We use cookies to help us improve and protect our services.
By continuing to use the site, you agree to our
Privacy and Cookies Policy
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.
Bad credit loans are designed for people looking for credit (like a loan or a credit card), but who don't have a good credit history. This means, if you haven’t managed credit well in the past and have missed or made late payments, you may have a low credit score.
There are many different bad credit loan lenders – sometimes referred to as direct lenders - each with their own conditions, so it’s crucial to do your research first. You may have heard of payday loans, for example, which can provide a cash boost, fast, usually for small amounts. However, they come with very high interest rates and short repayment periods, meaning they should only be considered if you can confidently repay the money in full and on time. Think of them as a last resort.
Most High Street banks and lenders will look at your score, credit history and affordability to determine if you’re a reliable borrower – or creditworthy – and if they believe there’s a risk of lending you money, you may find that they will not offer you a loan. That’s when you may want to consider a specialist direct lender that provides short-term loans for bad credit. These can range from smaller loan amounts to bigger sums of money, but they may come with stricter terms than traditional personal loans.
If you’re wondering what credit score you need to get a loan and what other information they check, that'll depend on each individual lender and their requirements. It’s therefore important that you always ensure you understand the terms and requirements of any loan before you apply, and are certain that you can afford the monthly repayments.
Yes, at Creditspring, our loans are available for many people, even if you have bad credit. We consider more than just your credit history when assessing your eligibility, and keep in mind your overall financial situation as well as your ability to repay the loan.
As we’re a finance subscription service, we provide four loan membership plans ranging from £400 to £2,400. Each of our loans are split into two equal and manageable parts – the first issued when you request it and the second becomes available after you’ve paid off the first part in full.
This gives our members more clarity and flexibility, which we think is particularly helpful if you’re taking out a loan for the first time or you’ve not managed credit well in the past. It also means you won’t risk feeling overwhelmed by a larger lump sum that may be more than you need.
We won’t charge you interest on your loan from us (APR Rep 83.1%) either. All you pay with your repayments is a small fixed monthly membership fee.
Anyone who meets our standard eligibility criteria can apply for a Creditspring loan. This includes:
Being a UK resident aged 18 or over
Having a stable income
Satisfying our affordability and credit checks*
If you’re approved and choose to become a Creditspring member, we’ll let you know within a few minutes. After your 14-day change-of-heart period, you can request the money to be paid into your bank account. Payments are made seven days a week, except for bank holidays.
*This list is not extensive and Creditspring membership is subject to status. Terms and conditions apply.
You can check your eligibility right now and find out in minutes if you qualify.
Not eligible yet? Simply sign up as a free member to access our members-only space packed with clever credit-boosting tips, exclusive partner offers and personalised score updates on your loan eligibility. You could qualify sooner than you think!
Whether you have bad credit or not, you can find different loans for all manner of requirements and situations, each with their own terms and conditions. Here are a few examples:
An emergency loan for bad credit can provide funds for sudden or unexpected expenses such as a car repair or an unusually large bill, and give you financial support when you need it most. Watch out for high interest rates and hidden charges, as well as strict repayment terms, if you want the funds quickly.
At Creditspring, our no-interest, small loans can be used for emergencies and range between £400 and £2,400.
Looking to borrow credit for a short period? A short-term loan could be an option. Depending on your circumstances, short-term loans should usually be paid back within a year. However, with payday loans, this can be sooner and some lenders may attach high interest rates and extra fees, making them an expensive way to borrow.
At Creditspring we offer short-term loans for bad credit up to £2,400 that we require our members to pay back within a year.
If you have a poor credit history, no-interest or interest-free loans can be hard to find. As people with bad credit are typically seen as high-risk borrowers, these loans will usually come with higher interest rates and charges as standard.
As Creditspring is a finance subscription service, we can help you access up to two no-interest loans a year, which you repay with a monthly membership fee on top. Easy!
At Creditspring, we have four main membership plans that are designed for those who may have been previously refused loans from mainstream, traditional lenders:
A Creditspring Step membership gives you access to two no-interest, pre-approved £200 loans per year. The first loan must be paid in six monthly instalments before you can access the second one. Step comes with a £7 fixed monthly membership fee (representative APR 88.8%).
Our Core membership provides access to two no-interest, pre-approved £300 loans per year. The first loan must be paid in six monthly instalments before you can access the second one. Core comes with a £10 fixed monthly membership fee (representative APR 83.1%).
Our Plus membership gives you access to two no-interest, pre-approved £500 loans per year. The first loan must be paid in six monthly instalments before you can access the second one. Plus comes with a £14 fixed monthly membership fee (representative APR 66.2%).
Our Extra membership provides access to two no-interest, pre-approved £1,200 loans per year. The first loan must be paid in six monthly instalments before you can access the second one. Extra comes with a £26 fixed monthly membership fee (representative APR 48.1%).
