Company: Creditspring
Founder and CEO: Neil Kadagathur
Website: https://www.creditspring.co.uk/
About Creditspring
Creditspring launched in 2016 with a mission to help rebuild financial stability for the 40% of UK population who have limited savings. The company was founded to help the millions of people that are forced into high-cost, confusing, and often predatory borrowing. To counter this, Creditspring introduced the UK’s first subscription-based credit model, eliminating hidden costs and making borrowing fairer, safer, and easier to understand.
As an FCA-regulated responsible lender, Creditspring is committed to ensuring access to affordable credit is equitable, transparent, and free from the barriers that have historically excluded many from the credit system. It focuses on “near-prime” borrowers – people who technically have access to credit, but not to affordable options. With traditional credit options, many of these customers often feel trapped by complicated fees, high costs, and products that fail to meet their needs.
With Creditspring, you pay an annual fee payable in monthly instalments for access to pre-agreed credit, removing the risk of escalating debt and unexpected charges. Creditspring combines this with inclusive underwriting to ensure as many people as possible can benefit.
Creditspring was one of the first companies to use Open Banking in a fully automated way for affordability checks, providing added assurance by verifying members’ finances directly through their bank’s secure systems. This inclusive approach enables Creditspring to approve many customers that other lenders reject, resulting in significantly higher acceptance rates. It particularly benefits those on lower incomes or thin credit histories, offering stability in a sector dominated by complex, high-cost products.
Beyond credit access, Creditspring recognises that knowledge is a cornerstone of equity. Financial literacy gaps are significant in the UK as 23.3mn UK adults are estimated to have poor financial literacy. These gaps disproportionately affect women, young people, and those from lower socio-economic backgrounds, contributing to long-term financial instability.
To address this, Creditspring launched the Learning Academy. This free resource equips members with practical financial knowledge to build confidence and resilience. Within five days of launch, members completed 11,000 lessons. To date, more than 80,000 members have engaged with the platform, completing over 50,000 lessons and 96% of members report improved financial knowledge, while 98% say their financial stability has increased.
Creditspring’s Benefits Finder tool further advances equity by helping members access government and local authority support they may not know they’re entitled to. To date, it has uncovered more than £2.7 billion in unclaimed benefits, averaging £1,010 per month in additional income for eligible members – a transformative boost for households in financial difficulty.
Since launch, Creditspring has lent over £600m to more than 400,000 members, providing a safe alternative to predatory lenders. In 2024 alone, it delivered over £200m in financial support – a 63% increase on 2023 – demonstrating its growing impact and demand among those underserved by traditional lenders.
By combining fair lending, inclusive underwriting, targeted educational support and proactive benefit access, Creditspring is actively reducing systemic barriers in credit and financial services, and redefining what responsible lending looks like – setting a new standard for inclusive finance in the UK.
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