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Our review of Creditstar UK
Creditstar started out operating in Europe, primarily in Estonia, Finland, Lithuania, Poland and Sweden and are yet to become as big in the UK as the rest of group have become in Europe. They are very transparent in regards to what they offer and their application form and website on the whole is simple and easy to navigate. Creditstar also offer online account management, allowing customers to easily manage their loan and any future loan applications online. For returning customers that have been deemed responsible, Creditstar will lend up £700 instead of the maximum £300 for first timers.
Another key selling point of Creditstar is that they’re open for business and process loans 7 days a week, with opening hours stretching from 9am to 8pm. This is rare amongst their competitors, with most other companies closing a lot earlier than 8pm on a Sunday. Although not advisable, Creditstar will allow you to apply for an extension on the payment a maximum of two times per loan agreement. This can be up to as much as your original loan term, however you will still be charged the interest so this means that costs will add up dramatically if you take this route.
They seem to have very little presence across the web and it’s proved pretty tricky to find any kind of customer feedback. Their OPTIOSCORE places them mid-table on Choose Wisely but this has been boosted by their features and the consumer sentiment score is low at 28.8.
As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. By missing or being late with repayments, you will not only harm your credit file but be subject to a number of fees, which can soon make things very expensive.
Overall verdict: They have a number of years’ experience operating throughout Europe but with minimal feedback and web presence in the UK it’s hard to gain any feel for how they operate. They are one of the more expensive lenders in this market so it could be worth shopping around and looking at those that are more well-known and have lower rates of interest.
- Loan term extensions available
- Returning customers can borrow up to £700
- Payouts not affected by weekends or bank holidays
- They use the Faster Payment Service to transfer the loan
- You must be aged at least 18
- You need to be a UK resident
- You must be employed with a regular income
- You must have a UK bank account and debit card
- You must have a mobile phone number
- You must have an active email address
- You must have good credit history
- No bankruptcy or visits from debt collectors in the last 18 months
- Maximum APR 1269.84%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £15
About Creditstar UK
Creditstar offer high-cost short-term loans over periods ranging from 30 days to 6 months at a representative APR of 1081.24%. First time borrowers can apply for up to £300 and returning customers with a proven record for repaying can apply for up to £700.
In order to apply for a Creditstar loan you must to be a UK resident, be at least 18 years old and have a UK bank account with direct debit facilities. You’re also required to have both a mobile phone and active email address. As with most lenders you’ll need to provide proof that you can meet the repayments on the agreed date, and will therefore be asked for income details, bank details and personal details so ensure you have these during the application process. Creditstar does not consider applications from those with a bad credit history, who’ve been bankrupt or been visited by debt collectors over the last 18 months.
One your application has been approved you should receive the funds within 30 minutes. This is as long as your application falls within Credistar’s opening hours of Monday to Sunday, 9am to 8pm. It’s also worth noting that weekends and bank holidays do not influence repayment dates loans with Creditstar.
You won’t be penalised for paying your Creditstar loan off early, and you just need to contact them so they can determine your outstanding amount. However, if you’re late repaying your loan, a default charge of £15 will be added to the balance on the third day after your due date. The interest will accrue at 0.8% per day until you pay it off on both the initial amount you borrowed and the default fee. Interest will be capped when it reaches the same as the original amount borrowed.