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Creditspring and Stability Hub highlight the financial strain in the UK

By Joy Dumasia

July 26, 2021

  • Creditspring
  • UK
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Creditspring, the subscription loan provider, reveals that it is signing up over 2,000 new members per month for its Stability Hub service and has seen an 82% increase in members since the start of the pandemic. The free tool provides personalised support for members, including monthly financial health checks, alerts to tell them when they are pre-approved to borrow money, and actionable tips to support more informed and responsible financial decision making. 

 

Despite the recent easing of lockdown restrictions, many are continuing to experience financial strain and uncertainty. In a recent survey, the ONS found that those that were the most financially impacted at the start of the pandemic – the self-employed, parents, young people and those living on the lowest household incomes – were still worse off in mid-April 2021.

 

Stability Hub members receive a monthly financial health check and a personalised Stability Score, which acts as a measure of an individual’s ability to withstand an economic shock and indicates eligibility for borrowing. Updated monthly, the Stability Score is accompanied by tailored guidance to help members take action to improve their scores, increase their creditworthiness and become more financially stable.

 

Neil Kadagathur, Co-Founder and CEO of Creditspring, said: “The financial impact of the pandemic is still being felt acutely by people across the country, and they are in desperate need of support even as restrictions begin to lift. Our goal is to help people improve their financial health and prevent those who could easily fall into a cycle of expensive debt from falling prey to unscrupulous lenders. Our Stability Hub gives these people personalised guidance to regain control over their finances and helps work towards being able to access more affordable forms of credit.”

 

The Stability Hub has already attracted almost 30,000 registered members in the UK; Creditspring expects to have reached over 100,000 Stability Hub members. Members have access to two loans per year, with clear repayment plans, capped costs and no hidden charges or confusing Annual Percentage Rates (APRs). 

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