Creditspring, the FCA-regulated consumer credit provider, today announces that it has reached a milestone of 50,000 members since its launch in 2016. This is a key step in its ambition to improve the financial health of 100,000 members by the end of 2021.
Over the past six months, the number of people signing up to Creditspring’s services has increased sharply and its customer base has more than doubled. The company expects to retain this pace of growth during the remainder of 2021 and is on track to reach its goal of attaining 100,000 members by the end of the year.
This comes as COVID-19 continues to impact the finances and creditworthiness of many, with a quarter of UK adults experiencing low financial resilience according to the FCA.
Creditspring’s mission is to improve the financial stability and resilience of its customers by providing them with the tools they need to better manage their finances and steering them away from high-cost, short-term credit options. To date, it has been successful in this mission, with a recent survey revealing that 90% of Creditspring members attribute the company with improving their financial stability.
By the end of 2025, Creditspring aims to acquire over 2 million members, and put over £120 million per year back into the pockets of Creditspring members. The credit subscription service has made significant progress as it continues to pursue its overall mission to help over one million people.
Neil Kadagathur, Co-Founder and CEO of Creditspring, comments: “This milestone represents an exciting step as we seek to help over one million improve their financial stability, especially those borrowers whose thin credit files mean that they have been overlooked by mainstream lenders, and struggle to access affordable funds. With our growing subscription finance model, customers know upfront the cost of the credit they receive and have support when it comes to repayment planning and budgeting. With our customers’ overall savings amounting to nearly £3 million, we’re excited to continue to empower our growing member base to restore and boost their financial health.”
Credispring’s 50,000 members benefit from the platform’s affordable, easy-to-use loans and education tools. The subscription service’s fixed cost and low-risk credit solution offers an accessible, affordable, and responsible alternative to unscrupulous or unregulated lenders for borrowers who struggle to access mainstream credit. With access to two loans per year, members enjoy clear repayments, capped costs as well as no hidden charges or confusing APRs. In total, members have so far made savings of approximately £3 million, with nearly £13 million lent through over 40,000 loans.