Home Stepstone Credit Review 2021 – READ THIS BEFORE Applying!

Short term loans come in handy when financial emergencies occur and your funds are running low. Stepstone Credit is a provider of such loans in the UK, but is it the best lender for you?

Our comprehensive review of the platform takes you through everything you need to know about the platform. By the end of it, you should be well placed to make an informed decision on whether or not to borrow from this lender.

Read on to find out all you need to know and make the right choice.

In This Guide

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What is Stepstone Credit?

Stepstone Credit Review -...Stepstone Credit is a direct lender offering a vastly different take on short term loans. It differs from both the traditional payday loan and the usual short term installment loan.

The company is a trading name of Hymarc Ltd. and has its head office in Tunbridge Wells, England. It is a regulated and authorized entity operating under the purview of the Financial Conduct Authority.

Hymarc Ltd. is a registered data controller under the terms of the 1998 Data Protection Act.


Stepstone Credit prides itself in a mix of flexibility and responsible lending. It offers a highly flexible line of credit facility with a maximum loan term of 3 months. You can borrow any amount within your credit limit and make repayments as many times as necessary within this time span.

Pros and Cons of a Stepstone Credit Loan


  • Offers lines of credit from which you can decide how much to borrow and when to borrow during the term of the credit facility
  • You can pay back the principal when it suits you, subject to minimum repayment conditions
  • Fast loan approval
  • Fast funds delivery within 30 minutes
  • Mobile device app offers convenient access to funds and easy account management


  • Low loan limits
  • The amount you borrow is subject to a loan limit
  • Credit facility only lasts for 3 months
  • The ease of repeated borrowing can turn you into a perpetual borrower
  • High interest rates on fixed terms
  • Application process requires your internet banking login details, which you may provide and still get declined

How does a Stepstone Credit loan work?

As mentioned above, this lender works using a completely different model from most traditional lenders. To start with, you can only borrow amounts ranging from £200 to £500. The loan terms are up to 114 days or about 3 months.

You can access the credit facility either via a mobile device app or on its website. No matter your choice of platform, you get to borrow in the form of a line of credit.

A line of credit refers to an ongoing credit facility which has a maximum limit. Depending on the amount for which you qualify, you can withdraw any amount from your line of credit. It is also possible to access the funds repeatedly, as many times as you need funding.

When you get funding from the lender, you have to work with set out minimum repayment conditions. For as long as you pay back this minimum on the due date(s), your account remains in good repute and the line of credit remains accessible.

Credit limits

During your very first application, the lender will assess your ability to repay the loan on agreed terms. Based on the results of the assessment, they will give you a credit limit, which refers to the maximum amount you can access at any given time.

If you get approved for the loan, then you get what they refer to as a Running Account Credit Agreement. To illustrate, you may qualify for the maximum loan limit of £500. Following your approval and funding, you choose to withdraw £200.

After a number of days, you may choose to repay the principal amount, £200. And this will leave a balance of the interest due. You have the option of paying this interest back using the app, via the BOOM button.

Stepstone credit home page

Alternatively, you can wait for the lender to withdraw the balance on the due date shown on your loan agreement. In the meantime, you can still withdraw up to £500 and repay it as many times as you wish during the term of the credit facility.

During the period, borrowed funds will only attract a daily interest charge, and this will only be on the amount you borrow, not the entire line of credit. The lender automates the repayment process using a Continuous Payment Authority (CPA) for convenience purposes.

Loan repayment

A CPA is an agreement between you and the lender to make withdrawals directly from your account on your loan due date. For as long as you ensure the bank account you register during the application process has the required funds by this date, you should have no problems.

This approach differs remarkably from the traditional payday or short term installment loans which are among the most popular lending options in the market. For a payday loan, you get the full credit amount upfront and have to repay the capital and interest at the end of a month, or on the next payday.

Short term installment loans, on the other hand ,work more or less the same as the best payday loans, but you can access a higher amount and pay back over a longer period.

The main advantage of the Stepstone Credit loan is that you only pay interest on the sum you need to use at any given point. Additionally, you only pay for the days when you actually have the funds, which are not necessarily equal to the full term of the loan.

Another highlight is the fact that you can make full repayment at any time and this will not close the facility. This means that for as long as the agreement term is active, you can access funding again and again.

Successive applications

However, the lender strives to balance flexibility and responsible lending. With this in mind, they keep the loan term short (3 months). As they explain, the facility should not be considered a long term solution for financial difficulties. And it should not become “a long term inclusion in your personal finances.”

Therefore, even the short loan term can be termed a disadvantage, it is in the spirit of healthy financial habits.

When you apply for a loan with Stepstone, the platform makes use of an automated system to process the application. It takes only about half an hour to have the funds in your account in case you get approved. This makes it ideal for financial emergencies.

Its services are also well suited for users who are always on the move. With that in mind, they have created a mobile device app that allows you to get full control of your account on the go. For as long as you have an internet connection, you can make withdrawals and repayments on the move. The app is available for both Android and iOS devices.

Stepstone Credit Account Creation and Borrowing Process

Creating an account and borrowing for the first time from Stepstone credit is a smooth and seamless process.

1. To get started, visit the website and click on the “Apply Now” tab at the top of the screen.

2. Start by submitting your personal information.

Stepstone Credit Review -...

Here, you will need to fill out your name, mobile number, date of birth, marital status, email address and the credit limit you want to access.

3. Next, enter information about your employment, including employment status, where your wages are paid and how much you take home monthly.

