The past three months at Creditspring

The biggest room is the room for improvement...

Our goal is to empower people to improve their financial stability without stress. To do this, we’ve been asking our members what they want to see and making improvements to help. Here’s a taste of what’s been happening behind the scenes at Creditspring during the past three months.

Enabled members to automatically change their repayment dates

Things change. That’s why we offer flexibility. Whether it’s a freelancer that hasn’t been paid on time, or someone with a new job and payday, we don’t need our members to justify why they need to change their loan repayment dates - they can do it themselves.

Simplified the process for members having difficulty repaying

It’s now so much easier to get in touch and choose a more appropriate payment plan. A complicated process isn’t helpful to anyone, which is why we’ve improved the system. These things happen, but if we can do something to help reduce any stress, hassle and worry, then we’re here for it.

Improved the process for members who may need to make a late repayment

Have we mentioned that we like making things easy for our members? Here’s another example - we’ve smoothed out the late repayment process. Just let us know at least five business days before your scheduled payment date and we’ll try to find a new schedule that works for you. Whatever the reason for postponing a payment date, we don’t need you to jump through hoops.

Introduced open banking to easily make repayments from the app

We’ve been trialling a new way for members to make manual payments. Instead of typing in card details each time, open banking takes members straight to their online banking, where they can make the payment quickly and easily. Another simpler process!

Deployed new scorecards to improve our decision making and acceptance rate

It’s a bit of a Catch 22 that the people who most need to build their credit can’t get a loan because of their poor credit. We’ve looked at the factors affecting our acceptance rate and updated our decision making, giving more people a chance to build their credit with us, improving their financial stability.

Automated instantaneous disbursals

In other words, we’ll immediately send your money as soon as you request your approved loan. We haven’t come across any other lenders that offer this; we wanted to prove that it’s possible. So far, the feedback has been overwhelming - everyone loves it!

Released Step - our credit builder product

Designed for people with patches in their credit history, or no credit history at all, our new package gives more people the opportunity to build their credit responsibly, without the risk of debt spiral. We’re obsessed with fixed-fee finance solutions, as we know that this is the most secure way to borrow money.

What’s happening next? As part of our mission to help people build credit and be better equipped with financial knowledge, the stability hub is one of our key resources. It’s a place where our members can see the bigger picture of their financial health, and get personalised information about what might be affecting their credit. We’re working to improve the whole stability hub - watch this space...