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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
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
It's hard to find loans that don't charge you interest. After all, interest is how most lenders make money. The longer it takes for borrowers to repay their loans, the more the lender charges.
We're different. We provide people like you with personal loans without charging any interest. Instead, we charge a membership fee.
So if you're looking for a personal loan without paying interest, check your eligibility today.
Creditspring has several membership tiers, all of which are based on the size of loan you are eligible for.
As an example, our Plus membership provides you with a total £1,000 loan without sacrificing transparency, affordability and ease.
With a monthly membership fee of £14, you can access two £500 loans each year. (Rep APR 66.2%)
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.
If you've been looking for a no-interest personal loan with clear payment terms, then apply for a Creditspring membership. You’ll be able to access your first loan after 14 days.
The amount of time you’re given to repay your personal loan will differ depending on the lender and the product. These can vary from anything such as a payday loan through to a 5, or even 10, year loan.
The shortest period of repayment will typically be via a payday loan, which can often give you fast access to the money you need. This means that rather than spreading your loan repayments over a number of months, you'll pay the money back - with often high interest rates.
Because of the short term and high-risk nature of the payday loans, the deals offered will usually carry significant interest rates for relatively small loans. So, despite offering a brief amount of financial breathing space, the repayments can quickly become unmanageable and it can be hard to repay the amount you owe.
That means that there are instances where it is better for you to request a loan for a slightly longer period of time but for which repayments may be lower and therefore easier to consistently pay, however in doing so you should be aware of what interest charges you may be charged.
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.
Our small personal 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 £24pm (Rep APR 43.1%).
Our loan sizes are £400 (2x £200), £600 (2x£300), £1,000 (2x £500) and £2,400 (2x£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.
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.
Thanks to our Core membership, you can get two £300 loans each year without paying any interest. Instead of paying interest, you'll pay a monthly membership fee of £10 (Rep APR 83.1%). This means you can sleep soundly at night knowing your debt won't become more expensive over time. Our repayment process is transparent and straightforward. You'll pay back each £300 loan over 6 months in manageable instalments. The first repayment for each advance is £50 due 45 days after drawing, followed by 5 monthly repayments of £50. Total amount payable £720.