CreditSpring offers a unique approach to borrowing, replacing traditional interest with a fixed monthly membership fee.
This gives you access to two no-interest loans per year, each repayable over 6 months. New members must wait 14 days before accessing their first.
Considering how it works, the platform can be a good alternative to platforms like MrLender, Drafty, and similar financing providers.
CreditSpring
Max. Amount
£1,200
Credit Check
Yes
Type
Credit
Tip: Its membership fees vary depending on your account level, with loan amounts ranging from £200 to £1,200. Always check your eligibility and repayment terms before committing.
CreditSpring is a unique lending platform offering no-interest loans through a fixed monthly membership fee. This model ensures transparency, with no hidden charges or surprises.
Members can access two loans per year, each repayable over 6 months, with the second loan available only after the first is fully repaid.
For new members, there is a 14-day waiting period before the first loan can be accessed. This cooling-off period helps you plan your finances better.
Once approved, you can request your loan at any time by clicking the “Borrow” button on your account page. Funds typically arrive within 24 hours, depending on your bank’s processing time.
Applying for membership will not affect your credit score, as CreditSpring uses a soft search for initial checks.
However, accepting a membership will result in a hard footprint on your credit report.
The platform offers multiple membership levels, each with different borrowing limits and fees.
Each membership includes two loans per year, and you must repay the first loan before accessing the second.
Early payment is allowed, but partial repayments will not stop your next scheduled instalment.
It also offers a free membership, which does not include loans but provides monthly eligibility checks and credit monitoring through its Spring Score system.
How CreditSpring Works
CreditSpring offers a straightforward and transparent way to borrow money without traditional interest charges. Here is how it works:
-
Apply for Membership:
When you apply, the platform will conduct an eligibility check using a soft search, which will not affect your credit score. -
Get Approved:
If approved, you will be assigned a membership level (Step, Core, Plus, or Extra) with a fixed monthly fee and access to two no-interest loans per year. The amounts range from £200 to £1,200, depending on your financial circumstances. -
Wait for the Cooling-off Period:
New members must wait 14 days before accessing their first loan. This period ensures responsible borrowing and gives you time to plan your finances. -
Request Your Loan:
After the waiting period, you can request your first loan by clicking the “Borrow” button on your account page. Funds are typically transferred within 24 hours. -
Repay in Instalments:
Each loan is repaid over 6 months in equal instalments. You must fully repay the first loan before accessing the second. -
Boost Your Credit Score:
Timely repayments are reported to credit reference agencies, helping you build or improve your credit score over time. -
Free Membership Option:
CreditSpring also offers a Free Membership, which includes monthly eligibility checks and credit monitoring through their Spring Score system. This helps you track your financial progress and prepares you for future borrowing.
Requirements for CreditSpring Financing
To apply for a CreditSpring membership, you must meet the following eligibility criteria:
-
Age: You must be at least 18 years old.
-
UK Bank Account: You need a UK bank account that has been active for at least 3 months.
-
Minimum Income: You must earn a minimum of £14,000 per year.
-
Credit History: You should have no recent CCJs (County Court Judgments), IVAs (Individual Voluntary Arrangements), or bankruptcy.
-
Residence: You must be a resident of the UK.
Additional Notes:
-
CreditSpring uses a soft check for initial eligibility assessments, which will not affect your credit score.
-
If approved and you accept the membership, a hard credit check will be conducted, which may impact your credit score.
-
Meeting these requirements does not guarantee approval, as it also considers affordability and responsible lending practices.
Features CreditSpring Provides
The platform offers a unique and transparent borrowing experience. Here are its key features and how they work:
No Interest Charges
CreditSpring replaces traditional interest with a fixed monthly membership fee.
This means you will never pay more than the loan amount and your membership fee, making costs predictable and easy to manage.
Two Loans Per Year
Each membership includes access to two no-interest loans annually.
The second loan becomes available only after the first is fully repaid, ensuring responsible borrowing.
Flexible Repayment Terms
Loans are repaid over 6 months in equal instalments.
You can choose your preferred repayment date when requesting the loan, making it easier to align with your payday or budget.
Early Repayment Option
You can repay your loan early without penalties. However, partial repayments will not stop your next scheduled payment, so plan accordingly.
Credit Score Boost
Timely repayments are reported to credit reference agencies.
This helps you build or improve your credit score over time, making it easier to access credit in the future.
Multiple Membership Levels
CreditSpring offers different membership tiers to suit various financial needs:
-
Step Membership: £7 monthly fee, £200 loan limit.
-
Core Membership: £10 monthly fee, £300 loan limit.
-
Plus Membership: £14 monthly fee, £500 loan limit.
-
Extra Membership: £26 monthly fee, £1,200 loan limit.
Each membership includes two loans per year.
Free Membership Option
CreditSpring offers a Free Membership for those not ready to borrow. It includes monthly eligibility checks and credit monitoring through the Spring Score system, helping you track your financial progress.
14-Day Cooling-Off Period
New members must wait 14 days before accessing their first loan.
This period ensures responsible borrowing and gives you time to plan your finances.
No Hidden Fees
The platform is transparent about costs, with no hidden fees or charges. You will only pay the loan amount and your fixed monthly membership fee.
Direct Lender
CreditSpring is a direct lender, meaning there is no middleman.
They handle approvals, fund transfers, and repayments directly, ensuring a seamless borrowing experience.
Referral Program
CreditSpring offers a referral program where you can earn rewards. Refer friends, and if they sign up, you could win prizes like having your loan repaid.
Regulation and Authorisation
CreditSpring is authorised and regulated by the Financial Conduct Authority (FCA) as Inclusive Finance Limited under registration number 786052. This ensures that it operates within strict guidelines designed to promote fair and transparent lending practices.
As an FCA-regulated lender, the platform is dedicated to:
- Protecting customers’ rights and interests.
- Providing clear and accurate information about loans and fees.
- Upholding responsible lending standards.
With no hidden fees, no interest charges, and fixed monthly membership plans, the platform ensures you always know what to expect, helping you budget effectively and manage your finances with confidence.
Just like Moneyboat and similar providers, CreditSpring takes repayment seriously, and defaulting can affect your credit score. Hence, do not delay your due instalment as it reports to the credit agencies.
- Is CreditSpring Legit? How the Loan Works - 29.01.2025
- 118 118 Credit Card Review and How It Works - 28.01.2025
- 118 118 Money Loan Review and How it Works - 26.01.2025
