|Loan type||Unsecured Personal Loan|
|Loan amounts available||£250 – £1500|
|Loan terms available||12 – 18 months total. Distinct loan amounts have their own repayment plans (multiple available each year)|
|Age eligibility requirements||Minimum 18 years old|
|Access for lower credit scores||Some chance of approval|
|Chance of acceptance available||No|
|Loan pay out time after approval||14 day waiting period before first loan. Once approved, 24 hour pay out time.|
|Early repayment options||Yes|
Who is Creditspring?
Creditspring is a lender with a distinct focus on smaller loan amounts and shorter payment terms, to help poor credit scores improve. They provide a membership service where the fees can assist with building credit history and improving your credit score.
How much can I borrow with a personal loan from Creditspring?
Creditspring has a different approach to lending. Once approved, you would then have access to take out loans up to a certain value each year, which range from £250 to £500. These are made available up to twice a year, resetting when you renew membership. The specific amount and frequency of amounts made available to you will depend on your financial circumstances and credit history.
What interest rates can Creditspring offer?
Rates work slightly differently when you take out loans from Creditspring. Whilst the loan repayments are scheduled during a period of 0% interest, this only applies to the loan balance itself and there will be additional payments in the form of membership fees. The APR is calculated across the average for the whole 12 months. As a representative example, you may be able to borrow two loans of £500 within 12 months, giving a total credit amount of £1,000. You will have a £10 membership fee each month to do so, and a representative APR of 43.1%. As the loans are interest free within the repayment period, the total amount payable is £1,120. Any interest rates that you may be offered will be dependent on your credit score and personal circumstances.
If you have a lower credit score due to difficulty meeting repayments in the past, or if your history is less detailed as you haven’t really had much opportunity to build a score, you may find that the rates offered to you are a little bit higher, because your credit score may show you as a riskier person to lenders.
Need to give your credit score a boost? Check out our top tips for improving your credit score.
What can I use a personal loan for?
Creditspring loans can be used for most purposes that you may need extra cash for. Some of the most popular uses of personal loans are:
- Debt Consolidation
- Home improvements
- Purchasing a new car
- Holidays or Travelling
Who is eligible for Creditspring personal loans?
Creditspring will assess how risky it is to lend money to you by looking at your credit history and personal circumstances. Whilst they do support people with lower credit scores, improving your credit score may make a difference to your eligibility for loans and the rates you will get.
Creditspring have specific eligibility requirements to meet in order for you to qualify for a loan with them. You should:
- Be over 18 years of age
- Have been a permanent UK resident for more than 3 months
- Earn at least £25,000 a year
How quickly do Creditspring pay out their loans?
You will need to become a member of Creditspring before you are able to start borrowing. Once joining, there is a 14 day waiting period to ensure you have the financial stability to continue before accessing your first loan amount. Once approved, the loan balance should be transferred within 24 hours.
Can I pay off my Creditspring personal loan early?
Yes, you can make early repayments or pay off the remaining balance in full at any time during the repayment plan. As the repayments are during a 0% interest period, if you have kept up with the previous repayments there is no interest to factor into your payments.
Are there any added benefits to a personal loan from Creditspring?
Advantages when taking a loan out from Creditspring include:
- Building your credit score through membership payments, even without a currently active loan
- Loans are paid off during a period of 0% interest
- Access loans on-demand during your membership period
- Options to overpay or pay off your loan early
What should I consider before taking out a Creditspring personal loan?
You should always make sure you are confident that you can make the repayments through the lifetime of the loan when you are considering borrowing money, and never borrow more money than you can afford to repay. You should also be aware that:
- Proof of your address may be needed
- You might need bank or ID verification
- Your loan offer may still be subject to financial fraud and lender checks
- You will be paying membership fees even if you do not take out the loan balances available
- Any missed repayments can have a negative impact on your credit score.
How do I check my eligibility for personal loans?
At Aro, we can carry out a soft check in minutes that won’t impact your credit score. This will check your potential eligibility for Creditspring personal loans, as well as those offered by over 50 other lenders. Check your eligibility by filling out your details, and see what options are available to you.
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