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Frequently asked questions


1. What is the interest rate on a Creditspring loan?

There is no interest to pay on our loans. When you draw down an advance, you repay exactly what you borrow over four equal monthly instalments, along with your £6 monthly membership fee. While we don't charge interest, we do still have a representative APR.

2. What is the APR on a Creditspring loan?

Our representative APR (the Annual Percentage Rate of Charge, calculated in accordance with FCA rules and guidelines) is 87.4% fixed. You will never pay more in fees and interest charges than your membership fee (£72) per year.

3. How can the loans have no interest but APR is 87.4% fixed?

Creditspring membership is £6/month (£72 per year). We are required by law to include the cost of that membership in our APR calculation. Members get access to two no-interest advances each year. You pay for your membership each month, whether you borrow or not.

4. Are there any late fees?

We don't think late payment fees are good for anybody, so we don't charge them. If you can't make payments on time, you must notify us as soon as possible and at least four days before your next scheduled payment date. We will try to agree with you on a repayment schedule that makes sense for both of us.

If you miss or are late in making any monthly membership fee payments or the repayments of advances, we will report that to the Credit Reference Agencies. This can lower your credit score and severely damage your ability to access credit from other providers in the future.

5. Are there any other fees?

No, there are no other fees or charges. Members only pay £6/month for their membership, and that's it.

6. Is £72 (£6/month) really the total amount I will pay over the year no matter what?

Yes. £72 is the annual cost of membership, and we charge it to you at £6/month. Whether you borrow money or not does not change the cost of the membership. You will never pay more than £72 over any 12 months (excluding repaying what you borrow).

7. So what’s the total cost?

The cost of a Creditspring membership for a year is £72. You will pay this at a rate of £6/month, whether you borrow or not.

You can cancel your membership with us at any time. But, if you choose to do so after you have taken out an advance, you need to talk to us in advance so we can provide you with an early settlement sum.

8. Why is there a 14-day waiting period before I can access my advance?

Creditspring is for people who plan ahead and are forward thinkers. We have put in place a 14-day waiting period because we want people to use their advances as a back up plan, for future emergencies. We want to encourage people to prepare for unexpected expenses.

You have a statutory right to cancel your membership at no cost to you as long as you tell us within a 14 day period, starting from the day after your agreement was made.

9. When is the first monthly membership fee payment due?

We will take the first payment for your membership 10 days after you sign the Credit Agreement. You have a statutory right to cancel your membership at no cost to you as long as you tell us within the 14 day period, starting from the day after your agreement was made. If you withdraw after being charged, we will reimburse you immediately.

Taking out an advance

1. How many times per year can I borrow £250 at 0%?

You can borrow two £250 advances over 12 months. You can only borrow your second advance after you have repaid the first on time and in full.

2. How long do I have to pay back?

You have four months to pay back each advance, starting one month from the day you receive it. This means if you borrow £250 today, we will collect £62.50 for the next four months on each monthly anniversary.

If you make an additional payment, it would reduce your remaining monthly payments. You will also continue to pay the £6 monthly membership fee while you have an advance outstanding.

3. Can I borrow money right away?

No. Creditspring is designed to protect people from unexpected expenses, and we don't want our members to use their loans before they really need them. You can borrow money from Creditspring after the end of the 14-day withdrawal period.

4. When can I borrow money?

After the 14-day withdrawal period, advances can be requested anytime. We will disburse the advance amount between the hours of 8am and 8pm, 7 days a week (excluding bank holidays).

5. How long does it take to get the advance once I ask for it?

Creditspring will put the money into your account less than 24 hours after you ask for it. Sometimes, this is much faster.

6. What if I want to borrow less than £250?

To keep our product as simple as possible, the only option is to borrow the full amount of £250. However, you can repay early anytime, so if you only need £100, you can borrow £250 and repay £150 right away.

In this example, your subsequent monthly repayments would then be £25/month (not including the cost of your membership).

7. Is it possible to get more than 2 advances per year?

No. Creditspring lets you access a maximum of 2 advances per year. You don't have to borrow at all, and you can borrow just one if you need to.

8. How long do I need to wait after I repay my first advance to take out the second one?

You can take out the second advance as soon as the first one is repaid in full and on time. You only get two advances per year.

