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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
2 loans per year
Repay each loan in
Membership fee (total cost of credit)
12 membership payments
Representative APR
Waiting period
2 loans per year
Repay each loan in
Membership fee (total cost of credit)
12 membership payments
Representative APR
Waiting period
2 loans per year
Repay each loan in
Membership fee (total cost of credit)
12 membership payments
Representative APR
Waiting period
2 loans per year
Repay each loan in
Membership fee (total cost of credit)
12 membership payments
Representative APR
Waiting period
Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Loan calculators are a common tool used by lenders and comparison sites to help you make a decision on what options best suit your particular requirements. And whilst useful they are a symptom of the complexity of how most loans are structured. If something is so challenging to understand that it needs a different tool to try to make it simpler, then it is already too complex.
That’s why our fees and structure are simple to understand from the start. So much so that you will never need a loan calculator! We charge a small monthly membership fee, and you will only pay back what you borrow. We believe people should understand what they're getting into without having to use an interest calculator or a loan repayment calculator.
Before you become a member, you'll know exactly how much your membership costs, with fees never going up. Throw away those monthly payment calculators and choose simple finance that works for you. Without using a loan calculator you'll be able to find out if you're approved to become a Creditspring member using our fast eligibility checker.
With so many borrowing options on the market, it’s important to understand exactly what a potential loan is actually going to cost you. You’ll need to know, for example, how much your monthly repayments will be, what interest rate is being offered and what the APR is.
Many lenders and financial comparison sites provide loan calculators (also known as interest calculators and monthly payment calculators) which require some basic information from you to determine which loans you are likely to be offered.
They should contain all the information you need to make an informed decision about the right option for you as they should set out the essential elements of each loan that you need to be aware of such as:
The loan amount
The interest you will pay on the amount you borrowed
The length of the agreement (i.e. how many months you are taking the loan out for)
How much you will pay each month
The total amount you will pay including any interest and other known charges
Because of the amount of information, they can be complex, time-consuming, and overwhelming, which is why at Creditspring, we don’t use them.
Don’t forget: You need to have a clear sense of your income and current outgoings so that you can see which options you are able to realistically afford each month.
Some lenders and comparison sites offer loan calculators to help you work out how much a loan could cost you. They are designed to give you a general idea of the monthly and total cost of what you want to borrow.
Loan calculators can vary in their complexity, but with a few details from you, they can provide important information that can determine what kind of loans are available to you – or not. If, for example, you know the amount you’d like to borrow, a loan calculator can work out the monthly repayment amount based on how long you wish to take to pay it back and what interest rate you want. If you want to understand how much you can borrow based on the monthly repayments you know you could afford, a loan calculator can work that out too.
At Creditspring, our loans erase the need for loan calculators altogether! Our no-interest loans come with a simple, low fixed membership fee that stays fixed, so you know what you’re paying every month from the off.
While it's important to know if you can afford to pay for a loan before you borrow, it's also important to find out how much you'll really be paying. Too many times people have filled out a loan calculator promising one rate then being given another. Here at Creditspring we like to keep borrowing simple, as it should be and remove all the guesswork around it. The reason why we don't use loan calculators are because:
The interest rates given in a loan calculator are only a guide and at times these can be very far off from what you'll actually be given once you take the loan.
As the rate of interest is dependant on your credit score, which is usually updated once a month, depending on when you apply the information may be a bit dated. As our small loans have no-interest, what you see is what you get! No surprises.
Most loan calculators won't include the additional fees such as repaying the loan early or annual fees.
Some loan providers offer a variable rate meaning that over time, what you pay may change from what you were initially offered from the loan calculator. This could be to your benefit or disadvantage. Here at Creditspring we like to make sure things aren't complicated.
If you have had unexpected expenses, a small loan may be the best way to solve that problem. There are times when searching for a small loan of £500 over 12 months you very quickly discover that these are anything but cheap! Banks usually don't offer these types of small loans, and this is where Creditspring comes in.
A Creditspring membership gives you on-demand access to small loans with no-interest, and is there when you need it most. No need to search frantically for low cost small loans that are high cost, when you can apply for Creditspring today!
