Creditspring Loans | www.creditspring.co.uk Reviews

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Creditspring Loans

About Creditspring Loans

Creditspring (or Credit Spring) was launched by Inclusive Finance Ltd in September 2018. They received plenty of media attention at that time aiding them to emerge quickly. Creditspring’s service is packaged unlike anything seen in subprime lending. They deliver flexible no interest loans with tools in place to help improve your credit score. There is in essence however interest charged, but rather in the guise of a membership fee that is charged at 2 levels. The smaller loan is set at £500 over 8 months (£250 x2 at £6 monthly = £72) whilst the larger choice is set at £1000 over 12 months (£500 x2 at £10 monthly = £120). Each option is split as 2 on-demand loans.

An issue here is that if you don’t use the 2nd then you’ll still pay the full membership fee dropping the value. This could be common if the initial advance wasn’t collected successfully. All being well you’ll benefit from Creditspring’s super competitive and market leading value in their sector. A limitation sees an initial 14-day wait period for first time members (later removed on subsequent renewals). Whilst being targeting for people with poor credit, there’s also a high minimum wage requirement of £18,000 per year. Since launching this lender has attracted highly competitive Alexa ranks and they’re already building a loyal fan base as evidence on their highly rated Feefo review page.

Company Details

Address: 4.18 Grand Union Studios, 332 Ladbroke Grove, London, W10 5AD

Brand: Creditspring (aka: Credit Spring)

Company: Inclusive Finance Ltd

Contact (📧): info@creditspring.co.uk

Contact (☎): 020 3870 3332

FCA Licence: 786052

Launched: 2018

Niche: Instalment, personal

Opening Hours: Mon/Fri (9am-6pm)

Related Brands: Non

Site Address: www.creditspring.co.uk

Site Rank (Alexa.com Global): #733,055

Product Specs

Amounts Available: £500 to £1000 (split in 2)

Late Payment Fee: £0

Login Provided: Yes

Pricing: £72 /£500 (8m) & £120 /£1000 (12m)

Repayment Terms: 8 to 12 months (4×2 & 6×2)

Review Feedback

Feefo: 89.5% (rated 5/5) (exact 1654/1847)

Reviews: Not listed

Trustpilot: 58% (30+ count)

Rivals & Similar Lenders Like Creditspring

Creditspring’s excellent £120 12m charge for £1000 is not just the cheapest subprime product available, yet it also beats 118 118 Money’s leading prime tier charge of £176. AvantCredit’s price of £205.16 is the 2nd cheapest subprime option whilst Bamboo is 3rd at £235.72 (almost double). The only guarantor lender that gets close to their price is GuarantorMyLoan although this is with cashback factored in at £129.81. Whilst they can’t be beaten on price there are lenders open 7/7 such as 118 118 Money, AvantCredit and H&T Pawnbrokers. You can also receive added amount/term flexibility at for instance Likely Loans. Spring’s traffic rank is also of note especially for an industry newcomer. It’s only really the banks that have greater visibility to market their own personal loan products.

Last Check @ www.creditspring.co.uk: May 3rd, 2021

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