One thing the past year has taught us, is never take anything for granted. No one knew what the past year would bring, how it would affect us.
Before this we had a life of freedom of seeing family and friends, of days out and trips away. We had jobs that paid the bills and let us have savings.
Many of us have had to watch what we spend this past year, with losing jobs, going on furlough or business declining when working for ourselves. What happens if something goes wrong and you do not have the money to fix it. Where do we turn asking our bank for an overdraft, apply for a credit card or a loan. Polar Credit is one of the credit card alternatives available to people looking to borrow money.
Before I go on, if you can avoid any debt and can find an alternative it is always the best option. Sometimes what can turn into a quick fix can turn into something much more serious. Never apply for credit in a panic sleep on it for a few days and always look at every option.
Help Is Out There
If you find yourself in a situation where you need extra funds, there are options out there, that are affordable and can bridge the gap.
Polar Credit offers a credit line that aims to bridge the gap to mainstream finance. This means that responsible borrowers can progress to lower cost credit and not pay the higher fees and interest rates associated with payday loans. Also helping to rebuild your credit rating. The easiest way to think about Polar Credit is like a credit card but without the card.
How do Polar Credit differ from payday loans
You can apply for a credit limit through an online application, if you are approved you can transfer money into your account, whether you transfer the full amount or just a partial amount. Interest is only paid on the amount you withdraw. They also arrange with yourself how much the repayments are due to your current financial circumstances, which means you can repay the full balance without having an early penalty charge applied, or make minimum repayments each month.
You can withdraw the minimum of £25 from your credit balance, which means that you only need to withdraw what you actually need. If you find you use your credit line as you need it and made regular payments or pay in full, they will reduce the interest rate by 10% per annum. They then continue to reduce the interest rate by 5% per annum every 6 months until it is lowered to 29.9% per annum.
A quick update
• Access to funds on demand
• Can be faster to open a credit line account than a credit card account
• Significantly lower interest rates when compared to payday loans
• More flexible repayment options than short term loans
• No guarantor required
• Flexibility to borrow only the money you need, when you need it
• Interest only accrues on the amount that is borrowed, not the full credit limit
• Interest rates decreases over time
• Can help you rebuild your credit score if used appropriately
• Helpful for short term money shortfalls
• Polar Credit is a revolving credit product, not a loan