Yes, Creditspring is authorised and regulated by the Financial Conduct Authority (FCA). By providing a service that is honest, competitive and fair to our members in line with the high standards set by the FCA, we believe in responsible and ethical lending to help our members become more financially resilient.
Having a poor credit history means finding an affordable loan isn’t always easy, as traditional lenders like High Street banks may see you as a high-risk borrower. This is where specialist lenders that provide loans for people with bad credit may be able to help you.
They can often lend you money quickly, help you rebuild your credit profile so long as you make your payments regularly and on time, and some may even extend your loan repayment period depending on their terms.
Remember though, that typically, loans for people with bad credit usually come with higher interest rates and fees.
When you have a poor credit rating, the loans available to you will be pretty limited, so it’s important to bear in mind several factors:
High-interest rates
People with bad credit are typically considered high-risk borrowers, so many of the loans that may be available you will often come with high interest rates to compensate. Higher interest means the amount you borrow will ultimately be more expensive overall, i.e., you’ll end up paying more.
Additional fees and charges
Fees such as late payment penalties can add to the overall cost of the loan, so make sure you understand your lender’s terms and if they include additional fees on your loan.
Falling into a debt cycle
Some types of loans, like payday loans, come with very high-interest rates and fees. Miss a payment and you could find yourself constantly borrowing more money to pay off your initial debt. An ongoing cycle of debt could make you worse off than when you started.
Hurting your credit score
Making your loan repayments on time can help improve your credit score, but skip one or more, and you’ll run the risk of further damaging your credit rating.
We can help you improve your financial health if you don’t yet qualify for a personal loan with us or other lenders.
Check out our free membership to access:
Our members-only space packed with clever tools to help you manage your money better and with confidence.
Smart credit-boosting tips, exclusive partner offers and personalised scores.
Our brilliant Benefits Finder, which could help you unlock up to £895 a month in unclaimed allowances.
Entering into any kind of loan agreement - especially if you have bad credit – is a serious commitment, so it’s crucial that you borrow safely without getting into more financial trouble. Always ensure you:
Read and understand the loan agreement
Assess your ability to repay what you borrow
Compare different lenders
Watch out for unregulated lenders
Always make sure you do your research!
When you hear the term ‘bad credit’ this usually refers to having a poor credit score. If you have a history of missed or late payments, defaulting on previous loans, or even filing for bankruptcy, your credit score will have been negatively affected. Your score is what traditional lenders use to assess if you’re a reliable borrower and how risky it is to lend you money. Having a poor credit history – or bad credit – could mean you’ll find it harder to secure a loan from conventional lenders, like High Street banks.
Repaying a loan without missing any payments and keeping to the terms and conditions of the lender may actually help you improve your credit score over time. Providing you keep up with any other payments and credit commitments you have (that could also negatively impact your score if you don’t), you could start to see your score improve.
All is not lost! You can still become a free member and access our smart finance tools, exclusive offers and clever credit-boosting tips to help you boost your financial stability. You’ll have your own personalised Spring Score too, to help you track when you’re most likely to be eligible for one of our loans.
Yes, you can. We can offer loans to individuals who have a credit rating of less than 500. This is because we’ll assess your affordability and creditworthiness through a number of different factors such as open banking to understand your financial situation.
No, we don’t require guarantors for our loans. We want to help our members be more financially robust and responsible for managing the credit they borrow from us, so we will only lend to you if you meet our eligibility requirements and if we believe you can comfortably repay the loan yourself.
There are many steps you can take, including not missing payments, not applying for multiple loans and credit cards in a short period of time and paying off your existing debt as quickly – and as comfortably – as possible.
We understand that your financial situation might mean you need access to a loan quickly. However, it’s important to take as much time as you can to look at as many different lenders and their products as possible before making a final decision. Carefully consider your requirements, each lender’s individual terms and conditions, and whether you can afford the total cost of a loan, including any fees and hidden charges. Remember, too, that applying for multiple loans and credit cards in a short period of time may negatively affect your credit score.
It is possible to pay off your loan before the scheduled date, via card or Open Banking. More information and guidance can be found on our members Hub.
That’s really up to you! A Creditspring loan can be used for all sorts of reasons, from paying for emergency bills or financing home improvements to covering wedding expenses. You mustn’t use your loan for gambling purposes, however.
When you have a poor credit history, unfortunately, your loan options will likely be quite limited. This means the loans available to you will typically come with higher interest rates, stricter borrowing terms and lower limits, which reflect the higher risk potential lenders consider you to be. This is why it’s so important to do plenty of research when it comes to looking for loans whether you have bad credit or not. Always ensure you can afford to repay what you borrow without making your financial situation worse.