9. What happens if I only use one advance in the subscription year? Do I get three next year?

No. You will still only get 2 advances per year. You pay £6 per month (£72/year) whether you use 2 advances, 1 advance or no advance.

10. Is access to credit really guaranteed?

Your membership is subject to affordability and credit checks when you apply. Once you have been accepted, credit is guaranteed. As long as your monthly fees are up to date, you can borrow money from Creditspring at a moment's notice.

If you have defaulted while repaying your first advance, you won't be able to drawdown a second advance.

11. How could I lose my guaranteed access to credit from Creditspring?

You could lose your guaranteed access to loans from Creditspring if you default on your repayments. We may also terminate your membership and stop you from borrowing:

  1. If you don't inform us immediately when you give or receive proper notice of termination of your employment; or your income reduces; or there is any other material negative change in your financial circumstances;
  2. If you fail to pay any monthly payment on its due date;
  3. If any information about you which you provide proves significantly incomplete or inaccurate; or
  4. If, without our consent, you cancel or do not complete a valid Direct Debit instruction.

Repaying an advance

1. How do I pay for Creditspring?

We set up a direct debit with your bank when you join Creditspring. Your membership fees, as well as any repayments of your advances, are taken automatically via direct debit.

2. What happens if I repay part or all of my advance early?

You can repay all or part of your advance early at any time. If you choose to repay part of your advance early, your monthly repayments will be adjusted according to your new remaining balance.

Repayments of your advances are always paid in equal instalments. For example, making an additional payment of £50 during the first month will then reduce all four of your monthly repayments by £12.50 (£50 / 4 = £12.50).

3. Will applying affect my credit score?

If you apply and aren't eligible, your application to Creditspring will not affect your credit score. It will leave a “soft footprint” on your credit report that only you will be able to see.

If you're eligible for Creditspring membership and we accept you as a member, our credit check will then be posted as a “hard footprint” on your credit report, accessible by other lenders. Once you're a member, we will continue to report your monthly membership payments and any repayments of your advances to the credit agencies.

4. What happens if I can't pay back on time?

First of all, don't worry! We understand that these things sometimes happen, and we want to help you through it. We won't be angry or annoyed.

If you think you can't pay us back on time, please let us know as soon as possible. The earlier you let us know, the more help we can be. At the very least, try to tell us at least four days before your next payment is due.

We'll work with you to figure out how to resolve the outstanding amount in a way that works for both of us. We're obligated to report late repayments to Credit Reference Agencies. We report late and missed repayments of advances as well as monthly membership fees.

5. What happens if there is no money in my bank account and you try to take a direct debt?

If there won't be enough money in your account, let us know immediately, at least four days before a payment is due. Our direct debit is automated, so our system will try to take the payment unless you notify us. We don't want you going into your overdraft, so please give us notice if this is the case!

We will do our best not to make a withdrawal, and start a conversation with you about what to do next.

6. What happens if I don't pay my membership fees or fail to repay any advances?

If you miss or are late in making any of your monthly membership fee payments or the repayments of your advances, we will report that to the Credit Reference Agencies. You may also be in default of your agreement with us, which could result in the termination of your Creditspring membership.

7. Do you report my behaviour to Credit Reference Agencies?

If you miss or are late in making any of your monthly membership fee payments or the repayments of your advances, we will report that to the Credit Reference Agencies. You may also be in default of your agreement with us, which could result in the termination of your Creditspring membership.

Repaying your advance in a timely manner, and paying £6/month for Creditspring membership counts as good credit behaviour. This could improve your access to credit from other providers.

8. Will taking an advance affect my credit score?

Taking out an advance will not affect your credit score. However, your repayment behaviour on the advance may affect your credit score.

9. Will good repayment behaviour improve my credit score?

Yes. Good behaviour will also be reported to the credit reference agencies and that should improve your credit score.

Membership Questions

1. Who can use Creditspring?

You must be over the age of 18 with a UK bank account, in full-time employment and earning over £20,000/year, with no recent CCJ, IVAs or bankruptcies. Creditspring membership is subject to status and terms and conditions apply.

2. Can I can cancel at any time?

If you have not taken any advances and want to cancel your membership, you can do so by telling us one month in advance. We won't reimburse the fees for any of the previous months of your membership.

