Creditstar short term loans review

If you're in need of short term financial assistance, Creditstar offers loans between 6 months and 18 months, up to £5,000.

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Creditstar

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 NameCreditstar short term loan
Available Amounts£500 to £5,000
Representative APR100.96%
Loan terms6 months to 18 months
Soft search eligibility checkcross
Funding speedIf your application is approved, Creditstar says the funds will usually reach your account within 30 minutes.
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Repay early at any pointtick
FCA registration number675392

How does a Creditstar loan work?

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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:

ResidencyUK resident
Minimum age21
Additional eligibility notesYou 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 pointtick
Repaying early can reduce overall interesttick
Multiple loans allowed at the same timecross
Option to extend loan termcross
Phone number020 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

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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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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