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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.
Whether you're eager to go on holiday or you need to borrow money to pay for an unexpected expense, there are lots of reasons you might want to take out a personal loan.
Before applying for a loan, it's a good idea to compare a few different options to find one that's affordable for you.
This is where we can help. Our simple and reliable no-interest personal loans makes taking out a loan easier.
With a Creditspring membership, you'll have access to two no-interest personal loans each year.
You won't have to worry about interest rates spiraling out of control or the debt becoming unmanageable.
Thanks to reasonable and clear repayments, you'll know exactly how much you owe and when it needs to be repaid.
Not only do we help you manage your money in the present, we give you the tools you need to improve your finances for the future too. By making each monthly payment on time and in full, you can gradually improve your credit score.
This means that if you need a mortgage, car loan, or large personal loan in future, lenders will be more likely to give you the money you need.
Our products are designed to help you stay in control of your finances. We're here for you when you need funds and we'll offer you peace of mind when you don't.
In a nutshell, we offer you:
Two no-interest personal loans each year
Manageable and transparent payments
The ability to build your credit score over time
The opportunity to improve your chances of getting a mortgage, secured loan, or unsecured loan in future
Apply for a no-interest personal loan with Creditspring in a matter of minutes.
To be eligible, you must:
Be 18 or over
Be a resident of the UK
Provide proof of address.
Have a regular source of income
Be able to repay your loan
Our loans are perfect for anyone in the UK looking for cheap personal loans. As we’re a digital-first lender, our loans are fully online; this means that you can apply for a personal loan on your computer. No need to go through the hassle of heading to a branch to request your small personal loan.
And because we tend to offer loans with lower interest rates (in fact, no-interest at all), our products are perfect for anyone with poor or bad credit looking for a loan.
For anyone looking for a personal loan in the UK, we offer 4 tiers of products to new Creditspring members. Our lowest starts at £7pm members for two £200 loans (so totalling £400, rep APR of 88.8%) over a period of 12 months. We then go all the way up to two £1,200 loans, for just £26pm (Rep APR 48.1%).
Our loan sizes are £400 (2 x £200), £600 (2 x £300), £1,000 (2 x £500) and £2,400 (2 x £1,200) each with a different monthly membership cost starting from just £7pm
And because the loans we offer carry no interest, they’re great for personal loans for bad credit consumers, or those whose credit file is limited.
You can find more details and do a personal loan comparison on our products here.
Getting a personal loan with bad credit can be a challenge. Most lenders want reassurance that the people they lend money to will be able to pay the money they borrowed back. To reduce risk, lenders will carry out a credit search to find out how well that person has handled debt in the past - such as have they been able to keep up with repayments, do they have any court injunctions, etc. This may not be the only check and assessment they do to understand your eligibility for a loan with them but will play a significant part.
If you've struggled to handle monthly repayments on previous or current debts, this may make it harder for you to get a loan in future. However, there are many banks and providers that may still be willing to lend to you. It is likely though that you will be subject to higher interest rates on those loans.
We have a process in place that allows potential borrowers to check their eligibility without affecting their credit score.
If you apply for a Creditspring membership only to find you're not eligible, this won't affect your credit score. Instead, it will leave a “soft footprint” on your credit report that only you will be able to see. This means that when you apply for loans in future, our decision won't influence lenders' decision. If you are rejected by us though, don’t lose hope and consider signing up to our Hub where we can (with your permission) continue to periodically carry out a soft check on you and let you know when you might be eligible for a Creditspring loan. The Hub also offers tips on how to improve your credit score as well as introduce you to some companies that can help with various elements of your financial stability.
If we approve your application and you decide to go ahead with Creditspring membership, we will carry out a more thorough credit search.
This will leave what's known as a "hard footprint" and will be viewable on your credit report. Once you are a member, we will regularly update the credit reference agencies with details of your membership payments and loan repayments.
If you make each monthly repayment on time, this can have a positive impact on your credit rating. The credit reference agencies will record this on your credit report and future lenders will be able to see how well you managed your loan with us.
Even if you don’t have a perfect credit history, you may be able to get a personal loan. Lenders consider a wide range of criteria when checking applicants and can even provide an offer on the same day, contrary to popular opinion. While many believe that personal loans are very expensive, you can get a personal loan with lower interest rate agreements than credit cards.
Personal loans often have a fixed repayment term of months or years, while credit cards have a revolving line of credit with no set end date and payday loans usually have a shorter term of 30 days or fewer. While credit card interest rates can vary, you can get very low rate personal loans, which tend to be much cheaper than payday loans. All three credit options tend to be unsecured and versatile, designed for a variety of uses.
Each lender has different terms for their loans. If you miss a payment, you may be charged a late fee or your interest rate may increase, meaning you will owe more money. If you default, your credit score will be negatively impacted, which can make it harder to borrow in the future. In some cases, lenders may take legal action to get the amount owed back. You should make payments for personal loans online, manually, or automatically to prevent such situation, but if you ever find yourself in this spot, always reach out to your lender. Talking it out can help both sides come to a solution together.
If you want to apply for a personal loan cheap options are available, and most come without restrictions on use. You can use the funds for a variety of purposes, such as travel, home renovations, unexpected expenses. Although most are versatile, each loan has different conditions, so it’s important to check the individual terms with your lender.
In the UK, you can usually apply for personal loan products online via banks, lenders, or brokers. Conduct research to find a lender that suits your needs, and check that you’re eligible on their website. You’ll need to provide details about your finances, including income, outgoings and address, and the lender will conduct a check on your credit report to verify your information. Once you’ve passed the checks, the lender will let you know what the outcome is and if you are eligible.
Loans come with fees and charges, but if you have bad credit personal loans can cost more than they would with good credit. Most loans charge interest, which may be at a higher rate due to the potential risk to the lender. When setting up the loan, you may be charged an origination or processing fee and if you miss a repayment, late payment fees may apply.