Money: About Polar Credit

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At some point in our lives, most of us will need to, or at least give serious thought to, borrowing money and taking out a small loan. Sometimes there’s a shortfall that’s unavoidable and you need a quick injection of cash to help tide things over until the next payday. It happens to the best of us, even the most responsible money handlers.

Payday loans are often considered by those needing a quick cash injection.

Normally, something like a payday loan would be considered to help manage the shortage. Even if you have a poor credit score you’ll likely be able to borrow a small amount of money to help you make it to the end of the month. The problem with payday loans is that, although you’re likely to get approved and get your money quickly, you end up having to pay an absolutely staggering amount of money back. Increasingly payloan loans are allowing you to pay money back in installments, but many still force you to pay back the loan in full plus charges and interest at the end of the month.

Payday loans have their dangers and shouldn’t be used unless you’re confident you can make the repayment.

Payday loans offer a quick solution to small money shortages but they are not to be used without you first fully understanding everything about your loan. For some, payday loans can cause further issues with debt, which in turn can lead to anxiety and other problems concerning mental health. If you’re thinking of using a payday loan, my advice would be to tread lightly and make sure you can afford the repayment, or look into alternative financial products. 

Instead, you could try using Polar Credit.

Polar Credit is a new credit product that aims to bridge the gap between responsible borrowers and the mainstream credit system. Instead of accepting high interest rates and charges associated with payday loans, applicants can apply online for the Polar Credit credit line. The credit line allows applicants to progress onto lower cost credit while simultaneously still building their credit rating.

The Credit Line

Polar Credit’s credit line allows you to borrow small amounts of money as and when you need it. Applying is as easy as popping to their website and filling the online application form out. During the application process you opt for your preferred credit limit – for example £200 – and once your application has been approved, you can start to borrow small amounts of money based on that credit line limit. Polar credit offers access to funds from as little as £25 directly to your bank, so you only ever need to borrow what you actually require.

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Polar Credit’s interest rates and fees.

The beauty of taking out credit with Polar Credit is that you only pay interest on the money you’ve actually drawn from your credit line and not from the total credit limit agreed. Going back to my earlier example, if you applied for a £200 credit limit and only withdraw £50 from it, the interest charged would only be applicable to the £50 that was lent to you, and not the entire £200 credit limit you applied for. 

Whereas other financial services only offer a larger loan and expect you to pay interest on the full amount, Polar Credit offers a far more practical way of borrowing money. While other large financial loans may come with lower interest rates, they charge interest on the full amount, whereas the repayment system at Polar Credit is based solely on what you use, therefore avoiding further debt problems.

Polar Credit thinks about their customer’s needs.

The world of finance is tricky to navigate and it almost feels like you have to be a money expert to get through life debt free these days. Polar Credit have tried to make their services as customer friendly as possible and offer some great features that are worth taking a look at before you make a decision on what type of loan to take out. 

Helpful solutions for short term money shortfalls.

The credit line offers a very helpful solution to short term money shortfalls while offering significantly lower interest rates when compared to payday loans. Interest and repayments are based solely on the money borrowed and not the full credit limit, which is an amazing reason to consider them before thinking about taking a payday loan out. Repayment options are a lot more flexible than other finance services as well, with Polar Credit offering tailored repayments based on your financial situation.

Applying for Polar Credit takes a few moments and is done online – no guarantor is required. Opening a credit line account can even be faster than opening a credit card account, allowing you immediate access to funds on demand with the flexibility to borrow only the money you actually need. Polar Credit’s credit line can even help you build up your credit score if used appropriately. 

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Next time you find yourself in a spot of bother and think about taking out a payday loan, remember there are other alternatives you could try for first. Polar Credit have a great scheme going here and I would definitely recommend looking into it before you consider taking out a payday loan.