An Alternative to Payday Loan - Polar Credit

These past 16 months have been hard for us all. I don't think any of us could have predicted the impact Covid could have had on us all. One of the biggest being the financial impact. Businesses having to close, people being furloughed, redundancies being made all having a massive impact on families finances. Financial stress is one of the leading causes of stress & anxiety and right now this is more relevant than ever.

Knowing where to turn to when you are short of paying the bills or putting food on the table is a big problem and we can easily get sucked into irresponsible lending such as payday loans which does more harm than good. Seeking out manageable, responsible lending is possible and I'm thankful that today I'm working with Polar Credit to talk about just this - payday loan alternatives.

So What Is Polar Credit?

Polar Credit 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 and interest rates associated with products such as payday loans, whilst also rebuilding their credit rating. So think of it as a credit card, but without the actual card. Much more environmentally friendly and perhaps not as easy to reach too if you are worried about overspending.

When applying you apply for a credit limit through an online application, if approved the money can be transferred to your account - as and when needed. Repayments can also be tailored based on your current financial circumstances so you can repay in full or make the minimum repayment.

What can they offer?

Polar Credit offer access to small sums of money (from £25), so customers can just borrow the amount that they need and only pay interest on that amount. They are also committed to proactively reducing the cost of borrowing for loyal customers. On the first anniversary of a Polar Credit account opening, they are reducing the interest rate by 10% per annum. They will then continue to reduce the interest rate by 5% per annum every 6 months until it is lowered to 29.9% per annum.

Benefits of 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

If you are interested in finding out more, please visit Polar Credit.

K Elizabeth xoxox

*Collaborative Post