If you have an advance outstanding and want to cancel, you must contact us and request an early settlement amount. We will inform you of you the amount you still owe, and after you've paid it in full your membership will be terminated.

If you have used one or two advances but don't currently have any outstanding balance, and you want to cancel your membership, you can do so by giving us one months notice. You will not be reimbursed for any of the previous months in which you were a member.

3. What if I lose my job while I am using a Creditspring loan?

Affordability is one of our top concerns and we really don't want you getting in trouble with debt. Please tell us as quickly as possible if your circumstances change. Not telling us about this will trigger an event of default, which can be avoided if you keep us informed.

If you lose your job while you have an advance outstanding, you will still need to pay back what what is due. If you find it hard to pay us back, let us know as early as you can and we will try to work something out, such as a restructuring agreement.

If you lose your job but haven't taken any advances out, we advise you cancel your membership with us. We understand that our loans may be more useful should you lose your job, but our number 1 priority is trying to make sure that we lend only to customers who we consider can afford to repay our loans.

For affordability reasons, you must be employed full-time to be a member of Creditspring. Creditspring is not designed to be unemployment insurance and shouldn't be used that way.

Questions about Creditspring

1. Are you authorised to lend money in the UK?

Yes, we are authorised and regulated by the Financial Conduct Authority, registration number: 786052.

Creditspring is the registered trading name of Inclusive Finance Limited, registered in England and Wales, company number 10522518, registered office: Studio 5.19, Grand Union Studios, 332 Ladbroke Grove, London, England, W10 5AD.

You will find the Creditspring team working at the registered office.

2. This sounds a bit like insurance. Do I need to pay the money back?

Creditspring is not an insurance provider. An insurance policy gives you a payout when a bad event happens, in return for you paying a premium to the insurance company. While we think one of the best ways you could use Creditspring is to help you manage when something bad happens, our membership is not an insurance product.

At Creditspring, everybody pays the same price for the same product, and we won't increase the cost because you used your advances. Unlike insurance, you can use the money to pay for whatever you need, without needing to provide proof you need it.

Insurance companies grant you a payout that does not need to be returned, and do not offer loans. You must repay the money you borrow from Creditspring.

3. Why is Creditspring doing this?

We want to help our members get financially secure and avoid toxic debt. By making credit simpler, we can provide a financial backup plan to those that need it. People make bad decisions when they're stressed, so by making our product as stress-free as possible, we aim to encourage our customers to take back financial control of their lives.

4. How is it possible for Creditspring to provide interest free loans?

We don't need to charge interest to make a living. We make money from the £6/month Creditspring members pay.

5. How does Creditspring make money?

Our only source of revenue is the £6/month membership that each Creditspring member pays. We make money if you are a satisfied customer and want to keep paying a monthly fee for peace of mind, and access to simple credit.

6. How are lending decisions made?

Creditspring conducts strict affordability, eligibility and credit checks before allowing people to join. We want to get this service to as many people as possible, but we need to make sure you can afford to pay back the money we will lend to you.

7. How does Creditspring check if I am eligible for the product?

We have our own in-house process, and we also work with Credit Reference Agencies, such as Equifax, to run credit checks.

8. What do I do if I want to complain about the service?

We'd love to hear from you if you think we've done something wrong. Please send an email to info@creditspring.co.uk to raise a formal complaint. If you complaint contains extremely sensitive information, or you'd rather communicate via other means, please let us know via email first.

We value complaints as a way for us to make Creditspring better. We aim to respond to all complaints within 24 hours (and hopefully a lot sooner!)

9. How do I know you will have the funds to lend me money when I need it?

Creditspring funds come from investors that want to help change the world of consumer credit for the better. We have a dedicated lending account that has enough money for us to lend to every single Creditspring member at the same time.

One of our most important promises is that you have guaranteed access to your two advances each year.

10. How safe is your website?

We use standard bank level 256-bit encryption, and data exchanged with external parties like Equifax is also encrypted and securely transmitted. We adhere to strict security protocols to make sure your personal information is safe, and seek to exceed minimum security standards wherever possible.

11. What’s the best way to contact Creditspring?

We would prefer via email or the contact us page on our website, but feel free to contact us via phone or post!