Responsible Lender Creditspring Boosts Financial Support by 82% in H1 2024

Responsible Lender Creditspring has made headlines with an impressive 82% increase in financial support to borrowers during H1 2024. This surge comes at a critical time as household finances continue to face challenges, providing much-needed relief to those in need.

In a striking display of financial resilience, the responsible lender Creditspring has reported a remarkable 82% surge in financial support extended to borrowers during the first half of 2024. This increase translates to over £95 million in affordable credit, a significant leap from the £52.4 million disbursed in the same period last year. Despite a slight easing in inflation, the appetite for accessible, short-term credit options remains insatiable.

During this six-month period, Creditspring received an astonishing seven million applications from individuals who find themselves excluded from traditional credit avenues. The financial landscape in the UK has left many citizens feeling precarious, with nearly three in ten (28%) reporting that they are experiencing the most financially unstable period of their lives. The ongoing cost of living crisis has compelled many to deplete their savings, with a concerning one-fifth (21%) of the population now devoid of any financial cushion. Consequently, a significant portion of the populace is turning to credit as a lifeline; over one in ten (13%) admit to relying on credit to meet their monthly bills, a figure that escalates to one-fifth (20%) among the 18-34 age group. Alarmingly, 12% of UK adults have sought assistance from debt advice charities, underscoring the mounting household pressures that necessitate access to additional financial support.

In response to this pressing need, Creditspring has facilitated nearly 223,000 loans to borrowers who might otherwise have been driven to high-cost or even illicit lending options. The introduction of Creditspring’s Benefits Finder tool in Q4 2023 has proven to be a game-changer, unlocking a staggering £620 million in unclaimed benefits within just nine months. On average, individuals have discovered they are entitled to an additional £930 per month in financial support. With over 66,000 members utilizing this tool, a remarkable 84% have uncovered eligibility for benefits they had previously overlooked.

The necessity for improved access to financial support is glaringly evident, particularly as nearly one-fifth (17%) of the UK population has been compelled to rely on benefits due to the escalating cost of living. The Benefits Finder serves as a vital resource, guiding users toward the financial assistance they may be entitled to but have yet to claim.

Creditspring is redefining the credit landscape by offering a safe and responsible alternative. As a Financial Conduct Authority (FCA)-regulated entity, it operates as a credit subscription service, providing short-term, affordable credit to borrowers. Members pay a fixed monthly membership fee, granting them access to two no-interest loans annually, complete with transparent repayment terms, capped costs, and the assurance of no hidden charges, late fees, or convoluted interest rates. In a world where financial uncertainty looms large, Creditspring stands as a beacon of hope for those navigating the turbulent waters of personal finance.