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How much will I pay for using Polar Credit?

Your Polar Credit Line repayments will depend on the amount of credit you have used each month. In each month in which you have a balance outstanding on your account, you will have to pay a minimum payment which will be payable on the same day of each month until the balance due under the agreement is paid in full. The minimum payment will be the sum of the interest for the statement period, any default charges, any transaction fees, any amount that remains overdue from the previous statement period and the higher of either £10 or 5% of your outstanding capital.

We would strongly encourage you to pay more than the minimum monthly payment when it suits your circumstances to do so as only making the minimum payment each month will take you longer and cost you more to repay the amount that you borrowed.

We charge interest at 60.23% pa (variable) on the amount that you borrow. Interest is added to your balance on a daily basis from the day when you borrow until the day you repay.

You will also have to pay a transaction fee of 1.65% of the amount that you borrow. This is charged on the day when you borrow the funds and request us to transfer the money into your bank account.

There are no other fees for using Polar Credit as long as you comply with the terms of your credit agreement and make your repayments on time. If you miss a repayment you may incur missed payment fees and other charges.

Using Polar Credit to borrow £100 for 30 days will cost you £6.60 in interest and charges if you make your repayment in full at the end of the 30 day period. You will have to pay £106.60 in total to repay your borrowing (£100 that you borrowed, £4.95 in interest and £1.65 transaction fee). Alternatively, you will also be able to only make a minimum payment for that month if you prefer to spread your repayments over a longer time period. Please note that if you only make a minimum payment, the total amount that you will repay to settle your account will be higher.