Our eligibility check checks 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, as long as 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, this won’t affect your credit rating or your ability to obtain credit in the future and won’t be seen by other lenders.

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 personal circumstances and show your personalised loan rate and monthly repayment amount.

A full credit search is completed when you apply for a loan with us, and credit reference agencies may keep a record of that search.

Here are our criteria which you’ll need to meet 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 repayments 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 apply for a loan, you'll need the following information to hand:

• Your bank sort code and account number, we'll transfer your loan here and use the same details to take your monthly Direct Debit repayments
• Your mobile telephone number
• Your address details for the last 3 years
• 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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How long will it take for my loan application to be processed?

It takes approximately 10 minutes to apply for a Creation Loan.

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’ll be some important 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. 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 your application is referred, it means we need to do some additional checks.

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.

What happens if my loan application is referred?

Sometimes your loan application may be referred so we can check some additional details. If this is the case, we’ll send you an email from online.decision@creation.co.uk with our final decision within 1-3 working days.

We might need you to provide us with some additional information, which we’ll ask for in a second email. Sometimes we might call to speak to you to check some details.

When this is complete and if your application is accepted, we’ll send you another email with details on how to e-sign your agreement in the Creation Finance App or the online account manager.

For any application over £17,000 to help us protect you and ourselves from any potential fraudulent activity, we have to contact you in person. Our Customer Service team will call you using the phone number you gave us in your application to reconfirm your identity and the reason you’re your loan, within 48 hours of your application being accepted online. Or you can call us on 0371 402 3419*. Once we’ve confirmed this information with you the loan funds will usually be sent to your bank account within 1 working day, subject to final checks.

If you e-sign your agreement, we’ll usually send your loan to your bank account within 1 working day, subject to final checks. If you sign and return your paper agreement by post, it’ll take a bit longer for you to receive your loan. If your loan is over £17,000 we need to speak to you before we can release the funds, once we’ve confirmed some information with you we’ll send the funds to your bank account within 1 working day. If you need to speak to us about this please call 0371 402 3419*, more information can be found in the ‘What happens when I apply?’ FAQ.

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 loan agreement. You can change your repayment date to between the 1st and 28th of the month. You can also choose to pay back the loan early in full or make one off part payment at any time. The quickest way to manage your account and make payments is through the Creation Finance App⁵ or your Online Account Manager.

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

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 organisations 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.

The quickest way to make payments and manage your account is through the Creation Finance App⁵ or your Online Account Manager.

To request an early settlement figure you can also go to our online form here.

If you need to contact us

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

⁵For security purposes we’ll use your mobile phone number to help you register for the Creation Finance App.

Yes, you can pay off your loan early. We'll give you a settlement figure, which includes the repayments you've got left on your loan agreement, and includes an interest rebate for the outstanding interest. This calculation is delayed by one month and 28 days.