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£200 £2000 Representative Example: Amount of credit: £1200, interest rate: 49.9% pa (variable) and 1.65% transaction fee. Representative 68.7% APR (variable)

Polar Credit is a direct lender and we provide credit online in the UK.

Our credit line is an income smoothing product which allows our customers to borrow directly from us as and when they need to. As a responsible direct lender we make all our lending decisions ourselves and we never sell your personal information for marketing or any other purposes.

Are you looking for direct lenders not credit brokers?

Then you came to the right place. We have always believed that it is best when two parties get to deal directly with each other and our unsecured line of credit gives our customers the opportunity to borrow directly from us. Unsecured lending has become an increasingly popular service and there has been a boom in short term loan lenders and brokers. There are many reasons why you may need to borrow short term cash and, if you are looking for quick loans direct lenders, we at Polar Credit are here to help by offering an alternative online credit solution which we hope will be able to meet your credit needs.

Credit brokers can often use a lot of soundbites, such as offering very high chances of approval, but remember, however tempting an offer may seem, it is important to research the actual provider before making your decision to apply. Direct lenders manage the lending process themselves as opposed to credit brokers who act as a middleman and hand over your personal data to direct lenders. Any unsecured loan company getting a customer through a broker would usually have to pay a fee to that broker for the referral made. This means that while using a broker can have an advantage of seeing what a range of unsecured lenders can offer you, it may not always be possible to get the best deal unless you come to the lender directly. The simplest way to tell whether the company you are applying with is a direct lender is to ask yourself “Am I receiving money straight from the company on whose website I applied for credit?”.

Is it better to borrow from direct lenders?

Your credit agreement will ultimately always be with a direct lender, so the real decision is where to apply when you need to borrow money, whether you are looking to borrow for a short term until your next payday or for a longer period of time.

Applying for credit from a direct lender can simplify the borrowing process by giving you full control of your personal data in an easy to understand way. All reputable brokers will always take care when processing your data but the nature of their business means that they have to share it with direct lenders to see which unsecured lender will be able to lend to you, for how long and at what interest rate. It is not always obvious who gets to see your personal details as many broker websites only go as far as saying that they work with a panel of the Financial Conduct Authority (FCA) regulated direct lenders, without actually giving you their names until you submit your online credit application.

Applying with and borrowing from a direct lender therefore gives you more control and, hopefully, a better understanding of how your data is being processed.

Quick decision

Speed is important and by applying with a direct lender not a credit broker, you eliminate the extra company in the equation and leave only the essential factors – you and the lender. This may not matter too much if your application goes through swiftly and effortlessly but it will save you time if you have any questions about the application process as you will be in direct contact with your lender. You can use our Contact Us form to quickly get in touch with us if you have any questions about your Polar Credit application.

Data protection

Keeping your personal details safe is a must. You should always read your credit agreement and the company’s privacy policy to understand how your data is handled. You should pay special attention to any clauses which allow your data to be passed on to third parties. Exposing your personal data unnecessarily can lead to an increased vulnerability to fraud or unnecessary emails clogging up your inbox with offers you do not want. When you apply with us you will need to give us consent to share some of your information with third parties, such as a credit reference agency so we can assess your credit application or a bank if we need to transfer money to your bank account, but we will never sell your data for marketing purposes.

Admin costs

Someone has to pay for the work brokers do and, if the broker is not charging the consumer who is looking to borrow, it probably means they are charging the direct lender who will be providing you with credit. As with any middleman, this leads to higher costs for the lender and may mean that you don't get the best deal that you may otherwise get.

Customer service

Applying directly with a provider of online short term loans or a revolving credit facility like Polar Credit means that you can easily contact the lender you are applying with to raise any questions you have. Most unsecured online lenders use a lot of process automation in their decision making these days which may not always give you the recognition that you deserve. As we are a direct lender we would always welcome a request from any of our customers to manually review their credit application if our automated underwriting process did not approve it.

What else to look out for when applying to borrow money online?

All legal lenders offering consumer credit in the UK are authorised and regulated by the Financial Conduct Authority but it is still crucial that you do your own research before borrowing money. A lot of online short term credit tends to be associated with payday loans and short term instalment loans but there is a much wider offering out there from other direct lenders who can lend money at a much lower interest rate even to people with poor or no credit history and with no need for a guarantor.

You should consider factors such as the company’s reputation and the terms of your credit agreement before borrowing, but most importantly you should always consider the need to borrow itself and then go with an option that you believe is the best one for you.

Only borrow what you can afford and remember to make your payments in a timely manner. Missed payments can damage your credit score and make credit more difficult or more expensive to obtain in the future. At Polar Credit we recognise that it is difficult to always have the same budget every month which is why our credit line offers you the flexibility to make only minimum payments if you need to or repay your balance in full when it suits your circumstances to do so.

Whether you’re looking for an alternative to online payday loan companies, a new credit card or a guarantor loan, Polar Credit can offer an innovative product built with you, the consumer, in mind. Polar Credit is the next generation of online consumer credit products. Our aim is to offer you the same speed and convenience that you may get from getting instant loans online but at a much lower interest rate and a more predictable and reliable service.

Apply now for a Polar Credit Line and see if borrowing using our line of credit can offer you more!

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Representative Example: Amount of credit: £1200, interest rate: 49.9% pa (variable) and 1.65% transaction fee. Representative 68.7% APR (variable)

£200 £2000