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.
Key features of a Creditstar loan
If you’re using Creditstar, you can apply to borrow up to £5,000.
Product Name
Creditstar short term loan
Available Amounts
£500 to £5,000
Representative APR
100.96%
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
How does a Creditstar loan work?
Choose your loan details. You can apply for a loan of up to £5,000, to be repaid over a period of 6 months to 18 months.
Fill in the short and simple registration form. You will need to provide basic personal data such as your name and address to create your account. You must also read and agree to Creditstar’s Privacy Policy and Terms and Conditions.
Fill in the remaining loan application. You will be asked to fill in your personal, financial and bank details. This is necessary to identify you and to run necessary credit checks. Creditstar does not pass on any of your details to third parties.
Once you have submitted your form, Creditstar will perform a credit and identity check on you. In some cases, a representative might contact you to confirm some details. This enables the lender to make an informed decision on your loan.
If your application is approved, the funds will reach your account, usually within 30 minutes.
How fast can I get a Creditstar loan?
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.
How do I pay back my loan?
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.
What is a Continuous Payment Authority (CPA)?
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.
What are the eligibility requirements?
You should only apply for a Creditstar loan if you are certain you can meet the repayment terms. You must also meet the following criteria:
Residency
UK resident
Minimum age
21
Additional eligibility notes
You must be employed with a regular income. You must have a UK bank account and 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.
Can I make changes to my loan?
Creditstar do not allow you to extend your loan. If you are struggling to pay back on time then get in contact with Creditstar straight away.
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
Customer support information
If you need support or have any queries then you can contact Creditstar by phone on 020 3695 7544.
Customer reviews
Creditstar has a “poor” rating on review platform Trustpilot with 2.2 out of 5, based on around 15 reviews (updated August 2023). Customers reported trouble with the application process due to issues on the site.
Should I take out a Creditstar loan?
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.
Frequently asked questions
Sometimes Creditstar will request that you send copies of bank statements from the previous three months. You may also be asked for other documents when necessary.
As with most short term loan providers, all applicants will undergo a credit check. Creditstar is likely to reject your application if you have been declared bankrupt, visited by debt collectors over the previous 18 months or have a bad credit rating. Short term loans would not be advisable under these financial conditions. However, Creditstar does review each application on an individual basis.
If you are an existing customer, you can log in to your account to change your details. Creditstar will review the changes you’ve made and advise you whether your new situation affects your eligibility for loans. If you are a new customer then you can complete the one-off sign-up and Creditstar will consider your application.
We compare payday/short term loans from
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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