Creation Loans

Our eigibility check establishes if you’re pre-approved for a Creation Loan when you request a quote from us. If you're pre-approved, we're confident your application will be accepted, provided the details you give us are accurate, and you pass our final checks.

As part of the eligibility check, we contact the credit reference agencies, but this will not affect your credit rating or your ability to obtain credit in the future and will not be seen by any other lender.

Please remember, even if you’ve passed our eligibility check, we reserve the right to refuse any application or to refuse a loan for certain purposes.

If you’re eligible, your loan quote will be based on your circumstances and show your personalised loan rate and monthly repayment amount.

A full credit search is carried out once you’ve applied for a loan with us, and the credit reference agencies may keep a record of that search.

How long will it take for my loan application to be processed?

The online application process takes approximately 10 minutes; if you need to call our Loans Team to go through an application, it may take a little longer. The decision is instant whichever route you choose to apply through.

What are the steps in the application?

Eligibility check – in this step, we’ll ask you questions about you and your personal circumstances, please answer them as accurately and honestly as you can. Our eligibility check won't impact your credit score†.

Full application – if you're eligible to apply, you’ll get your guaranteed personal rate. You'll then need to continue with the full application, which just needs a few more details including your bank account information and details of your driving licence or passport. There will be some information which you must read. Your rate is only guaranteed if you continue with the application straight away.

Once you've submitted your application we'll do a full credit search, which can be seen by other lenders, and the credit reference agencies may keep a record of this search.

E-sign your agreement - if your loan is approved, you'll need to read and sign your loan agreement online; we call this e-sign. If you can't e-sign your agreement, we'll post a paper agreement for you to sign and return to us.

When will I receive my money?

If you esign your agreement, we'll send your loan to your bank account within 3-5 working days. If you sign and return your paper agreement by post, it’ll take a bit longer for you to receive your loan. We'll send you an email when your loan funds have been released. It’ll then depend on your bank when you’ll get access to the funds, and this may take up to 3 working days.

We believe in transparency and keeping things simple for you. So, here’s a short summary of how a Creation Loan works.

Repayment information

Your loan repayments are due monthly by Direct Debit. Your first payment will be taken one month from the date we receive your signed credit agreement. You may change the repayment date to any date between the 1st and 28th of the month (inclusive). You may also pay back the loan early in full or pay off more than the monthly repayment (see below for further information).

Your loan repayments will show on your bank statement as Creation.

Interest

The interest rate on the loan is fixed for the entire duration of the loan period, so it won’t change after your loan has been set up.

Are there arrangement fees to pay?

There are no arrangement or other fees to set up your Creation Personal Loan.

PLEASE BE AWARE: We've been made aware of a scam involving individuals being offered loans which require an advanced upfront fee. The scam orgainisations may claim to represent Creation but they DO NOT. Creation DO NOT charge upfront fees for our loans and WOULD NOT approach you directly in this way. If you think you have been a victim of such a scam, please contact your bank/building society immediately and report it to action fraud

Right of withdrawal

You have the right to withdraw from any loan agreement by contacting us and telling us that you wish to cancel the loan. This must be done within 14 days of us receiving your signed loan agreement. You must repay all the loan and any interest that has accrued on that loan within 30 days of telling us that you wish to cancel it.

Missed repayment

Charges and interest may be payable if you don’t make any repayments; this may mean that it’ll cost more to repay the loan. It may result in you having to repay the loan in full early and legal action being taken to recover the debt.

Please note, making late or missing repayments can have an impact on your credit file and affect your ability to obtain credit in the future. For help please click here.

Early settlement

Full settlement – You can repay your loan at any time by contacting us and telling us that you want to settle your loan early. We’ll calculate your settlement amount which will be valid for 28 days.

Partial settlement – You can pay more than your required monthly payment at any time during the duration of your loan but you’ll need to let us know, by phone or in writing, if you want to do this.

If you need to contact us

If you have any queries for our Customer Service Team, please visit our Contact Us page for opening hours and telephone number.

Last Reviewed: 25 July 2023

Here are our criteria which you’ll need to meet in order to apply for a Loan with us:

• You'll need to be between 23 and 70 years old on the date you apply
• You'll need to have a minimum net income of £9,600 per year and not be a student, homemaker or unemployed
• You'll need a bank or building society current account for us to pay your funds into and for payments to be taken
• You don't have a history of poor credit i.e. County Court Judgements (CCJs) or bankruptcy ? You need to be a permanent UK resident for at least 3 years
• You need to have a mobile telephone number

Information needed to apply

To make a Loan application, you'll need the following information to hand:

• Your bank sort code and account number you would like the funds transferred to; these details will be used to collect direct debit payments
• Your mobile telephone number
• Your address details for the last 3 years
• Your employer's name and address
• Details of your monthly income, rent or mortgage
• Details of your full UK driving licence or a valid UK or international passport

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Charges and interest may be payable if you don’t make any repayments, which means it could cost you more to repay the loan. It may result in you having to repay the loan in full early and legal action being taken to recover the debt.

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