No extra fees, no interest
Transparent and fixed pricing
Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.
Satsuma was a payday loan company that is no longer trading due to financial problems. The company issued small loans of up to £1000 for a first loan and £2000 for a second loan. Debt repayments were required in instalments on a monthly or weekly basis, with a maximum APR of 1275%. With such high interest rates, Satsuma loans did not protect customers from the risk of spiralling into debt, as the repayments were not fixed and could therefore increase. Customers’ credit scores were affected by these loans, as all payments, including late or missed, were recorded on the customer’s credit file.
Credit limits were set for each individual customer based on their credit history. If they had good credit, they could be offered the maximum of £1000 for their first loan, and £2000 for their second loan. For those with bad credit history, or little to no credit history, the amount was likely to be less, with a minimum of £100. Repayments were offered in instalments on a weekly or monthly basis, depending on the customer, and were agreed at the start of the contract. If you missed a payment, there were no additional fees on top of the accumulated interest.
Focused on helping people build financial stability, Creditspring was founded in 2016 to provide financial reassurance without the risk of a debt spiral. Creditspring provides cash when you need it and peace of mind when you don’t with no-interest credit building loans (Rep APR 83.1%) and monthly health check-ups. Anyone can apply as there are options to suit everyone - whether you want help building your credit, a small loan or insurance against unexpected expenses. You’ll never be charged interest on our fixed-fee loans. Instead, we charge a small membership fee that allows you to access the loans - think of us as the Netflix of money. Our membership model allows us to provide you with a clear understanding of what you’re borrowing and how much you owe; you’ll never be charged more than you were expecting, and our fixed-fee lending eliminates the opportunity for spiralling into debt. Paying a small monthly fee has another incredible benefit - it builds your credit. Instead of resorting to credit cards, simply becoming a Creditspring member and paying the monthly fee has a positive impact on your financial health, as the payments are recorded on your credit file and can boost your credit score.
Keeping our members financial health and interest at the forefront, Creditspring is a great alternative for Satsuma. All our memberships will help you build your credit score This means you will not be charged for anything that is not stated on your account when you sign in. At Creditspring we aim to work with our members in order to reach their financial goals. We charge a small membership fee each month- that is dependent on the membership you are eligible for. With a Step Membership you will pay £7 per month and have access to £200 for each advance (Rep APR 88.8%). With a Core Membership you will pay £10 per month and have access to £300 for the each advance (Rep APR 83.1%). With a Plus Membership you will pay £14 per month and have access to £500 for each advance (Rep APR 66.2%). With Extra Membership you will pay £24 per month and have access to £1200 for each advance (Rep APR 43.7%)Reporting both your monthly membership fee and repayments to credit rating agencies you can build your credit with any of our memberships.
Skip all the confusion that comes with calculating daily/monthly interest and late fees! At Creditspring everything is clearly stated for you and you will receive regular reminders, so you can stay in control of your financial health. Start your journey with Creditspring today and start building your credit for a brighter future.