Creation personal loans

If your car is cranky or your house is bursting at the seams, you might be looking for an additional source of finance. A personal loan from Creation could be a way of funding that extension or getting you back on the road.

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Creation Financial Services

You might not have heard of Creation Financial Services – it’s probably not what you’d call a household name. But it’s actually the outfit behind the store cards of some of the UK’s biggest names in retail.

Creation says that its customers don’t want complicated products, and so it prides itself on providing fixed-rate personal loans with no hidden tricks or catches, promising no surprises down the line.

What can a Creation personal loan be used for?

  • Car purchase. Compare personal loans as an alternative to car finance.
  • Home improvements. Extend your house, buy new fixtures/fittings or landscape your garden.
  • Holiday. Take the that longed-for trip.
  • Consolidating debts. Move multiple debts to one fixed-rate loan.
  • Other. From a wedding to a boat – there’s not much you can’t use a personal loan for.

There’s a few things you can’t do with a Creation personal loan however:

  • Business investment or expansion.
  • Speculative investments or timeshare purchases.
  • Funding criminal activity.

How do Creation personal loans compare against the competition’s?

Table: sorted by representative APR, promoted deals first

Before you take out a personal loan, it’s smart to read up and shop around. You can use the tool below to check the actual rates you’d be likely to be offered from a range of popular lenders, and the monthly/overall costs.

Want to quickly see which lenders can offer you a loan?

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Key features of a Creation personal loan at a glance

These personal loans are unsecured – which means they’re be based on creditworthiness, rather than the use of property or other assets as collateral. Here are some of the other key things to know about Creation personal loans:

  • Loan amounts from £1,000-£25,000. You can borrow up to £25,000 for almost any reason, such as a car purchase, home extension or other big purchase.
  • A range of loan terms, depending on value. You can borrow money over terms from one to five years, in twelve month increments. One-year terms are only available for Creation loans of £15,000 or less.
  • Instant decision. You will usually get an instant decision on your loan if you apply online.
  • No arrangement fees. Creation does not charge an “admin” or “set-up” fee for its personal loans.
  • Fixed rates and repayments. Your rate and monthly repayment figure are fixed for the whole term of the loan.
  • Early repayment available. You can repay all or part of your loan at any time, but you will need to contact Creation to request a final settlement figure.

Bear in mind that the advertised Representative APR is the interest rate Creation offers to the majority of applicants who request a particular loan amount. However, Creation may offer a different APR based on your personal circumstances

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.

Am I eligible for a Creation personal loan?

You can apply for a Creation loan if you meet the following criteria:
  • You must be a permanent UK resident and have been a UK resident for at least 3 years
  • You must be between 23 and 70 at the date of application
  • You must have an annual income of at least £12,000
  • You must have a bank or building society current account
You will not be eligible (and should not apply) if any of the following criteria apply to you:

  • You are a student, homemaker or unemployed
  • You are making a joint application
  • You have an adverse credit history, such as missed or late payments, County Court Judgements (CCJ) or bankruptcy

How do I apply?

If you think that a Creation personal loan is the right choice for you, there are five steps to the application process.

  1. Use the Creation personal loans calculator to get a quote for the monthly cost of your loan, depending on the amount borrowed and the repayment term.
  2. Complete an online application – this should take about ten minutes.
  3. Creation will use the information you provide, together with details from a credit reference agency, to assess your application.
  4. If your application is accepted, Creation will send you two copies of your loan agreement, which you must sign and complete in the highlighted areas. One copy must be returned to Creation by post.
  5. Once Creation has received your signed agreement, the money will usually be paid into your bank or building society account within 5 working days (excluding weekends or bank holidays).
Post Office Money® Personal Loan
Post Office Money® Personal Loan
APRs from 3%
(on loans between £15,001 and £25,000 over 12-84 months).

Representative example: Borrow £15,001.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £15,718.32 in monthly repayments of £436.62.

M&S Bank Personal Loan
M&S Bank Personal Loan
APRs from 2.8%
(on loans between £7,500 and £20,000 over 12-36 months).

Representative example: Borrow £10,000.00 over 3 years at a rate of 2.9% p.a. (fixed). Representative APR 2.9% and total payable £10,447.20 in monthly repayments of £290.20.

AA Non-Member Loan
AA Non-Member Loan
APRs from 3%
(on loans between £15,001 and £25,000 over 12-84 months).

Representative example: Borrow £10,000.00 over 3 years at a rate of 3.1% p.a. (fixed). Representative APR 3.1% and total payable £10,478.16 in monthly repayments of £291.06.

Shawbrook Bank Personal Loan
Shawbrook Bank Personal Loan
Personalised rates with representative APR 12.9%

Representative example: Borrow £10,000 over 5 years with representative APR 12.9% (fixed) and total payable £13,405.80 in monthly repayments of £223.43.

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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