Creditspring loans review 2024

Protect against unexpected expenses with a monthly subscription to Creditspring and 2-interest free loans a year.

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Warning: Late repayment can cause you serious money problems. For help, go to

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

What is Creditspring?

Creditspring is a subscription service offering interest-free loans. Instead of paying interest on money borrowed, customers pay a fixed membership fees of either £7, £10 or £12 a month based on their subscription – a bit like an insurance policy.

How does Creditspring work?

Creditspring lets you borrow a set amount (either £200, £300 or £500, depending on which plan you’re eligible for) twice per year. You’ll have 6 months to pay back each advance, starting one month from the day you receive it. This means if you borrowed £1,000 today, Creditspring would collect £83.35 45 days after drawing and £83.33 for the next 5 months on each monthly anniversary. You will also pay a £12 monthly membership for the 12 months.

You can take out your second advance as soon as the first one is repaid in full and on time. Members have access to 2 advances per year.

Creditspring is limited to those with an annual income of at least £14,000 p.a.. After becoming a member there is a 14 wait period before you can draw your first advance. You’ll also be subject to credit and affordability checks.

How much can I borrow with Creditspring?

Creditspring offers three levels of membership:

Creditspring Step

With Creditspring Step (the “stepping stone” product to Core), you’ll be able to take out 2 loans of £200 per year, and pay it off each time over 6 monthly payments.

Creditspring Core

With Creditspring Core, you’ll be able to take out 2 loans of £300 per year, and pay it off each time over 6 monthly payments.

Creditspring Plus

With Creditspring Plus, you’ll be able to take out 2 loans of £500 per year, and pay it off each time over 6 monthly payments.

Name Product Monthly fee Loan amounts Loan terms Representative APR Link
Creditspring Plus
Finder Award
Creditspring Plus
6 months
More Info
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 66.2% APR. 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.
Creditspring Core
Finder Award
Creditspring Core
6 months
More Info
Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. For each advance, £50.00 due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.
Creditspring Step
Finder Award
Creditspring Step
6 months
More Info
Representative example: Total amount of credit £400 repayable over 13 months. 12 monthly membership payments of £7. Rate of interest 0% p.a. (fixed). Representative 88.8% APR. The first repayment for each advance is £33.35, due 45 days after drawing, followed by 5 monthly repayments of £33.33. Total amount payable £484.

Membership overview

Product NameCreditspring Membership
Available Amounts£600 to £1,000
Representative APR54.6%
New customer maximum£1,000
Loan terms12 months
Soft search eligibility checktick
Funding speedYou'll need to wait 14 days from signing up before you can borrow, and then you can borrow at any point. The transfer process is usually immediate.
Repayment period optionsMonthly
Default repayment methodDirect debit
Additional repayment methodsOnline payment
Repay early at any pointtick
Parent companyInclusive Finance Limited
FCA registration number786052

The facility comes with a 14-day waiting period before you can take out a loan. The aim is for people to use their advances as a back-up plan for future emergencies, not to use immediately.

What are the eligibility requirements?

You should only join and borrow from Creditspring if you are certain you can comfortably meet both the monthly payments and the loan repayments. To become a member you must also meet the following criteria.

ResidencyUK resident
Minimum age18
Min. income£14,000 p.a.
Applications from self-employed consideredcross
Applicant with CCJsCreditspring states that you must not have recent CCJs.
Applicant with bankruptcyCreditspring states that you must not have recently had an IVA or been bankrupt.
Additional eligibility notesCreditspring does consider applicants that are self-employed.

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

Will Creditspring run a credit check?

If you’d like to become a Creditspring member, complete the application form on the website. You’ll be asked to provide some personal and contact information as well as details about your employment and outgoings. Creditspring will run a “soft” credit search that won’t affect your credit score.

If you’re approved, and opt to become a member, Creditspring will then run a “hard” credit check, which will be visible on your credit record. You can then take out your first cash advance after a 14-day cooling off period. You can expect the money in your account within 24 hours of your request (payments are made between 8am and 8pm seven days a week, excluding bank holidays).

Pros and cons of a Creditspring membership

This is a non-exhaustive selection of the advantages and disadvantages membership brings.


  • You can access the Stability Hub, which offers tips and tools to help you build your financial stability.
  • For most people, the monthly fee should be comfortably manageable.
  • When a financial shortfall strikes, you won’t lose time searching for and applying for credit.
  • If you do end up using the loans, it’s likely to be a lot cheaper than an equivalent high-cost short term loan would have been.
  • Both the membership subs and the loan repayments can help to raise your credit score – meaning access to even better interest rates in the future.
  • You can cancel your membership at any time.
  • You can repay some or all of your loan early at any time, without penalty.


  • Waiting 14 days to draw down the loan may not be an option if you need money fast.
  • If you end up not needing to borrow, you’ve still lost the membership fees.
  • When a financial emergency strikes, if you need more than that £300/£500 sum, you’re out of luck. If you need less, it won’t change the overall cost.
  • The minimum income requirement of £14,000 p.a. may put the service out of reach of some who might benefit most.
  • If you’re late paying your monthly membership fee it could hurt your credit score.
  • If you cancel after taking out a loan, you may be liable for an early settlement payment.

Could I lose my access to credit from Creditspring?

Yes. There are some key circumstances that could invalidate you during your membership:

  • If you fail to pay monthly membership fee on time.
  • If you fail to pay a loan repayment payment on time.
  • If you don’t inform Creditspring immediately when you leave your job; or when your income reduces; or there is any other negative change to your finances.
  • If you lie in your application.
  • If, without Creditspring’s consent, you cancel or don’t complete a valid Direct Debit instruction.

Can I modify my loan?

You can repay all or part of your advance early at any time. Your monthly repayments would then be adjusted according to your new remaining balance. You can also cancel your membership at any time. If you choose to do so while you have a loan outstanding, you’ll need to contact Creditspring to request an early settlement figure.

Because Creditspring charges a monthly membership fee but no actual interest, repaying early won’t make any difference to what you pay overall (but repaying early if you can is usually a smart idea).

You will not be charged for any late payments for your membership or loan repayment. Although Creditspring will try their best to find a repayment plan that works for you, if you do make late payments, it could harm your credit rating. This can make it more difficult for you to obtain credit in the future.

Option to change repayment datetick
Repay early at any pointtick
Repaying early can reduce overall interestcross
Interest is only applied to days where funds are outstandingcross
Multiple loans allowed at the same timecross
Option to extend loan termcross
Phone number020 3870 3332

Is Creditspring legit?

Inclusive Finance, which operates Creditspring, is authorised and regulated by the Financial Conduct Authority (FCA). You can check out its listing in the FCA’s Financial Services Register. Creditspring states that it protects user data with bank-level 256-bit encryption.

Is Creditspring a payday loan?

No. In fact Creditspring is designed as an alternative option for people who might otherwise use payday loans. You can’t take a loan out until you’ve been a member for two weeks, and when you do, it’s interest-free (Creditspring makes money through the monthly subscription fees it charges).

How do I cancel Creditspring?

Simply head over to the cancellations page. If you have an outstanding loan, you’ll need to pay it back first. Likewise, if you have any outstanding subscriptions to pay, they’ll need to be settled first. If you’re cancelling after having taken out a loan and paid it back, you may be given a final settlement figure on cancellation.

Who is behind Creditspring?

London-based Creditspring, which launched in September 2018, was founded by two former bankers, Neil Kadagathur and Aravind Chandrasekaran. Their stated aim was to give consumers access to credit in a simpler, safer and cheaper way. Creditspring is a trading name of Inclusive Finance Limited, and is a direct lender authorised and regulated by the Financial Conduct Authority (FCA).

Our verdict – is Creditspring any good?

Innovative lenders like Creditspring offer an alternative to those urgent, payday-style loans. It doesn’t charge interest, but the cost of credit is covered in the membership fee – that’s how Creditspring makes a profit.

If you’ve found yourself taking out short term loans on a semi-regular basis, and you meet Creditspring’s eligibility criteria, then this facility is likely to make sense financially.

If you don’t take out a loan during the year, then you’ve effectively paid an interest rate of, erm, infinity percent. But if you use the facility just once in that period, you’ll have beaten the payday lenders’ rates – and by a healthy margin too.

If you’re looking for sensible ways to avoid payday loans, check out our list of alternatives.

Other frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Written by

Chris Lilly

Chris Lilly is Head of publishing at He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full profile

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