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How can I build my credit fast with Creditspring Credit Builder loan?

Credit builder loans can go some way in helping you build your credit. Creditspring's credit builder loan is no different. We offer a no-interest credit builder loan (Rep. APR 83.1% ) of up to £2,400 that you repay monthly. Plus, a small monthly membership fee of £7, £10, £14 or £26 over a year.

With a Creditspring membership you'll never have to worry about staying in control of your finances. You'll always know how much you owe and when you have to repay your loan. This will make you a more attractive borrower to lenders.

What is a credit-builder loan?

If you have bad credit or no credit history (also known as a thin file), a credit-builder loan can help you show lenders your creditworthiness. Make your payments on time and pay off what you borrow in full, and the lender will report these monthly payments to the credit agencies. Likewise, miss a payment, and the lender will report this too, which will negatively impact your credit score. The aim of a credit-builder loan is to help make you more creditworthy should you wish to borrow money in future at more affordable rates.

Credit-building loans are one way of building up your credit score, but not all banks and lenders offer them. You can find specialist credit-building loan providers online or through credit unions, though you’ll still need to meet their eligibility criteria, and this can vary from lender to lender. It’s also worth noting that credit-building loans are usually small sums of money between £100 and £5,000, and some lenders will only release the loan once you’ve made the required payments first. This might not suit you, if you need to borrow money more quickly.

There may also be additional fees to pay up front or before you can access the funds, making credit-building loans a potentially expensive way to borrow and build your credit rating. This is why it’s crucial to look at each lender’s terms and interest rates, and that you’re sure you can afford to repay the loan and keep up with any other payments before you commit.

How does Creditspring's loan builder work?

Our credit builder loans are as easy as 1, 2, 3!

• Make no-interest repayments every month.
• Pay a small membership fee each month of £7, £10, £14 or £26 depending on the membership. No additional fees apply.
• If you're eligible you'll be offered a credit builder loan of £400, £600, £1,000 or £2,400.
• Check your eligibility today without affecting your credit score.

Should I get a credit builder loan?

Credit builder loans are definitely worth it! If you have a bad credit history our credit builder loans are designed to help you get back on track.

Make regular payments on-time and you'll build your credit score. This will make you appear more attractive to lenders, giving you more choice at lower interest later down the line. Creditspring's credit builder loan is the perfect way to help you get started on the road back to financial stability.

Our loan is designed to be accessible for people with less than perfect credit histories. Our credit builder loans are here to help you get your finances under control.

So long as you pass our checks, which determine whether we can responsibly lend to you, we'd love to have you on board!

Time to start building!