Credit Spring

Written by:

Cara Bradley

5 minutes mins read

Updated: 2nd July 2024

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Little Loans is a credit broker, and we work with over 30 responsible lenders. One of the lenders on our panel is Creditspring, and we’d like to take this opportunity to tell you a little more about them.

Who is Creditspring?

Creditspring is a UK-based lender who pride themselves on their unique products and services.
According to their website, the company ‘was designed on the back of feedback from thousands of people across the UK who are fed up with existing credit products and solutions’, including overdrafts, credit cards, and payday loans.

Creditspring state that their team are united in their ‘determination to improve things and provide people with a product that can be easily understood, is affordable and most of all, helps them better manage unexpected expenses so that they can stay in control of their lives.’

How does Creditspring work?

Creditspring provides customers with access to two interest-free loans per year, each of which is required to be repaid within 6 months in monthly instalments.
Loan amounts vary depending on the individual borrower’s approved membership package.

What membership packages are available?

• Step: x2 £200 loans per year, total £400.
• Core: x2 £300 loans per year, total £600.
• Plus: x2 £500 loans per year, total £1,000.
• Extra: x2 £1,200 loans per year, total £2,400.

What are the membership fees?

• Step: £7 per month.

Representative example: Total amount of credit £400 repayable. 12 monthly membership fees of £7. Rate of interest 0% p.a. (fixed). Total cost of credit: £84. Total amount payable: £484. Monthly loan payment: £33. Representative 88.8% APR

• Core: £10 per month.

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

• Plus: £14 per month.

Representative example: Total amount of credit £1,000 repayable. 12 monthly membership fees of £14. Rate of interest 0% p.a. (fixed). Total cost of credit: £168. Total amount payable: £1,168. Monthly loan payment: £83. Representative 66.2% APR

• Extra: £24 per month.

Representative example: Total amount of credit £2,400 repayable. 12 monthly membership fees of £24. Rate of interest 0% p.a. (fixed). Total cost of credit: £288. Total amount payable: £2,688. Monthly loan payment: £200. Representative 43.7% APR

The Creditspring process

Creditspring break their journey down into five simple steps:

1. Check your eligibility and receive your offer.
2. You have a 14 day ‘cooling off’ period during which you can decide whether you’d like to proceed and become a Creditspring member.
3. Happy with everything? You will pay your membership fee and gain access to your first loan. The loan can be used whenever you need it and is required to be repaid in 6 monthly instalments.
4. Once your first loan has been paid off, you can unlock your second loan, which will also need to be repaid in 6 monthly instalments.
5. Your membership can be renewed once both loans have been repaid in full. Renewed memberships will not be subject to the 14-day cooling off period.

How long do I have to pay off my Creditspring loan?

You have six months to repay your loan. You’ll need to repay your first loan in full before you’re able to access your second.

Is Creditspring authorised and regulated by the Financial Conduct Authority (FCA)?

Yes. Creditspring is a trading name of Inclusive Finance Limited and you can find them on the FCA register here.

What are Creditspring’s reviews like?

As of May 2024, Creditspring are rated excellent on Trustpilot, with over 12,000 reviews.

Who can apply with Creditspring?

The Creditspring website states that before you apply for a membership, you must ensure that you meet the following requirements. You should:

• Be over the age of 18;
• Have a UK bank account older than three months;
• Earn a minimum of £14,000 per year; and
• Have no recent bankruptcies, CCJs or IVAs.

What happens if I make a late repayment?

Creditspring do not charge late fees, but urge any customers struggling with repayments to contact them as soon as possible – preferably at least 5 business days before your scheduled payment date.

Missed repayments and membership fees will need to be reported to the credit reference agencies. Creditspring state ‘This can lower your credit score and severely damage your ability to access credit from other providers in the future.’

How can I manage my Creditspring loan?

As an approved borrower, you will be asked to create a Creditspring member’s account where you can manage your loan.

I was matched with Creditspring when searching for a loan with Little Loans. Who should I contact if I have a query?

If your question relates to the eligibility check or the initial loan search, you can contact us.
Did you go ahead and make a full application directly with Creditspring? In this case, you’ll need to speak with them.

How can I contact Creditspring?

You can reach Creditspring through the Live Chat function on your customer account, or on the following number: 020 3870 3332. Phone lines are in operation between Monday and Friday, from 9am until 5pm.

Alternatively, you can write to Creditspring at their company address:
1st Floor South (Office A)
75 Davies Street
London
W1K 5JN

Where can I find further information on Creditspring?

You can find out more about Creditspring on their website.

Could you tell me a bit more about using a credit broker?

Creditspring is just one of the lenders we could match you with if your eligibility check is successful.

When you use Little Loans to search for a loan, we scan our large panel of lenders to find the most suitable match for you. This could save you time and prevent you from having to trawl through multiple lenders’ websites and forms.

Using a credit broker could also help protect your credit score.
When you apply directly with a lender, they’re required to carry out a hard search on your credit file. A hard search will remain on your file for up to 12 months, and too many over a short period of time could have a negative effect on your credit score.

Here at Little Loans, we use soft search technology to try to match you with a loan, which has no impact to your credit score. You will only need to undergo a hard search if you choose to go ahead with a full loan application.

What should I do if I’m experiencing money worries?

If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as possible. There may be things they can do to help ease the pressure.

In addition to this, free money and debt management advice can be accessed through sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.