Money: About Polar Credit

October 1, 2019

AD/Collaborative Post.

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 thereโ€™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 youโ€™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 youโ€™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.

A person handing over a blue credit card and someone else holding the other side of the card to accept it.

Payday loans have their dangers and shouldnโ€™t be used unless youโ€™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 youโ€™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 Creditโ€™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 ยฃ200 – 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 ยฃ25 directly to your bank, so you only ever need to borrow what you actually require.

Other Posts You Might Like:
Paople holding a pig piggy bank on a table with coins surrounding the base of the piggy bank.

Polar Creditโ€™s interest rates and fees.

The beauty of taking out credit with Polar Credit is that you only pay interest on the money youโ€™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 ยฃ200 credit limit and only withdraw ยฃ50 from it, the interest charged would only be applicable to the ยฃ50 that was lent to you, and not the entire ยฃ200 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 customerโ€™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. 

A man holding a credit card or debit card in front of him while he types on a laptop.

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 Creditโ€™s credit line can even help you build up your credit score if used appropriately. 


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.

8 Comments

  • Sarah | Boo Roo and Tigger Too

    October 7, 2019 at 9:56 am

    This sounds like an alternative way to help those who need to borrow money in an emergency. It’s reassuring to know that they only charge interest on the amount you withdraw rather than the agreed amount as a whole.

  • Rebecca Smith

    October 7, 2019 at 3:32 pm

    This sounds like an interesting way of borrowing money and building credit without having to resort to a payday loan.

  • Ali Rost

    October 7, 2019 at 9:26 pm

    So nice to know there are more affordable options out there for people than Payday lenders. It’s amazing to me how much it costs once fees, etc are factored in. Crazy.

  • Devy

    October 7, 2019 at 10:52 pm

    It’s good to know that there’s the least of the the worst option for those who need a quick emergency funds. I personally don’t wish anybody to ever need it, but it’s nice to know. Thank you for sharing.

  • Rhian Westbury

    October 8, 2019 at 12:45 pm

    I think the great thing about this is how flexible it is with how much you borrow. You might be accepted for ยฃ200 but only then decide you need ยฃ50 and you only pay interest on this amount x

  • Lauretta At Home and Horizon

    October 9, 2019 at 2:25 pm

    I’ve heard about this but I haven’t really dug into it deeper. Thanks for this insight. This seems like a good alternative to payday loans. Great article.
    Lauretta At Home and Horizon recently posted…5 must-do family activities on a day trip to BrightonMy Profile

  • Super Busy Mum

    October 10, 2019 at 9:08 am

    I have never heard of this before – I might look into it a bit more. But I have never loaned money in my life. I can be quite good at saving for things if/when I need them {thankfully}. But it’s something neat to have in place I guess if you do need money you don’t have in an emergency.

  • Playdays and Runways

    October 12, 2019 at 12:53 pm

    We needed money for an unexpected emergency a few years ago. Although we have saved now I would never rule out needing to loan money again in the future

Leave a comment

Your email address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Prev Post Next Post
*Some links on this blog may be affiliate links. Lukeosaurus And Me is a participant in the Amazon EU Associates Programme, an affiliate advertising programme designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.co.uk
%d bloggers like this: