Applying for credit can be difficult without an established credit history. Looking to make it easy for borrowers to build up their scores and history, Creditspring, the responsible lender, has launched Creditspring Go.
The new programme will not only help develop borrowers’ credit history, but it will also help them develop their financial knowledge and improve their access to more affordable credit options. Creditspring Go members can build their credit history with the lender by paying £7 per month for six months, demonstrating their ability to make regular repayments over a sustained period.
In addition to tailored financial tips and advice, Go members will get discounts at hundreds of restaurants and cafes across the UK through tastecard. They will also have access to Creditspring’s Benefits Finder, which identifies benefits that people are eligible to receive but may not yet have claimed.
At the end of the six-month programme, those who have completed a streak (made six payments on time) may be eligible for a Creditspring credit builder loan, which comes with continued access to financial support and educational tools. Since the launch of the Creditspring Go pilot in March 2024, 658 users have completed the programme, with 626 going on to become Creditspring members.
Users who do not qualify for the loan at the end of the six-month period are refunded in full for all payments made.
Creditspring credit loan builder
In a similar ‘subscription’ style to the Go programme, the Creditspring credit builder loan – which users of Creditspring Go graduate to after the six months – sees members pay a fixed fee each month. In exchange, they get two no-interest loans per year with clear repayment terms, capped total costs and no hidden charges, late fees, confusing interest rates or risk of debt spirals.
Recent research shows that millions of people across the UK are reliant on credit to survive. A quarter (26 per cent) of people say this is the most financially unstable they’ve ever been whilst over one in 10 (13 per cent) are reliant on credit to pay their bills.
Creditspring Go is the latest product launched to enhance access to financial support. It builds on the
Benefits Finder tool, launched in Q4 2023. Since then, the solution has unlocked more than £789.5million in unclaimed benefits, with individuals entitled to an average of £928 per month in additional financial support. Over 82,141 members have used Creditspring’s Benefits Finder, with over eight in 10 (84 per cent) discovering they were eligible for benefits they hadn’t yet claimed.
There is a clear need for improved access to financial support. With almost a fifth (18 per cent) of people in the UK admitting they think they’ll need to increasingly rely on benefits due to the cost of living, the Benefits Finder helps users access the available financial support they may be entitled to but have yet to claim.
Helping those who need access to credit
Neil Kadagathur, CEO of Creditspring
Neil Kadagathur, CEO and co-founder at Creditspring comments: “Across the UK, there are groups of people who find it difficult to access affordable credit, notably those who are new to the country, have limited credit history, or a poor credit rating due to past debt.
“Creditspring Go is a simple solution that will help these groups build their credit profile and access affordable credit safely, while supporting them with the information and tools needed to build their financial resilience for the long term.”
Creditspring recently announced that it provided over one million affordable loans to borrowers seeking short-term financial support. Since its launch, the company has lent over £400million to almost 400,000 members.
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