A credit line is an ongoing form of credit which you can use to borrow money when you need to.
At Polar Credit, you can apply for your Polar Credit Line online and, if you are approved, you will have a credit limit from which you can transfer funds as and when you wish to into your nominated bank account. You will need to make monthly payments towards your balance and, as long as you comply with the terms of your credit agreement and stay within your credit limit, you can withdraw as much money as you need.
Each month you will have to make at least your minimum monthly payment however we would encourage you to make additional payments and repay your balance in full when it suits your circumstances to do so as that will reduce the total cost that you would otherwise pay for your borrowing. If you only pay the minimum payment each month it will take you longer and will cost you more to repay your credit line.
It is important to note that there are consequences for not making your repayments on time and consistently missing your payments can cause you serious money problems.