How does Creditspring work?

Credit and loans can be confusing, making it difficult for customers to really understand what it is they’re signing up for. As a result, people end up making quick decisions without considering the long term impacts it may have. Through extensive research we’ve taken the time to listen to people across the UK and found that many don’t completely understand loans and credit, this is why Creditspring was created. We wanted to eliminate any surprise or confusion for our customers. Our goal is to make the borrowing process as simple and understandable as possible. As a Creditspring member we hope you gain financial confidence and an understanding of how loans can assist in building your credit rating.

We care about our members, which is why we aim to be as transparent as possible. This starts from our eligibility checks to membership queries and fees. A great benefit of being a member with Creditspring is that our pre approved loans have no interest! You will only pay the fixed membership fee in addition to what you borrowed. Financial stability is what we assist our members in attaining so they can plan ahead, stress free. We help our members reach this by providing budgeting tips, ways to improve their credit rating and more. We hope that with Creditspring our members gain financial confidence so they can make informed decisions, like getting a loan when they need it, that will improve their financial future.

Let’s talk Memberships

The first step to becoming a member of Creditspring is to check your membership eligibility. This is a quick process and you’ll find out if you are eligible within minutes! When checking membership eligibility we will automatically check to see if you’re eligible for both Core membership and Plus membership. Once approved for your membership your first advance will be available after 14 days on demand. The reason for this short hold is because we want to prevent hasty spending and ensure our members are putting themselves in good financial positions for their future. During this time we suggest that our members use the tools available to them through Creditspring to plan ahead. In order to assist our members in achieving their financial stability goal we provide features we believe will guide our members in gaining that knowledge and confidence needed.

No interest, no fees

When you draw down an advance and are a member you pay exactly what you borrow.

Plus Membership (Rep APR 66.2%) - you will have access to two on-demand £500 loans a year. The fixed monthly membership fee is £14 (£168 per year), and the first advance must be paid within 6 months before borrowing your next advance.

Core Membership (Rep APR 83.1%) - you will have access to two on-demand £300 loans a year. The monthly membership fee is £10 (£120 total per year), and the first advance must be paid within 6 months before borrowing your next advance.

Step Membership (Rep APR 88.8%) - you will have access to two on-demand £200 loans a year. The monthly membership fee is £7 (£84 total per year), and the first advance must be paid within 6 months before borrowing your next advance. It's important to note that although we don’t charge interest, we do still have a representative annual percentage rate.

Understanding the Annual Percentage Rate

To better understand how we’re able to provide you with a loan with no interest, it’s important to understand what an Annual Percentage Rate (APR) is. Annual Percentage Rate is a way of measuring the interest rate of financial products like loans, credit cards etc. It represents the amount of interest that will need to be paid back annually. This serves as a great way of comparing loans as the percentage is right there for you. Our APR is calculated using the FCA rules and guidelines. Our loans are collected quicker which is why our APR is higher, this is for good reason. We choose to collect loans quicker because this is what our members asked for. We don’t want our members to be in debt for a long period of time.

Though we collect your loan quicker and our APR is higher because of this, the total charge will not change. We value our members and aim to be as transparent as possible, which is why the APR is clearly stated when you sign up as a member with Creditspring. To learn more about how much the APR is for each membership please see our FAQ section.

Good for credit building

As a member you receive two on demand loans per year. We understand that sometimes you may not use your loans throughout the year, however, you can continue to build your credit when you pay your monthly membership fee on time. Having an affordable back up plan without interest instead of borrowing from expensive credit companies will minimise your stress and allow you to build towards a better future.

What is a Stability Score?

More than just a credit score, the Stability Score is exclusive to Creditspring members. The Stability Score will help you understand your potential to get credit. How is this calculated? Your score is a combination of a calculation between your ability to weather a financial storm and your ability to borrow. This personalised score is updated every month so you can monitor your improvement. Along with a personalised score, we provide tips and information about products and services that will help improve your financial stability. We are more than a loan service to our members. Monitoring your Stability Score can be a great opportunity to embark on your credit building journey. You’ll understand where you stand financially so that if/when the time comes, you’ll be better equipped for credit in the future.

How does Creditspring compare to others?

It's a top priority for us to provide the best service we possibly can without making it difficult for our members to repay their loans. By borrowing a £500 loan twice a year and repaying each loan within the 6 month time period, our prices stack up well in comparison. See just how we compare to others on the market! You can learn more on why more people are choosing Creditspring and how we can help you build a brighter financial future!

(This blog was last updated on 26th of July, 2023 with the latest product pricing)