Creditspring hits 100,000 customers as consumers in the UK seek affordable credit
By Joy Dumasia
Creditspring announces that it has surpassed 100,000 members earlier than expected as households remain in need of support during the Covid-19 pandemic. The company reveals that its customer base has grown by almost 430%, from 19,000 to 100,000 customers over 12 months.
The number of members has doubled since July this year as inflation continues to soar rising faster than at any point in almost a decade, and increased household costs continue to put a strain on people’s finances. Currently, one in ten families or 3.2m households are facing a financial crisis this winter due to soaring bills; affordable credit options are set to be a crucial lifeline for the UK’s 12-15 million ‘near-prime’ borrowers.
As many of these borrowers have limited access to mainstream lending products due to thin credit files or need repair, they are more susceptible to unscrupulous, unregulated lenders – and are at risk of becoming trapped in a cycle of debt. Since its launch in 2016, Creditspring has lent a total of £30 million, with half of this lent over the last six months.
Neil Kadagathur, Co-Founder and CEO of Creditspring, commented: “Reaching 100,000 members is another major milestone as we continue to pursue our goal to help over one million people to improve their financial health in the next five years. With household finances being forced to stretch further this year due to the continued impact of the pandemic and the spike in inflation and living costs, we’ve broken the 100,000 barrier sooner than expected. As the costly Christmas period fast approaches and many fearful another lockdown may be on the horizon, the need for affordable credit options is only going to increase over the next few months. We’re firm believers that lenders have a responsibility to offer transparent, affordable options for those who’d otherwise struggle to access mainstream loans. With our credit-builder product Step, we hope to help people to improve their credit score and restore their financial health.”
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