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Creditspring reviews

London
Loans

London is expensive, so it’s no surprise that many of its inhabitants and indeed commuters look for borrowing options within the city. Here’s the low-down on loans in London and beyond.
Representative example: Total amount of credit £600 repayable. 12 monthly membership fees of £10. Rate of interest 0% p.a. (fixed). Total cost of credit: £120. Total amount payable: £720. Monthly loan payment: £50. Representative 83.1% APR
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Late and missed payments, along with other external factors, can have a negative effect on your credit score.

Extra
Borrow £2,400 a year and repay only
£2,688 in 12 monthly fees.
Plus
Borrow £1,000 a year and repay only
£1,168 in 12 monthly fees.
Core
Borrow £600 a year and repay only
£720 in 12 monthly fees.
Step
Borrow £400 a year and repay only
£484 in 12 monthly fees.
Coins Membership fee
£24/month
Fingers crossed 2 loans per year
£1,200 / £1,200
Wallet Repay each loan in
6 months
Rep APR Representative APR
43.7%
Waiting period Waiting period
14 days
Representative example: Total amount of credit £2,400 repayable over 13 months. 12 monthly membership payments of £24. Rate of interest 0% p.a. (fixed). Representative 43.7% APR. The first repayment for each advance is £200.00, due 45 days after drawing, followed by 5 monthly repayments of £200.00. Total amount payable £2,688.
Coins Membership fee
£14/month
Fingers crossed 2 loans per year
£500 / £500
Wallet Repay each loan in
6 months
Rep APR Representative APR
66.2%
Waiting period Waiting period
14 days
Representative example: Total amount of credit £1,000 repayable over 13 months. 12 monthly membership payments of £14. Rate of interest 0% p.a. (fixed). Representative 66.2% APR. The first repayment for each advance is £83.35, due 45 days after drawing, followed by 5 monthly repayments of £83.33. Total amount payable £1,168.
Coins Membership fee
£10/month
Fingers crossed 2 loans per year
£300 / £300
Wallet Repay each loan in
6 months
Rep APR Representative APR
83.1%
Waiting period Waiting period
14 days
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.
Coins Membership fee
£7/month
Fingers crossed 2 loans per year
£200 / £200
Wallet Repay each loan in
6 months
Rep APR Representative APR
88.8%
Waiting period Waiting period
14 days
Representative example: Total amount of credit £400 repayable over 13 months. 12 monthly membership payments of £7. Rate of interest 0% p.a. (fixed). Representative 88.8% APR. The first repayment for each advance is £33.35, due 45 days after drawing, followed by 5 monthly repayments of £33.33. Total amount payable £484.
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Late and missed payments, along with other external factors, can have a negative effect on your credit score.

Whether you live in London or commute in for work, the UK’s capital is one of the priciest cities in the world to be in. According to the Worldwide Cost of Living survey, London is the ninth most expensive city according to the 2023 Worldwide Cost of Living Survey, with living costs generally higher than most of the rest of the country.  

After those big outgoings, like rent, mortgage payments and utility bills every month, on top of food, childcare, fuel, travel and general daily expenses, the average London wage – depending on your circumstances, of course - may not leave much, or indeed any, spare disposable income.  

What if an unexpected home repair invoice comes in, or your car service is bigger than predicted? Perhaps you have a substantial purchase to pay for upfront, like a train season ticket that’s more expensive than last year’s? Maybe your child or children’s nursery fees have increased this term? It’s large costs like these that can catch us off guard and hit our budgets hard, so a small, short-term loan may be the solution.

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What types of loans are available in London?

If you’re looking for personal loans in London, you’ll no doubt come across direct lenders that are London-based. In fact, traditional High Street banks are obvious choices, particularly when looking for a local lender in London. During your search, you may also have come across online loans in London, and it’s important that you carefully research the different types of lenders out there before making any commitment.  

However, just because you live or work in the city, doesn’t mean you can only borrow from firms located in the capital. UK lenders can be found all over the country and most lend money to people wherever they live, so long as they are a UK resident, aged 18 or over and meet their eligibility criteria. 

At this point, it’s worth highlighting one type of loan provider that typically operates on a local basis and that’s doorstep lenders. Often seen as a controversial form of lending for those with a poor credit history, doorstep loans are usually cash loans that a doorstep lender will provide (should you qualify) by bringing it in person to your home. In the same respect they’ll collect your repayments from your home, too, hence the name ‘doorstep’. They are usually considered a last resort and come with incredibly high interest rates and strict repayment terms, so are a very expensive way of borrowing money.  

Can I get a loan in London with a bad credit score?

You can, but having bad credit will limit your options. We’ve already mentioned doorstep loans, which should always be approached with extreme caution, but when it comes to finding bad credit loans in London, there are some lenders – like Creditspring - that take a more holistic approach and will look beyond your credit score when checking your eligibility. 

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I live in London – can I apply for a Creditspring loan?

Yes, you can! You’ll need to meet our standard eligibility criteria, of course, which includes being a UK resident aged 18 or over, having a stable income and satisfying our affordability and credit checks*. What's more, if you’re worried about having bad credit, we’ll take into consideration your overall financial situation and your ability to repay the loan, so it’s not just your credit history that we look at.  

As we do things a bit differently to traditional lenders and are a subscription finance service, our loans and our approach to lending are designed to help you build healthier budgeting habits and stronger financial stability. That means, even if you’re not yet eligible for one of our loans of between £400 and £2400, you can still sign up as a free member to gain access to our members-only space packed with smart credit-boosting tips, exclusive partner offers and personalised scores until you are. 

*this list is not extensive 

How do I apply for a Creditspring loan in London?

First things first, you’ll need to check your eligibility, which you can do for free! We’ll do a few checks to determine your affordability and, if you’re approved and choose to become a Creditspring member, we’ll let you know within a few minutes. After your 14-day change-of-heart period, you can request the money to be paid into your bank account. Payments are made seven days a week, except for bank holidays.

FAQs 

How can I spend my loan in London?

When you first apply for a loan, most lenders will ask you what the money is for, but, ultimately, you won't be limited to spending it in London. While the terms and conditions of your loan will vary from lender to lender, at Creditspring, we don’t provide loans for business reasons, gambling, investing in stocks and shares, or paying off CCJs, for example*. Typical costs for Londoners and London commuters, however, might be things like the congestion charge, Transport For London services, or a train season ticket. 

*this list is not extensive 

Can I get a Creditspring loan, if I live outside London?

Yes, our loans, which are between £400 and £2400, are available to members all over the UK. You just need to be a UK resident aged 18 or over, have a stable income, and satisfy our affordability and credit checks*. Find out if you qualify by using our free eligibility checker today! 

*this list is not extensive

How to find a loan near me 

Lenders in the UK can be found all over the country and many of them are online, so you won’t be limited to applying for a loan through the local branch of your High Street bank. Make use of reputable online loan comparison sites that can filter through different borrowing options to suit your needs and circumstances, so you can assess the most competitive deals, interest rates and fees. It’s also a good idea to seek professional financial advice and check lenders’ customer reviews to learn more about how they really work.

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