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We believe that lending should be as simple and transparent and as manageable as possible.
So our pre-approved loans come free of interest. Instead, you simply pay a single, fixed membership fee.
We report monthly membership fees and repayments to credit agencies to help you build your credit, even when you don't borrow.
Our loans are reported as normal high street loans, not payday loans, so you don't get penalised just for taking one.
Creditspring is sort of like insurance. We think it's better to secure a loan before you need it because last minute borrowing can be expensive!
After your first 14 days, you can borrow on demand and the money usually arrives into your account within minutes.
You think in pounds and pence, and not interest rates. So do we. Our APR includes our monthly membership fee.
You will never pay more than £96 per year for access to £1,000 in credit.
If you borrow £500 twice a year and repay each advance over 6 months, our charges look pretty good!
Near-Prime Credit Cards
£71
Creditspring
£96
Arranged Overdraft
£197
Payday Loans
£600
Representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33. 12 monthly membership payments of £8. Rate of interest 0% p.a. (fixed), Representative 38.6% APR. Total amount payable £1,096.
This is an illustrative calculation of the charges one would incur on a range of products by borrowing £500 twice a year under the same repayment terms offered by Creditspring. We recommend that you check the actual charges you may be currently paying on such products as they may be different from the representative examples in the chart.
Near-Prime Credit Cards: Estimated using an indicative APR of 39.9%. The cost has been calculated by applying the equivalent monthly interest rate to the outstanding monthly balances.
Arranged Overdraft: In the case of Barclays, Lloyds and Santander, the cost has been estimated by using the fee structure used by the banks. For HSBC and RBS, the cost has been calculated by applying the equivalent monthly interest rate to the outstanding monthly balances.
Unarranged Overdraft: This is the average of the unarranged overdraft fees that would be charged by Barclays, HSBC, RBS and Santander. The fees have been estimated by multiplying the maximum monthly charge of each of the three banks by eight months.
Payday Loans: Estimated using a daily interest rate of 0.8%. Applied to the outstanding monthly balances.
All information accurate as of 12th April 2019.
