Company: Creditspring
Founder: Neil Kadagathur
Website: https://www.creditspring.co.uk/
About Creditspring
Creditspring was launched in 2016 to provide the 12-15 million ‘near prime’ consumers in the UK with access to responsible and affordable credit, whilst providing the tools to empower them to improve their long-term financial resilience.
Its one-of-a-kind subscription model is a fixed-cost, low-risk credit solution that gives members access to two loans per year, with clear repayments, capped costs, and no hidden charges. This model also ensures that members can evaluate the real cost of borrowing with no risk of a debt spiral – vital in today’s current financial climate.
To ensure they are lending safely, Creditspring uses in-depth credit assessments – including the use of open banking technology – to accurately measure the applicant’s creditworthiness. This results in consistently more informed and responsible lending decisions that protect borrowers.
70% of Creditspring members reported their creditworthiness to have improved within 12 months of joining the platform. With a Trustpilot score of 4.8, since launch, Creditspring has successfully provided almost £150million to its members.
In addition to promoting more responsible borrowing practices, Creditspring is also focused on improving the financial health of its members. Tools such as the Stability hub and the Spring score provide an additional layer of educational support, helping members to stay informed regarding their finances while they safely build their credit score. They also work closely with leading debt charity, StepChange, among others to ensure professional financial support is easily accessible to applicants and members should they need it.
Creditspring’s member base has grown almost threefold over 12 months, reaching 339,000 (June 2023).
While their member base is growing their mission remains the same: providing a new, safe, efficient and inclusive credit solution to all.
