Polar Credit is a direct lender (not a broker) that offers a “line of credit” you can use to borrow money quickly, as and when it suits you.
A line of credit works like a credit card or an overdraft. If accepted, you’ll have a personalised credit limit and can borrow as much or as little as you need within that, repaying as much or as little as you choose each month (subject to a specified minimum). You’re free to borrow more or borrow again as much as you like, provided you stick to your limit and maintain at least that minimum monthly repayment.
Polar Credit is a trading name of APFIN Ltd, which is authorised and regulated by the Financial Conduct Authority (FCA). APFIN is perhaps better known for offering short term loans through Polar Credit’s sister brand “Cashasap” (which also has a bear in its logo – APFIN has a thing about them, apparently).
| Product Name | Polar Credit Credit Line |
|---|---|
| Available Amounts | £200 to £2,000 |
| Representative APR | 68.7% |
| New customer maximum | £2,000 |
| Loan terms | Open-ended line of credit |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| Parent company | APFIN Ltd. |
| FCA registration number | 673186 |
You can apply to set up your credit line using Polar Credit’s simple online form. Polar Credit has enlisted the services of Credit Kudos to help it assess creditworthiness and affordability by analysing your banking transaction data.
If your application is successful, you’ll be offered an initial credit limit tailored to your financial situation. You may later request to increase or decrease it.
For now, there’s no app. You monitor and control your credit line via the online account. When you need money, simply log in and arrange a transfer to your bank account.
The amount borrowed accrues interest daily, and you’ll need to make a minimum monthly repayment of either £10 or 5% of the balance at that time (whichever is the larger). Repayments are taken via a continuous payment authority, which means you’ll give Polar Credit permission to take the funds it is owed, as and when it opts to do so.
Polar Credit analyses your banking transaction data to assess creditworthiness and affordability. To do this, Polar Credit needs permission to view your transaction history, which you can give from your internet banking.
Polar Credit does all this with the technical help of Credit Kudos, which is a regulated open banking service provider.
By doing this, Polar Credit aims to say “yes” to applicants who might otherwise be rejected on their credit score alone. Using open banking data to support applications for credit is becoming more common in the UK.
There’s no fee to set up and maintain your credit line; you only pay when you borrow. Polar Credit charges a transaction fee of 1.65% each time you withdraw funds, and then charges interest at a rate of 49.9% while you’re borrowing. The interest equates to a daily rate of 0.165%, and the overall cost of borrowing translates to a representative APR of 68.7%
Borrow £250 for 14 days, and it’ll cost you just under £10 (£9.91 to be exact). That’s an initial transaction fee of £4.13 and interest of £5.78 (around 42p per day).
Polar Credit is part of the FCA-authorised APFIN Ltd., which also owns Cashasap.co.uk. APFIN is a London-based, private limited company registered in England and Wales with company number 07989136. It has permission from the FCA to enter into regulated credit agreements as a lender.
Back in the day, Cashasap.co.uk was a fairly typical payday lender. In 2014, it offered loans over 1-31 days at an eye-watering (and no longer allowed) 360% p.a. interest rate (over 2,500% APR). It later lowered its rates in line with requirements introduced by the FCA (which capped high-cost short-term credit interest at 292% p.a.) and started focusing on loans with longer terms. Unlike many of its peers, APFIN has so far weathered the post-payday storm – managing not to buckle under the weight of complaints from former customers.
Some would-be users may be a bit hesitant to give Polar Credit visibility of their current account transaction history through open banking. However, this is becoming more commonplace for credit approvals in the UK.
Yes, however, Polar Credit goes to great lengths to clarify that it’s not looking for applicants with flawless credit histories and uses proprietary technology to look at the fuller picture, not just your credit score.
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You must be in full or part-time employment. You must have a UK bank account with a linked debit card. You must have access to your email address and a working mobile phone. |
Polar Credit scores relatively highly on Trustpilot, with an overall rating of “Average” and 3.5 stars given by 220+ reviewers (updated December 2025).
Recent positive reviews vouch for Polar Credit’s convenient and quick access to funds while having competitive rates.
You can contact Polar Credit customer services by phone on 0800 612 7188 or by email at info@polarcredit.co.uk.
Services like Polar Credit use innovative smart tech to approve borrowers who may have been turned down by other lenders due to a low credit score.
Used carefully, they’re a great alternative to traditional payday-style loans – usually working out much cheaper. The trap to avoid is only making the minimum required payment each month. This is how credit line providers make big bucks and how the costs to consumers can rack up.
We’d also like to see a supporting Polar Credit app launched to add convenience for users. Nobody likes logging in to websites on their phone.
| Name | Established | Loan types | ||
|---|---|---|---|---|
 |
Polar Credit Credit Line | 2019 | Line of credit | More info |
 |
Fund Ourselves | 2016 | Peer-to-peer instalment loans | More info |
 |
Creditspring | 2018 | Instalment loans through a membership scheme | More info |
 |
Lending Stream | 2008 | Instalment loans | Go to site |
 |
Drafty | 2015 | Line of credit | Go to site |
 |
SteadyPay | 2017 | Instalment loans through a membership scheme | More info |
Fund Ourselves (read review) is a direct lender (not a broker), which offers peer-to-peer 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 1,310.4%. 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.
Fund Ourselves representative example: Borrow £300 for 106 days at a rate of 176% p.a. (fixed). Representative 1,310.4% APR and total payable £452.97 in 4 monthly payments of £113.24.
Next up, Creditspring (read review) 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 54.6%. 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 £1,000 repayable over 13 months. 12 monthly membership payments of £12. Rate of interest 0% p.a. (fixed). Representative 54.6% APR. The first repayment for each advance is £83.35, due 45 days after drawing, followed by 5 monthly repayments of £83.33. Total amount payable £1,144.
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 but with a lower representative APR of 1,271%. 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. Like Polar Credit, Lending Stream 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).
Lending Stream representative example: Borrow £300 for 6 months at a rate of 292% p.a. (fixed). Representative 1,271% APR and total payable £578.36 in 6 monthly payments of £96.39
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 96.2%.
Drafty Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
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 higher representative APR of 91.25%.
SteadyPay representative example: Total amount of credit of £300. Subscription £90 over 120 days. Representative APR 91.25% and total payable: £390.
If you’re looking for a quick financial fix, payday loans aren’t your only option.
Fund Ourselves (formerly Welendus) offers flexible and transparent peer-to-peer loans of £200–£2,000, repaid over to . Compare its interest rates, total borrowing costs and eligibility terms against a range of lenders.
A payday loan gives you the money you need quickly, even if you have bad credit or low income. But which one is best for your situation?