Polar Credit is a UK direct lender and a trading name of APFIN Ltd, which is authorised by the Financial Conduct Authority (FCA). It offers a reusable credit line of £200 to £2,000, not a one-off loan. Its representative APR is 68.7% (variable). Customer feedback is mostly positive, but a minority of reviewers complain about credit checks and the application process. Read on to see whether it suits you.
What is Polar Credit?
Polar Credit is an online lender that offers a credit line rather than a traditional loan. A credit line works a bit like an overdraft or a credit card. If you’re approved, you get a personal credit limit. You can borrow from it when you need to, repay, and borrow again without reapplying, as long as you stay within your limit and make your minimum monthly payment.
People searching for “Polar Credit loans” are usually looking for this product. Technically it is not a fixed-term loan, which is why it can feel different from payday or instalment loans.
Is Polar Credit a direct lender?
Yes. Polar Credit describes itself as a direct lender, and independent comparison site Finder also lists it as a direct lender, not a broker. That means the company lends its own money and you deal with it directly, rather than your details being passed around to several lenders.
Who owns Polar Credit?
Polar Credit is a trading name of APFIN Ltd, a London-based company (company number 07989136). Its sister brand is Cashasap.co.uk, which offers short-term loans. The UK data protection register also lists Polar Credit and Cashasap under the same company. Both use FCA number 673186.
How Does Polar Credit Work?
- Apply online. Fill in a short form on the Polar Credit website. You’ll need to be in work and have a UK bank account (see eligibility below).
- Connect your bank account. Polar Credit uses open banking, with technology partner Credit Kudos, to look at your income and spending. This helps it judge affordability beyond your credit score alone.
- Get a decision and a credit limit. If approved, you’ll be given a limit to you. You can later ask to raise or lower it.
- Transfer money when you need it. Log in to your online account and move funds to your bank. You can transfer £25 or more, up to your available credit. Polar Credit says funds can arrive within minutes, though your bank can make it take longer (Finder says up to two hours or more), and transfers are possible at weekends and bank holidays.
- Repay monthly. You pay at least the minimum each month. Repayments are normally collected through a continuous payment authority (CPA), which lets the lender take payments from your debit card.
How much does Polar Credit cost?
There is no fee to set up or keep the credit line. You pay only when you borrow:
| Cost | Detail |
|---|---|
| Transaction fee | 1.65% each time you transfer money out |
| Interest | 49.9% a year (variable), charged daily on what you owe |
| Representative APR | 68.7% (variable) |
| Minimum monthly payment | £10 or 5% of your balance, whichever is larger (per Finder) |
| Credit limits | £200 to £2,000 |
Example (from Finder): borrowing £250 for 14 days costs about £9.91 in total, made up of a £4.13 transaction fee and £5.78 in interest.
Polar Credit also says it will cut your interest rate by 10% after your first year of borrowing, then by a further 5% every six months, down to a minimum of 29.9% a year. This is not guaranteed for everyone, so check your own credit agreement.
Important: paying only the minimum keeps you in debt longer and makes borrowing much more expensive. Polar Credit itself encourages extra payments to cut the total cost.
How to Apply for Polar Credit
Polar Credit eligibility
According to Polar Credit’s own website, you must:
- Be at least 18 years old
- Be in full-time or part-time employment
- Live in the UK
- Have a UK bank account with a linked debit card
- Have access to your email and a working mobile phone
Meeting these criteria only lets you apply. Approval depends on its affordability and credit risk checks.
Will Polar Credit check my credit file?
Yes. Polar Credit says it runs a credit check when you apply, and that this search will appear on your credit report. It also says it looks beyond your credit score, so you may still be accepted with a poor or limited history. Bingo Loans Reviews
This matters because some Trustpilot reviewers say they expected a soft search and were surprised by a visible search on their file. Assume your application will leave a footprint, and avoid applying to several lenders in a short time.
Do Polar Credit contact your employer?
I could not find any statement from Polar Credit saying it contacts employers. Its published process relies on your open banking data, and it asks you to confirm that you are employed. If this worries you, ask customer service before applying and read the credit agreement. As with any lender, if you fall into arrears, ask what steps it may take to recover the money.
Polar Credit login
You manage your account through the online portal on the Polar Credit website. As of Finder’s August 2026 update, there was no dedicated mobile app, so you log in through your browser. If you can’t log in, use the password reset option on the login page or contact customer service. Only log in from the official polarcredit.co.uk website, as fake lender sites exist.
Polar Credit contact number
- Phone: 0800 612 7188
- Email: [email protected]
- Address: 3rd Floor, 12 Gough Square, London EC4A 3DW
Opening hours were not clearly published in the sources I checked, so confirm them on the website before you call.
Is Polar Credit Legit?
Based on the public information available in October 2026, yes. Polar Credit is a genuine UK lender:
- FCA authorised: APFIN Ltd (FCA number 673186) has FCA permission to enter into regulated credit agreements as a lender.
- Established: Its Trustpilot profile dates from June 2019, and Finder lists it as established in 2019.
- Clear pricing: It publishes its fees, interest rate and a representative APR.
- Real contact details: Phone, email and a London address are listed.