You will also need to provide the name of your employer as well as their contact and your length of employment.

4. The next section will require your expenses including rent or mortgage, credit card or loan repayments, utility bills, travel costs and any other expenses.

StepStone Credit loan application page

You will also need to provide details about where you live starting with the postcode, time at property and residential status among other things.

5. Finally, enter your bank account details such as the sortcode, account name and account number.

6. Proceed to the next step and fill out the required details and then submit your application.

Note that if you submit the application after working hours, it will be handled on the next working day.

If it is within working hours, expect a response almost immediately, and funding within half an hour of approval.

It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

Eligibility Criteria for Stepstone Credit Loan

Here are the qualifications required in order to access funding from Stepstone:

  • Be a UK resident
  • Be over the age of 18
  • Have a UK bank account with online banking capabilities

Information Borrowers Need to Provide to Get Stepstone Credit Loan

You will be required to provide a number of details in order to get a Stepstone line of credit. Take a look at some of the requirements:

  • Bank account statement
  • Bank account
  • Debit card
  • Online banking details
  • Residential details
  • Monthly income and outgoings
  • Marital status
  • Email address
  • Date of birth
  • Employment details

What are Stepstone Credit loan borrowing costs?

The lender is transparent regarding borrowing costs. Here are some of the fees you can expect to pay:

  • Daily interest charge – 0.8% (80p for every £100)
  • Application fees – nil
  • Account and transaction fees – nil
  • Early repayment fees – nil
  • Annual interest rate – 292%
  • Representative APR – 1,188%

Stepstone Credit Customer Support

The Stepstone support team gets an above average rating from previous customer. There are a number of reviews hailing the team as polite, excellent and helpful. However, there are some complaints about slow response. It gets a rating of 6.8 out of 10 on TrustPilot.

Is it safe to borrow from Stepstone Credit?

Stepstone Credit is a regulated and authorized lender under the oversight of the FCA. It is also a direct lender meaning that it does not share your sensitive data with any third parties. They hold all information including internet banking log-in details securely and in encrypted form. They also abide by data protection laws.

Stepstone Credit Review Verdict

Stepstone Credit is a reliable choice of lender for emergency financial situations. Though their loan limit is low, the fact that you can access it repeatedly is a major highlight. It is also advantageous that in spite of having high borrowing costs, you only need to pay for the days when you actually access funding.

Some customers complain about the fact that you have to reapply after only 3 months and have no guarantee of qualifying again. But as the lender explains, this should be a temporary financial fix and not a long term solution.

Their mobile app comes in handy for accessing funds and making repayments on the go. But the greatest disadvantage is the fact that you have to share your internet banking login details with them. In some cases, users have shared this sensitive information only to get their applications declined.

Overall it is a good lender, but watch out for the high rates.

Try Our Recommended UK Payday Loan Provider 2020:

  • Get an Instant Quote
  • Apply within 2 Minutes
  • Friendly Support Service
  • FCA Regulated
*Subject to lender requirements and approval.

Glossary of loaning terms

Loans Glossary
Credit Score

A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

Loans Glossary
Guaranteed Approval

Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

Loans Glossary
Credit Limit

A Credit Limit is the highest amont of credit a lender will lend to the borrower.

Loans Glossary

Collateral is when you put up an item against your loan such as your house or car. These can be repossessed if you miss payments.

Loans Glossary
Cash Advance

A Cash Advance is a short-term loan that has steep interest rates and fees.

Loans Glossary
Credit Rating

Your Credit Rating is how likely you are to fulfill your loan payments and how risky you are as a borrower.

Stocks Glossary
Fixed Interest Rate

Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

Stocks Glossary

The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money

Loans Glossary

If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

Loans Glossary
Late Fee

If you miss a payment the lender will charge you for being late, this is known as a late fee.

Loans Glossary
Unsecured Personal Loan

An Unsecured Personal Loan is when you have a loan based solely on your creditworthliness without using collateral.

Loans Glossary
Secured Loan

A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

Loans Glossary
Prime Rate

This is the Interest Rate used by banks for borrowers with good credit scores.

Loans Glossary

The Principal amount the borrower owes the lender, not including any interest or fees.

Stocks Glossary
Variable Rate

A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

Loans Glossary
Installment Loan

An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

Loans Glossary
Bridge Loan

A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

Loans Glossary
AAA Credit

Having an AAA Credit Rating is the highest rating you can have.

Loans Glossary

A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

Stocks Glossary

LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for the interest rates in London. It is an average of the estimates interest rates given by different banks based on what they feel would be the best interest rate for future loans.

Loans Glossary
Home Equity Loans

Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

Loans Glossary
Debt Consolidation

Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthly payment, usually with a lower interest rate.

Loans Glossary
Student Loan

If you obtain a Student Loan to pay your way through College then you loan is held with the Department for Education U.K.

Loans Glossary
Student Grants

Financial Aid in the form of grants is funding available to post-secondary education students throughout the United Kingdom and you are not required to pay grant


Why do you need my internet banking details?

Does borrowing from Stepstone affect my credit rating?

Can I access the service when I am overseas?

Will you access my internet banking log-in details?

What is the minimum and maximum amount I can withdraw from line of credit?

What loan products does Stepstone Credit offer?

UK Payday Loan Reviews- A-Z Directory



Nica specializes in financial technology and cryptocurrency. At her young age, she was already able to work with a Y Combinator-backed startup and another startup founded by Harvard graduates.

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