Credit Spring – Emergency Loan With 0% Interest
Have you ever encountered an unexpected life event? Like the requirements of emergency funding. Then, you might be thinking about obtaining a payday loan. However, this typically comes with an extortionate interest rate with a 1,000% APR. Moreover, a missed payment can lead to further fees and charges. Along with super-high interest rates too. Therefore, we have a new option on the table. Especially for you in the form of a Credit Spring.
Here, the UK lender claims that in return for a monthly membership fee. Moreover, they offer emergency loans that come with no interest.
What is Credit Spring?
Credit Spring is reportedly a UK alternative emergency loan provider. It was here launched as recently as late 2018.
Moreover, the founders wanted to find a real solution. Especially to the ever-growing threats of payday loan sharks.
Here, by this, we mean charging desperate UK customers extortionate. Along with unethical fees, charges, and interest rates on short-term financing.
Further, its concept is that by paying a monthly membership fee. You will also be custom-made to emergency loans at 0% interest.
However, you will be here limited to the amount you borrow. Along with the frequency at which you can request emergency funding.
In a nutshell, this covers a maximum loan of £500 – twice a year.
Eligibility Criteria for Credit Spring
In order to benefit from the 0% interest emergency fund rate. You will be here required to join the platform as a fully-fledged member.
Moreover, it has a set of minimum eligibility requirements. Because you will first need to make an application. Further, you can also do this via their official website.
Here, it includes details pertaining to your income. Such as how much you earn, and where you work. Along with how frequently you get paid.
Once you have here provided the required data. Then, this platform will run a soft credit check on you.
Here, the minimum expectations demanded by the team are as follows.
- You should be at least 18 years old.
- You should be a UK resident.
- You must have had a permanent UK address for at least 3 months.
- You should have an annual income of at least £20,000.
- You should not be self-employed.
- You must not have any CCJs against your name.
- Your credit report must not flag an IVA or bankruptcy order.
Further, if you’re pre-approved. Then, this platform will proceed with the hard credit check. Here, it will appear on your report.
Nevertheless, once you have been fully approved of this platform. Then, you’ll need to choose which account type you want to opt for.
Credit Spring Membership – How Does it Work?
Moreover, there are two membership schemes offered by this platform. Here, the first one is “Core” and the second one is “Plus” account.
Credit Spring Core Account: £6 per month
The Core membership is reportedly the cheapest option available on this platform. Because it comes in at £6 per month or £72 per year.
Moreover, the Core membership will entitle you to borrow a maximum of £250. However, you can borrow per loan only twice a year.
- Borrow £250 twice a year available on demand.
- Membership fee is £6 per month and £72 per year.
- Repay each advance in 4 monthly payments.
- 0% interest rate you pay back only what you have borrowed. Along with your monthly membership fee.
- And get your Financial Stability for score, hints, and tips to improve it.
- 14 days to change your mind before you can borrow. Then, you will be able to borrow whenever you need it.
Credit Spring Plus Account: £8 per month
Here, this is a slightly more expensive membership plan available. Moreover, the plan will cost you £8 per month or £96 per year. Also, affords you a higher amount of emergency financing.
While the Core membership allows you to borrow up to £250 twice a year. Here, the Plus plan increases this amount to £500.
- Borrow £500 twice a year available on demand.
- Membership fee is £8 per month and £96 per year.
- Repay each advance in 6 monthly payments.
- 0% interest rate you pay back only what you have borrowed. Along with your monthly membership fee.
- And get your Financial Stability for score, hints, and tips to improve it.
- 14 days to change your mind before you can borrow. Then, you will be able to borrow whenever you need it.
Features of Credit Spring
- Pay a £10 monthly membership fee to access credit. Along with no interest, fees, or other charges.
- Borrow £300 twice a year, on-demand, without interest.
- This membership payment helps to improve your credit scores. Along with successful repayments.
- However, you will be not able to issue a physical credit card.
- You can access your credit by “logging” in and pressing “borrow”.
Pros and Cons of Credit Spring
Pros
- 0% loan interest.
- Better than payday lenders.
- Easy to apply.
- Good customer service.
- Credit building.
- Improve your credit scores.
- Increase your successful repayments.
- User-friendly interface.
- Excellent design.
- Good reputation.
Cons
- Only borrow twice per year.
- Monthly membership fee.
- No recent CCJ, IVAs, or bankruptcies.
- Must be a member for 14 days before the first loan.
Conclusion
This platform is reportedly for people who periodically struggle with financial stability. Here, Credit Spring could be a very attractive alternative to more expensive options. Like payday loans or overdrafts.
However, it’s definitely not for everyone. Because of the employment and the income requirements. As it makes some individuals out of the program.
Further, the limit of only being able to borrow twice per year. It may also need to be here considered before joining. Additionally, those facing financial difficulties may find themselves left out in the cold.
Lastly, it’s certainly not the cheapest means of getting a loan. Instead, it’s one of the cheaper options for individuals. Because it may have difficulty finding loans through more traditional routes.
Disclaimer
Here, we hope that all the above information may satisfy your curiosity relatively. However, we can’t guarantee that all the information is 100% accurate.