However, “legit” does not mean “cheap” or “right for everyone.” A 68.7% APR is high compared with a bank loan or credit union. You can verify the firm yourself by searching the FCA Financial Services Register for 673186, or call the FCA consumer helpline on 0800 111 6768 if you ever doubt a lender.
Red flags to watch for with any lender
- Asking for a fee before giving you a loan
- Contacting you out of the blue by text, WhatsApp or social media
- No FCA number, or a number that doesn’t match the firm name on the register
- Pressure to borrow quickly
Polar Credit does not show these warning signs in the sources I reviewed.
Polar Credit Reviews 2026
Polar Credit Trustpilot rating
At the time of writing (early September 2026 data), Trustpilot showed Polar Credit with a 3.9 out of 5 rating from 239 reviews. About 79% of reviews were 5 stars, and about 12% were 1 star. Finder cited a slightly different figure (4.1 stars from 220+ reviews in August 2026), so scores move over time.
Check Trustpilot for the current rating. Note that the company invites customers to leave reviews, so read a range of scores, not just the average.
What happy customers say
- Quick and simple application
- Money arriving fast, often within minutes
- Flexible repayments and the option to pay extra
- Helpful support
What unhappy customers say
- A credit search appeared on their file, even when they expected a soft search
- A difficult or slow application process
- Being declined or having access to their credit line restricted
- One reviewer said they were passed on to other lenders after being declined
These are individual opinions, not proven facts. If you have a problem, you can complain to Polar Credit first, and then to the Financial Ombudsman Service if it isn’t resolved.
Pros and cons of Polar Credit
| Pros | Cons |
|---|---|
| FCA-authorised direct lender | High cost: 68.7% APR (variable) |
| Reusable credit line, no need to reapply | Minimum payments can keep you in debt for a long time |
| Fast transfers, including weekends | Credit search appears on your file |
| Open banking can help people with imperfect credit | Must be employed and connect your bank account |
| Rate can fall over time | No dedicated app reported (Finder, Aug 2026) |
| Can cost less than a typical payday loan if repaid quickly | Repayments taken by continuous payment authority |
Polar Credit Alternatives
If Polar Credit doesn’t feel right, compare these. Figures come from Finder’s August 2026 update and can change, so always check the lender’s own page.
| Lender | Type | Maximum borrowing | Representative APR |
|---|---|---|---|
| Polar Credit | Credit line | £2,000 | 68.7% (variable) |
| Creditspring | Membership-based instalment loans | £1,000 | 54.6% |
| Drafty | Credit line | £3,000 | 96.2% (variable) |
| SteadyPay | Membership-based instalments | £1,000 | 91.25% |
| Lending Stream | Instalment loans | £1,500 | 1,271% |
| Fund Ourselves | Peer-to-peer instalment loans | £1,500 (£800 for new customers) | 1,310.4% |
The higher APRs on short-term instalment loans reflect short repayment periods, so compare the total amount payable, not just the APR.
Cheaper options to consider first
- Credit unions: often much cheaper, and they can lend to people with poor credit.
- Budgeting Advance or hardship support: if you receive certain benefits, you may be able to get help at 0% interest.
- Your employer: some offer salary advances.
- Free debt advice: MoneyHelper, StepChange, Citizens Advice and National Debtline can help if you’re struggling.
Is Polar Credit Right for You?
It may suit you if you have a short-term gap, you are employed, you can repay quickly, and you have been turned down elsewhere.
Look elsewhere if you need to borrow for a long time, you are already struggling with debt, you can only afford minimum payments, or you can get a cheaper loan from a credit union or bank.
My overall view: Polar Credit is a regulated, transparent lender with mostly positive customer feedback, but it is expensive credit and best used briefly.
Conclusion
Polar Credit is a legitimate, FCA-authorised direct lender that offers flexible access to credit at a high cost. Customer reviews are mostly positive (3.9 on Trustpilot from 239 reviews), though some people dislike the credit search and the application process. It works best as a short-term safety net, repaid quickly. Compare alternatives, check the FCA register, and read your agreement carefully before applying.
Late repayments can cause you serious money problems. If you’re struggling, free help is available from MoneyHelper, StepChange and Citizens Advice.
Disclaimer: This article is for general information only and is not financial advice. We are not affiliated with Polar Credit.
Is Polar Credit legit?
Yes. It is a trading name of APFIN Ltd, authorised by the FCA.
What is Polar Credit?
A UK online lender offering a reusable credit line of £200 to £2,000.
Is Polar Credit a direct lender?
Yes, it describes itself as a direct lender, not a broker.
How does Polar Credit work?
You apply online, connect your bank account, receive a limit if approved, transfer funds when needed, and repay monthly.
Does Polar Credit contact your employer?
I found no published statement that it does. Its checks use open banking data.
How do I log in to my Polar Credit account?
Use the login on the official Polar Credit website.
What is the Polar Credit contact number?
0800 612 7188. Email: [email protected].
Hello, I’m Emily Hart, a finance writer focused on UK personal finance and consumer credit. I research and review UK credit cards, loans, and financial products to help readers understand their options and make informed decisions. My work is grounded in careful analysis of product features, terms, and publicly available information, with the goal of presenting complex financial topics in a clear and practical way
