short term money shortfalls
- Polar Credit is a revolving credit product, not a loan
I would advise someone to be very careful when entering any kind of debt, but sometimes that little extra is needed and it’s good to see that it can be available under much better circumstances that I’ve seen in the past.
What is Polar Credit?
As a bit of background, Polar Credit (www.polarcredit.co.uk) is a credit line that aims to bridge the gap to mainstream finance so responsible borrowers can progress to lower cost credit and not pay the higher fees associated with products such as payday loans, whilst also rebuilding their credit rating.
Think of it a bit like a credit card, without the actual card, which we like to think makes it more sustainable in our environmentally conscious world.
In simple terms, you are given an agreed amount that you can borrow and you can use it whenever you need it. If you only need a small amount to see you through, then you can borrow that and pay it back quickly and only pay interest on that amount.
The interest charges can be quite high, but Polar Credit are committed to proactively reducing the cost of borrowing for regular borrowers. The longer you use the system, the lower the interest charges.
In summary, you can apply for a Polar Credit line account, but only borrow what you need when you need it. You will only be charged interest on the amount borrowed, not the entire account amount. Your interest on the money borrowed will decrease over time if used responsibly. It can help you rebuild a credit score while giving you the access to extra cash whenever you need it. And applying for a credit line account is very simple and you can have the money you need transferred to a bank account.
I would advise anyone to think very carefully before getting into debt of any kind. It can be difficult to get out of debt and cause many problems. However, using loans responsibly and paying it back in good time can also carry benefits. You will always have that little extra for those emergencies, and paying it back will increase your credit score.
Be careful of high interest rates. Polar Credit do not claim to be the cheapest, but their decreasing interest rates are a great idea.
This is a collaborative post.