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How do I repay early?

If you would like to make a full or a partial payment towards your Polar Credit balance at any time, all you need to do is log in to your Polar Credit account and in the Make A Payment section of My Account select one of the three payment options: Minimum Payment, Total Balance or Other Amount.

The Minimum Payment consists of the interest for the statement period, any default charges, any transaction charges, any amount that remains overdue from the previous statement period and the higher of either £10 or 5% of your outstanding capital. Your minimum payment is also available in the reminders that we sent to you.

Your Total Balance is your full outstanding amount of credit together with all interest and charges. Repaying your Total Balance means you will not have to pay anything more towards your Polar Credit Line unless you make another transaction.

If you select Other Amount, you can then enter the amount you would like to repay.

Please note, all payments will be applied first to any amounts that are due and then to the balance that bears the highest rate of interest. This means that if you are making your repayment in advance and you make a partial payment during your statement period, it will all go towards the capital – the capital is the money which you have borrowed and doesn’t include any transaction fees or other charges, so you will still have to repay these as part of your minimum monthly repayment on your minimum monthly payment date.

If you are making a payment on the minimum payment date it will go towards the minimum payment first. Please note, if you do not repay the whole minimum payment on the minimum payment date, you will incur default charges and late interest. If the account is overdue and you are making a partial payment, your payment will go towards the overdue amount first.