Responsible lender, Creditspring, has launched a new programme – Creditspring Go - to support borrowers with thin credit files build their credit history, develop financial knowledge, and improve access to more affordable credit options with Creditspring.

Go members can build their credit history with Creditspring by paying £7 per month for six months, demonstrating their ability to make regular repayments over a sustained period. Alongside the monthly payments, members have access to tailored financial tips and advice, as well as discounts at hundreds of restaurants and cafes across the UK through tastecard. They 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.

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 for 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%) of people say this is the most financially unstable they’ve ever been whilst over one in ten (13%) are reliant on credit to pay their bills*.

Creditspring Go is the latest product launched to enhance access to financial support. Creditspring’s Benefits Finder tool, launched in Q4 2023, has unlocked more than £789.5 million 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 ten (84%) 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%) 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.

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 provides a new way to access credit safely. FCA-regulated, it is a credit subscription service that responsibly offers short-term, affordable credit to borrowers. Members pay a fixed membership fee every month to allow them to access 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.

Creditspring recently announced that it provided over one million affordable loans to borrowers seeking short-term financial support. Since launch, the company has lent over £400 million to almost 400,000 members.