|Loan Type||Unsecured personal loans|
|Loan amounts available||£1,000 – £25,000|
|Loan terms available||12 – 60 months (1 – 5 years)|
|Age eligibility requirements||Between 23 – 70 years old|
|Access for lower credit scores||Low chance of approval. No CCJs, IVAs, bankruptcy or default statuses accepted.|
|Chance of acceptance available||No|
|Loan pay out time after approval||3 working days|
|Early repayment options||Potential options for early repayment, explained at agreement stage|
Who is Creation?
Creation is a financial company that deals with both individual private customers as well as underwriting financial products for retail companies to offer as their own. They are experienced in the world of finance and their product catalogue includes personal loans, store cards, credit cards, store cards and pay-later deals.
How much can I borrow with a Creation personal loan?
Creation personal loans are available for values between £1,000 up to £25,000, which you can take out and repay across repayment plans from 12 months up to 5 years. Any specific amount or timeline for repayments you are eligible for will depend on your credit history and financial circumstances.
What interest rates can I get with a Creation personal loan?
Any interest rates offered to you will be dependant on your credit history and your personal circumstances. If you have a higher credit score, you may find that your interest rates, and therefore your monthly payments, could be lower. This is because lenders will see you as a less risky customer to lend money to.
If you need to give your credit score a boost, but don’t know how to, try checking out our top tips for improving your credit score.
What can I use a Creation personal loan for?
Personal loans can be used for most expenses that you need money for. Whilst a personal loan should not be considered lightly, there are a broad range of uses for them. Common nd popular uses for personal loans include:
- Debt Consolidation
- Wedding expenses
- Purchasing a new car
- Home renovations
Am I eligible for a Creation personal loan?
Your eligibility for any personal loan will depend on your credit score, credit history and current financial circumstances. The higher your score, the more likely you are to be eligible for better rates. Creation also have some eligibility criteria that you must meet to be able to receive a loan from them:
- You must be aged between 23 and 70 years old
- You must have a minimum income of £9,600 after taxes and deductions per year
- You must be employed or self employed, and not a student or homemaker
- Your bank account must be UK registered, and be able to use direct debits
- Your credit history must be clear of CCJs, IVAs and bankruptcy
- You must have lived within the UK for the last 3 years
How long will it take for the loan amount to be paid?
Creation aims to have all loan amounts paid out within 3 working days of the final agreements being signed. This is faster than a secured loan due to the reduced amount of paperwork required.
Can I settle a personal loan from Creation early?
Yes, there may be options for you to increase your monthly repayments, make extra repayments or settle your loan balance in full, and you may be able to do this at any point in the repayment plan lifetime. If you find yourself in a better financial situation and are able to make extra payments this may help as you could save money on interest.
What should I consider before taking a personal loan?
As with any lender and any type of borrowing, it’s important to make sure you only borrow what you can afford to repay.
- You might need bank or ID verification
- Your loan offer will be subject to final lender and fraud checks
- Creation may need to get in touch over the phone if they have any questions about your application, or for higher loan amounts to verify your identity
- Missed repayments can negatively affect your credit score
How do I check my eligibility for Creation personal loans?
Here at Aro, we can help you check your eligibility for a Creation personal loan without harming your credit score. Simply fill in your details and we’ll check your personal loan options with Creation and over 50 other UK lenders in minutes.
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