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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.
When it comes to managing money, short-term £1,000 loans can help you pay for an unforeseen expense or a bill you’ve completely forgotten about. These loans provide a new way for members to access credit through up to two no-interest loans per year, allowing you to break up larger expenses into affordable monthly payments.
A large loan isn’t always an option and might come with higher monthly payments. There are many times when borrowing £1,000 will be ideal, especially if you don’t want to rely on a credit card where your interest charges could be much higher.
Creditspring's fixed monthly fee contributes to financial stability by providing a safer and more transparent alternative to short-term, higher-risk credit. With a loan from Creditspring, you can get access to no-interest, on-demand loans fast. The application process is easy, and you could improve your credit profile at the same time. The way Creditspring works is, they lend you 2 equal sized loans during the year. Once you’ve paid back the first £500 loan (if you’ve taken our Plus product), you can then take out the second loan of £500. This means you must repay your first loan before being eligible for the second loan.
Here are a few benefits of borrowing small loans of £1000 with Creditspring:
Borrow the money you need on-demand
No-interest loans
Pay a fixed membership fee
No hidden fees, making it a cheaper alternative to payday loans
Compared to other financial products, Creditspring's loans are more transparent and cost-effective
Eligibility takes only a few minutes
Build your credit history
Representative example: Total amount of credit £1,000 repayable over 13 months. 12 monthly membership payments of £14. Rate of interest 0% p.a. (fixed) Representative APR 66.2%. The first repayment for each advance is £83.35 due 45 days after drawing, followed by 5 monthly repayments of £83.33**. Total amount payable £1,168.**
Take the first step in applying for a loan. Getting a response takes less than 60 seconds and as it’s a soft credit check, it won’t affect your credit score. Regularly checking your credit report can help ensure accurate reporting and address any concerns about your credit score.
It’s easy to become a member of Creditspring! To apply, you:
Must be a UK resident
Must be at least 18 years old
Have a minimum income of £14,000 per year
Must not have any recent CCJs or been bankrupt
With a Creditspring membership, you can get on-demand access to loans with no interest when you need it most. Read more about our Step (total amount £400), Core (total amount £600), and Plus (total amount £1,000), and Extra (total amount £2,400) products here.
With a Creditspring Plus membership, you can take out a loan for £1,000 (split into two advances of £500) with no-interest, (Rep Apr 66.2%) Once the first advance is paid in full you will then have access to the second advance. In addition to what you borrow, you only pay the £14 fixed monthly membership fee. Creditspring also has a policy in place for missed payments, ensuring that members who face difficulties in repaying the loan, such as job loss, are supported.
But, unlike some other lenders who have early repayment fees, with Creditspring you can pay your loan earlier without penalty. Your monthly repayments will simply be adjusted to reflect your new remaining balance.
Yes, you can get a loan for £1,000 with bad credit as a Creditspring member, although you may not get the loan offers and low rates you’d expect from some lenders. A £1,000 loan may come with higher interest rates from lenders who extend credit to borrowers with bad credit, so carefully consider the costs before taking up an offer.
A bad credit score can prevent you from borrowing the money you need, or lead to higher interest rate loans. By joining our Stability Hub you’ll have access to tips and tricks that can help you improve your credit to make it easier to access loans.
As a Hub member, we’ll periodically run a soft check on your credit profile (with your permission) and notify you of when you are eligible for a loan with Creditspring. This soft check will not impact your credit score. So, sign up today and become a member of our free Stability Hub.
Use our free eligibility checker to see if you’ll be accepted.
If you're considering a £1,000 loan, it's important to be aware of several key risks:
Loans of £1,000, especially for those with less-than-perfect credit, often come with high interest rates. This means that the total repayment amount will be significantly more than what you originally borrowed, making the loan more expensive overall.
While timely repayments can help improve your credit score, failing to make payments on time can further damage it. Just one missed payment can negatively affect your credit rating, making it more difficult to secure future loans.
Missing a payment on a loan can lead to a cycle where you have to borrow more money to repay the initial debt, potentially putting you in a worse financial position than when you started.
By understanding these risks, you can make a more informed decision about whether a £1,000 loan is the right choice for your financial situation.
The size of your loan will have an impact on the APR you are charged but it is not everything. When calculating the APR, lenders will take into account many factors including the size of the loan, how long that loan is being taken out for (1 year vs 5 years for example), how much risk is involved in lending you that money (in other words, what your credit history says about the likelihood that they will be repaid the money taken out) as well as other costs involved such as late charges.
All these then allow lenders to establish their APR rate to make it clear to you the ‘cost' of borrowing with them. So, it is worthwhile keeping an eye on APR.
When you default on your loan payments your lender could add a late fee. Depending on your agreement, a lender may require the return of the full outstanding loan amount, along with interest and fees. The biggest warning we can offer is that not keeping up with repayments can have a serious impact on your credit score which in turn will limit your options of future credit.
As with any loan, always make sure you can comfortably afford the loan payments of your £1,000 loan. With Creditspring, you don't have to worry about additional interest payments as you'll have access to no-interest loans twice a year, on-demand! Take the first step today.
If you find yourself running into trouble, you should always speak to your lender first. They will be able to talk to you about the options open to you – for example, a revised payment plan. They are duty bound to help you through this, which may include referring you to more specialised support such as MoneyHelper or StepChange.
Yes, as part of our responsibilities as a lender we need to ensure that all our approved applicants are likely to be able to afford the repayment terms of the loan they are entering into.
The best way for us to do that is to run a credit check on individuals before accepting them. Our credit checks will look into what your credit file says but also at other information such as income and expenses. We can get an even better picture now through Open Banking which provides a much more up to date and realistic view of someone's finances. This provides protection to consumers as it ensures they do not overstretch themselves financially with one of our products.