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.
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?
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?
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.
Warning: late repayments can cause you serious money problems. See our debt help guides.
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:
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 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 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.
- 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.
- Complete an online application – this should take about ten minutes.
- Creation will use the information you provide, together with details from a credit reference agency, to assess your application.
- 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.
- 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).
Popular questions about Creation
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.
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.
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.
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.