Credit spring 2 November 2021 at 7:06PM in Loans 6 replies 706 views

Madmike48

Ok I know how they work and I know by using them I can boost my credit rating even more. I am supposed to make a £5 payment on 4th November and on 4th November I can get my first £100 but checking today I have this message.    “ We are still processing your recent repayment, it will appear on your account up to 24 hours after the day the payment was due.“     Not sure what recent payment that is as it’s not due for 2 days.. anyone know how this works,?? 

Ebe_Scrooge

Never heard of Credit Spring, but a quick Google seems to suggest they're another one of these "build your credit score" cowboys.  For the very modest sum of £10 a month ?!?!?!?!?

You really should not be paying to improve your credit score, which counts for nothing, or even your credit history.  Assuming I've understood correctly, and they basically offer you a loan which you repay, and they report to the CRAs, then yes, it will put some positive ticks on your history.  But for £120 a year?  Forget it.  Just get a credit card, use it for buying food, petrol etc., repay in full every month.  Hey presto, the same result - positive marks on your credit history - for zero cost.

[Deleted User]

Agree with Ebe - it's a terrible way to build a credit history and will make you look high risk to lenders with reliance on such small loans.

If you've already borrowed from them, clear it in full as soon as you can.

Madmike48

it cost 160 over a year. But they give £100 loan. Once the first loan is paid back then u get a second loan £200 from what it says on my account. 

[Deleted User]

That's a lot of money to build a terrible credit history....

mcpitman

@Madmike48 sorry to be bluntly honest.

You are being conned pal.

MEM62

Madmike48 said:

it cost 160 over a year. But they give £100 loan. Once the first loan is paid back then u get a second loan £200 from what it says on my account. 

As already advised, you are being taken for a ride.  You need to dump these people.