Loans like Polar Credit

Polar Credit is the new short term lender on the block, offering an ongoing line of credit to cover unexpected shortfalls. Discover other companies like Polar Credit, offering innovative short term borrowing facilities.

Online lenders that offer similar loans to Polar Credit

NameEstablishedLoan types
Polar Credit Credit Line Polar Credit Credit Line 2019 Line of credit More info
Tappily Tappily 2017 Line of credit Go to site
Creditspring Membership Creditspring 2018 Instalment loans through a membership scheme Go to site
Lending Stream Instalment Loan Lending Stream 2008 Instalment loans Go to site
The Money Platform Short Term Loan The Money Platform 2016 Peer-to-peer instalment loans Check eligibility
SafetyNet Credit Facility SafetyNet Credit 2015 Line of credit More info
Drafty Line of Credit Drafty 2015 Line of credit Go to site
SteadyPay SteadyPay 2017 Instalment loans through a membership scheme More info

A closer look at these lenders

Tappily logo

1. Tappily

Tappily (visit site) is a direct lender (not a broker), which, like Polar Credit, offers an ongoing line of credit but could let you borrow up to £2,500. That's £500 more than Polar Credit but with a lower representative APR of 49.7%. Like Polar Credit, Tappily uses open banking as part of its approval process – analysing your bank account transactions to assess risk and affordability (you'll need to give it permission through your internet banking). Tappily is a sister brand to SafetyNet Credit.

Tappily representative example: Borrow £1,200 for up to 75 days at a rate of 124% p.a. (variable). Representative APR 49.7%.

Creditspring logo

2. Creditspring

Next up, Creditspring (visit site) is also a direct lender, which offers instalment loans through a membership scheme of up to £1,000 over terms of up to 12 months. That's £1,000 less than Polar Credit but with a lower representative APR of 43.1%. With credit membership schemes, you pay a weekly or monthly subscription fee and can then receive low-interest or no-interest loans when needed. You'll need to have been a member for a specified amount of time (often two weeks) before you can borrow money.

Creditspring representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative APR 43.1% and total payable: £1,120.

Lending Stream logo

3. Lending Stream

Lending Stream (visit site) is another direct lender, which offers instalment loans of up to £1,500 over terms of up to 6 months. That's £500 less than Polar Credit (although for new customers the maximum is £800) but with a lower representative APR of 1,333%. With instalment loans, you borrow for an agreed amount of time at a fixed interest rate, and pay back a set amount each month until the loan is cleared. You'll know in advance exactly how much your loan will cost and when it'll be cleared. Lending Stream also uses your banking transactions in its affordability and risk assessments.

Lending Stream representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.

The Money Platform logo

4. The Money Platform

The Money Platform (check eligibility) is a direct lender which offers peer-to-peer instalment loans of up to £1,000 over terms of up to 3 months. That's £1,000 less than Polar Credit but with a higher representative APR of 839.2%. Peer-to-peer services bring together investors who want to lend money with borrowers who want to borrow money. In theory, peer-to-peer platforms have lower overheads and so can pass on lower interest rates.

The Money Platform representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

SafetyNet Credit logo

5. SafetyNet Credit

SafetyNet Credit (read review) is a direct lender which, like Polar Credit, offers an ongoing line of credit but could let you borrow up to £1,000. That's £1,000 less than Polar Credit (although for new customers the maximum is £500) at the same representative APR of 68.7%. SafetyNet Credit also uses your banking transactions in its affordability and risk assessments. SafetyNet Credit is a sister brand to Tappily.

SafetyNet Credit representative example: Borrow £500 at a rate of 0.8% per day for up to 40 days (292% p.a., variable). Representative 68.7% APR variable.

Drafty logo

6. Drafty

Drafty (visit site) is a direct lender which, like Polar Credit, offers an ongoing line of credit but could let you borrow up to £3,000. That's £1,000 more than Polar Credit but with a higher representative APR of 89.7%.

Drafty representative example: Borrow £1200 for 12 months at a rate of 65.7% p.a. (fixed). Representative 89.7% APR and total payable: £1601.40 at equal instalments.

SteadyPay logo

7. SteadyPay

Finally, SteadyPay (read review) is our last direct lender, which offers instalment loans through a membership scheme of up to £1,000. That's £1,000 less than Polar Credit but with a lower representative APR of 20.8%.

SteadyPay representative example: Total amount of credit of £1,000. 52 weekly membership payments of £4. Representative APR 20.8% and total payable: £1208.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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