Responsible lender, Creditspring, provided £207 million in affordable loans during 2024 as borrowers increasing seek short-term financial support.

This was an increase of 63% compared to the £127 million lent to Creditspring members in 2023.

These figures bring the total amount Creditspring has lent to borrowers to over £430 million since launch with over one million people receiving affordable financial support.

Since launch, Creditspring has provided over 1.1 million affordable loans to borrowers who may otherwise have been forced to turn to high-cost or even illegal lenders to survive. During 2024 alone, Creditspring provided over 450,000 loans to borrowers.

Demand for affordable, short-term credit options remains high - a fifth (21%) of people say their financial position has never been worse whilst over nine million people across the UK expected the high costs around Christmas to put them into debt*.

Creditspring’s Benefits Finder helps ensure users have access to all the available financial support they may be entitled to but have yet to claim by identifying benefits they could be eligible for. Since launch in Q4 2023, the tool has located £1.3 billion in  additional financial support. 

Creditspring Go was launched in Q4 2024 to support borrowers with thin credit files to build their credit history, develop financial knowledge, and improve access to more affordable credit options with Creditspring. To date we have seen 95% of users who completed the six-month Creditspring Go programme were pre-approved for Creditspring membership and able to access affordable credit options.

Across 2024, Creditspring increased its revenue by 80% as the lender became profitable and continued to scale and provide increased responsible credit options to its members.

With one in seven (13%) of people turning to credit to get through winter, there is a clear need for improved access to financial support to protect borrowers from expensive lenders especially with the energy price cap rising at the start of the year.

Neil Kadagathur, CEO and Co-Founder at Creditspring, comments: “For millions of households, the cost of living crisis is sadly very much alive – they need access to affordable credit options to provide vital financial support.

“Without the lifeline of transparent short-term credit, many borrowers would be forced to turn towards expensive options with extortionate interest rates and hidden fees which combine to make a challenging situation worse in the long run. Creditspring is committed to continuing to provide affordable financial support responsibly with access to credit options that prevent damaging debt spirals.”

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 costs and no hidden charges, late fees or confusing interest rates.

* Based on latest ONS population figures.