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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.
Considering your borrowing options? You may have come across something called an unsecured loan. These loans can help you spread the cost of a big expense over time, often with interest added on top.
Unsecured loans (often known as personal loans) allow you to borrow money from a lender without having to put up an asset (collateral), like your home or car, against it – making the loan ‘unsecured’. This means the lender needs to be sure that you can pay the money back according to your agreement.
Here at Creditspring, all of our loans are unsecured. We’ll run our credit checks, ID and affordability reviews, but we won’t need you to offer up any collateral. That’s one less worry, right? Once approved, you’ll get access to one of our on-demand loans with no interest and only a small membership fee.
By and large, secured loans require an asset that you own to back them up. A typical asset could be a property or a car, for example. A lender may view a secured loan as less of a risk, because by having your asset secured against the loan, they’ll have a way of getting their money back, should you fail to make your loan repayments. It’s worth noting, too, that secured loans tend to be for larger sums of money, often up between £10,000 and £100,000 or more, and may come with lower interest rates.
An unsecured loan, on the other hand, won’t need you to provide an asset as security against the money you borrow, as the loan amount is usually smaller. This can be a particularly appealing option, if you don’t own your home or have a car. However, you'll likely have to pay a higher interest rate on top, which can make many unsecured loans quite expensive.
That’s why it’s always important to compare different lenders and the loans they offer to see what suits your specific needs and situation, especially if you’re searching for unsecured loans online. Doing your research will also help you understand what may or may not be available to you depending on your creditworthiness and the lender’s policies, so keep in mind that your options may be limited, particularly if you have bad credit.
An unsecured loan can be used for all manner of situations, including emergency repairs to your home or car, paying for a much-deserved holiday, or even wedding or funeral expenses.
Perhaps you’re looking for an unsecured loan to help with a property renovation (sometimes known as an unsecured home improvement loan), or you’ve given cash to a relative or friend, which has left you short.
If you’ve borrowed from several different lenders, you don’t have an asset and you’re looking to bring your debt together under one lender, you may be wondering if any unsecured debt consolidation loans are available to you. While consolidating your debts can help simplify your debt management, an unsecured debt consolidation loan is, ultimately, one large loan, and may incur costs like more interest and early repayment changes. This means it is crucial that you understand the terms of your lender, like the overall interest rate and how much the loan will cost you to borrow.
As you can see, the reasons for taking out an unsecured loan can be pretty far-reaching. Remember, though, if you’re looking to borrow money to cover your day-to-day expenses and bills, seeking financial advice and support first could help bring your finances back in line and help you make the right decisions for you.
As a Creditspring member, we can help you strengthen your financial wellbeing with ease. You’ll gain access to our members-only space packed with finance tips and exclusive offers from our trusted partners, plus our Benefits Finder tool to discover any benefits you may be entitled to. We can even help you build your credit score – and it’s free to join!
We like to do things differently to most traditional High Street and online lenders. We’re a subscription finance service, providing small, unsecured loans of between £400 and £2400, even if you have bad credit.
What's more, all our loans come with no interest (APR Rep 83.1%), which means all you pay with your repayments is a low, monthly membership fee.
Our unsecured loans are split into two equal and manageable parts, to be repaid in fixed, monthly instalments. You’ll receive the first half of the loan after you request it, and the second half becomes available once you’ve paid off the first on time and in full.
We believe this type of responsible lending ensures our members complete clarity and transparency – you’ll always know exactly what you’ve borrowed and won’t risk feeling overwhelmed by a larger lump sum that may be more than you need.
First things first, we’ll need to check if you qualify for one of our no-interest loans. You must be 18 years or over, be a UK resident and have a regular, stable income subject to our eligibility checks*.
To find out if you’re eligible only takes a few minutes, and you must:
Be a UK resident
Be at least 18 years old
Have a minimum income of £14,000 per year
Not have any recent CCJs, IVAs or bankruptcies*
If you’re approved to become a Creditspring member, we’ll run some checks to confirm your eligibility. Subject to our checks, once approved, all our loans for new members come with a 14-day change of heart period. This means if you've changed your mind and don’t need the loan anymore, or you want to delay it, you’ve got a couple of weeks to decide. After the change of heart period, we can pay the money into your account within 24 hours. 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.
If your credit rating is less than perfect, or you’ve missed payments in the past, your options for any type of unsecured loans with bad credit will probably be quite limited. However, finding a loan suited to your needs and affordability isn’t completely impossible. Having a poor credit history affects your credit score, there’s no doubt about that. As your score is what most High Street and online lenders first look at to determine whether you’re a reliable borrower or not, ensuring it stays ‘good’, or better still, ‘excellent’ means you should have more credit options available to you.
Whether you’re looking for long-term unsecured loans or even unsecured loans with no guarantor, at Creditspring, we look beyond your credit history when assessing your eligibility. We keep in mind your overall financial situation, as well as your ability to repay the loan, because we understand that money difficulties can happen from time to time, and not every situation - or applicant - is the same.
This means that if you have bad credit and no assets, a Creditspring unsecured loan might still be an option for you. We take a holistic approach to finance, supporting our members so they only ever borrow what they can afford, and helping them develop healthier financial habits.
Yes, Creditspring is a direct lender, meaning we provide unsecured loans directly to our members without the need for a credit broker.
As we offer different membership levels, each with distinct borrowing limits and membership fees to best fit your individual needs, our terms and conditions vary according to what you borrow. Essentially, we don’t charge you interest, only a low, fixed membership fee.
Even if you’re not yet eligible for one of our loans, we can still help! When you sign up as a free member, you’ll gain access to our members-only space packed with smart credit-boosting tips, exclusive partner offers and personalised scores.