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Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Membership fee
2 loans per year
Repay each loan in
Representative APR
Waiting period
Late and missed payments, along with other external factors, can have a negative effect on your credit score.
Short-term loans can be ideal for anyone looking to borrow money within a matter of days and pay it back as quickly as possible. Depending on the lender, however, some short-term loans come with high interest rates and additional charges making repayments - and the overall loan amount – considerably more costly. At Creditspring we offer short-term loans of between £400 and £2400 that we require our members to pay back within a year.
Yes, we are. We are a subscription finance service providing direct short-term loans with no interest. As a member, you can access our loans, which come in two equal parts (for example, £200 + £200). Repay the first part in full within six months and you can then request the second part, which we require you to also pay within six months. This unique approach makes borrowing not only affordable and manageable, but also a sound way to strengthen your credit rating.
Short term loans are typically paid back within 6 months to a year at the most, but there are loans that have much shorter payment terms.
For example, payday loans are a type of short term loan that usually needs to be repaid within a month of the money being borrowed. They are known as payday loans because the repayment will typically be taken from your bank account the next time you get paid.
Some people use payday loans as a last resort. They repay the money on payday as requested and avoid borrowing again until absolutely essential.
But this type of loan is known for being quite risky. They often come with high-interest rates, meaning you’ll repay far more than you borrow in a short period. Some people can get stuck in a cycle of payday loans.
Before you consider short term lending be honest about whether you can afford to pay back the amount you borrowed and the interest.
Failure to pay on time can make the debt more expensive. Additional interest may be added and this could make it harder to stay on top of your finances in future. It could also limit your lending options in the future if you need credit.
Some people end up taking out even more short term loans to pay off payday loans they are already struggling with.
A 6-month loan is a personal instalment loan with repayments over 6 months. It’s a popular option for borrowers who need access to cash on-demand, with affordable monthly repayments.
Since banks typically don’t offer small short-term loans, borrowers are increasingly looking to alternative lenders for 6-month loans in the UK with lower interest rates and affordable instalments.
This is where Creditspring comes in.
With low interest 6 month loans from Creditspring, you can budget effectively and have more money available for your day-to-day expenses. In addition to this, you only pay the fixed membership fees apart from the loan amount you’ve borrowed.
A short-term loan from Creditspring has a lot of benefits to offer. You can get the cash you need immediately with affordable monthly payments, allowing you to pay for a bigger purchase or cover an emergency expense right away.
Since banks typically don’t offer small loans with favourable terms, borrowers are looking to other lenders to get great rates and borrow a small amount over 6 or 12 months.
A 6-month loan can also help you to build your credit score to help you qualify for better loan rates and higher loan amounts in the future. In addition to offering no-interest rate loans, Creditspring can help you boost your credit score with the help of Stability Hub.
Regulated lenders will perform a credit check and at Creditspring, we will check your credit rating, plus run other eligibility checks for any of our short-term loans. We consider every loan enquiry carefully, even if you have a poor credit history, and can help you to build better financial habits for the long term.
If you are a student with a regular income and you meet our eligibility criteria, you may be eligible for a Creditspring short-term loan. Likewise, if you have what’s known as a ‘thin file’ or a ‘skinny file’ and have little or no credit history, you may also qualify. You can check your eligibility for free.
Furthermore, as a Creditspring member, you’ll have access to our brilliant member-only space, packed with handy tips to make the most of your money and exclusive offers from our carefully curated partners. Plus, you’ll have use of our clever Benefits Finder tool and receive regular updates on your loan eligibility.
It’s usually possible to get a short term loan with bad credit, but you may only have a small number of lenders and loans to choose from. Most lenders prefer to give loans to those with a good credit rating and track record for paying the money back on time and in full.
This doesn’t mean your application will be rejected if your credit history is bad or you’ve had problems with debt in the past.
Lenders will carry out a credit check before making their decision. Not only will they look at your credit score, but they’ll also look at your past payments, existing debt, and credit utilisation.
Lenders will also consider your income and expenses to determine how affordable the loan will be for you.
If you have bad credit, this may make the loan more expensive. You’ll usually pay a higher interest rate or APR for short term bad credit loans. This is because lenders may see you as a risky borrower and add more interest to the debt in an attempt to protect themselves.
Before applying for a short term loan, it’s a good idea to check your credit score first. You can do this for free via a credit referencing agency such as Experian, Equifax or Transunion. Each agency will score you differently, so don’t be alarmed if you check your credit report with more than one company and the results are very different across each one.
If your credit score is low or there are missed or late payments on your report, it’s wise to take action. There are lots of ways to build your credit score, from making sure you’re registered to vote to paying all your debts on time and in full.
With Creditspring, you can get two short-term loans each year, paying no interest.
You can borrow up to £2,400 a year in two £1200 instalments by paying a fixed monthly membership fee.
Think of it as a safety net. We’ll be on-hand whenever you need us, you’ll always know how much you need to repay and you won’t have to worry about interest spiralling out of control.
We also have no minimum repayment period. Meaning borrowers won't have a short-term loan debt for longer than they need.
Check your eligibility today. Don’t worry. It won’t have any impact on your credit score.
Short term loans are popular for a number of reasons. Here are just a few of the benefits.
Since short term loans are usually paid off within a year, the amount of interest paid overall is usually lower than if you took out a loan with a much longer-term.
Short term loans can usually be accessed fairly quickly because they tend to be quite small and need to be paid within a short time period. If you need money urgently, a short term loan is likely to be far more suitable than one that’ll take years to pay back.
If you don’t have a perfect credit score, a short term loan might be the most accessible option for you. This is because lenders are more reluctant to approve long term loans to those who’ve had difficulties managing debt in the past.
If you want to borrow thousands of pounds, a short term loan won’t be suitable. Most lenders will only lend small amounts to those looking to pay the debt back within a year. Larger funds need to be spread out over a longer period of time.
While some people are able to manage short term loans without any problems, others struggle to meet their repayments. Paying late can lead to more interest being added and it can hurt your credit score too, making it even harder to borrow money in future.
Creditspring takes an alternative approach to traditional credit cards, bank loans and payday loans.
As a finance subscription service, with our help, you can access up to two no-interest loans per year without hidden costs or the stress that can usually come with conventional borrowing.
Our service is also designed to help people with a low credit rating improve their scores. By making your payments on time, you can show lenders that you’re a sensible borrower and boost your chances of approval for credit in the future.
Applying for an online loan with Creditspring can be done within a few minutes. However, the minimum requirements must be met before proceeding with your application.
must be 18 or over
must be resident in the UK.
must be able to provide proof of their address.
must have a regular source of income.
must accept that their credit report will be checked.
must be able to repay their loan.