Launched in 2006, Creditstar is part of the international Creditstar Group and operates in eight countries across Europe. Being international, unlike many of its competitors in this market, Creditstar’s opening hours stretch from 7am to 8pm, 7 days a week including Sundays and bank holidays (you can also manage your account online 24/7). Interestingly, this also means that your repayment dates will not be affected by Sundays and bank holidays.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders.
If you’ve been on the Creditstar website, used the calculator and want to see if you’re being offered a competitive deal, you can use the table below to get an idea of how much the loan that you have in mind might cost from a range of popular providers.
If you’re using Creditstar for the first time, you can apply to borrow up to £600. Returning customers who have made previous repayments in full and on time can apply for loans of up to £5,000.
| Product Name | Creditstar short term loan |
|---|---|
| Available Amounts | £500 to £5,000 |
| New customer maximum | £600 |
| Loan terms | 6 months to 18 months |
| Soft search eligibility check | |
| Funding speed | If your application is approved, Creditstar says the funds will usually reach your account within 30 minutes. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Repay early at any point | |
| FCA registration number | 675392 |
Following approval, funds are transferred within half an hour. However approvals and transfers take place during Creditstar’s working hours, so applications after 8pm are likely to be handled the next day. Creditstar does however state that its working days include holidays, and that applications are typically reviewed within one hour of the application being completed.
Like most short-term loan companies, Creditstar uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA’s differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA’s to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
You should only apply for a Creditstar loan if you are certain you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You must be employed with a regular income. You must have a bank account with a debit card. You must have a mobile phone number and an active email address. |
Creditstar will not lend to you if you have a bad credit rating, have been declared bankrupt, or been visited by a debt collection agency in the previous 18 months.
You can apply to extend a loan up to 2 times and for between 5 and 30 days. The extension period begins from the original payment date. You will be charged interest on the total amount of time you have the loan for. You will also have to pay a loan extension fee. If Creditstar does not receive this payment before your original payment date, your loan will not be extended. Remember that extending a loan will increase the total charge of credit and may not be a good solution if you are experiencing financial difficulties.
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Option to extend loan term | |
| Phone number | 020 3695 7544 |
Payday/short-term loans from companies like Creditstar offer a quick solution when you get into difficulty with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this as a last resort. High-cost, short-term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people with serious debt problems. Before you apply, consider other options carefully. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. You can read more about alternatives to payday loans at moneyadviceservice.org.uk.
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