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How does Creditspring work?

Building your financial resilience with Creditspring.

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 of this, people end up making quick decisions without considering the long term impacts.

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 try to be as transparent as possible. This starts from 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 prepare for their future, stress free. We help our members reach financial confidence so they can make informed decisions like getting a loan when they need it. We provide budgeting tips, ways to improve your credit rating and more that will grow your financial future.

Let’s talk Memberships

Building your financial resilience with Creditspring.

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 eligibile within minutes! When checking membership eligibility we will automatically check to see if you’re eligible for both of our products.

Once approved for your membership, your first advance will be available on demand after 14 days. 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.

Plus

£1000

per year
Thick check

Borrow £500 twice a year, no interest.

Thick check

Membership fee £8 x 12 months (£96 a year), no additional fees. Rep APR 38.6%

Thick check

Repay each loan with 6 monthly payments

(£83.35 the first and £83.33 the remaining five installments)

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.

Core

£500

per year
Thick check

Borrow £250 twice a year, no interest.

Thick check

Membership fee £6 x 12 months (£72 a year), no additional fees. Rep APR 87.4%

Thick check

Repay each loan with 4 monthly payments of £62.50

Representative example: Total amount of credit of £500 over 12 months. 8 monthly repayments of £62.50 and 12 monthly membership payments of £6. Rate of interest 0% p.a. (fixed), Representative 87.4% APR. Total amount payable £572.

Plus

Core

£1000

per year
Thick check

Borrow £500 twice a year, no interest.

Thick check

Membership fee £8 x 12 months (£96 a year), no additional fees. Rep APR 38.6%

Thick check

Repay each loan with 6 monthly payments

(£83.35 the first and £83.33 the remaining five installments)
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.

£500

per year
Thick check

Borrow £250 twice a year, no interest.

Thick check

Membership fee £6 x 12 months (£72 a year), no additional fees. Rep APR 87.4%

Thick check

Repay each loan with 4 monthly payments of £62.50

Representative example: Total amount of credit of £500 over 12 months. 8 monthly repayments of £62.50 and 12 monthly membership payments of £6. Rate of interest 0% p.a. (fixed), Representative 87.4% APR. Total amount payable £572.

Building your financial stability with Creditspring.

Check eligibility now!

Understanding the Annual Percentage Rate (APR)

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 includes our monthly membership fee. So you’ll always know how much you’re going to repay, no hidden costs or fees.

The Credit Builder

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 allow you to minimise your stress and build towards a better future.

The Credit Builder

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.

A soft search will be done when you check your eligibility, but this will not affect your credit in any way. It only takes a few short moments to complete your application; finding out instantly if you’ve been approved for a Core or Plus membership.

Let’s talk Stabilty

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 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 for 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 we compare

Providing the best service we possibly can without making it difficult for our members to repay their loans is top priority.

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

Building your financial stability with Creditspring.

Check eligibility now!