Credit spring

Madmike48
Madmike48 Posts: 53
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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,?? 

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  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320
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    edited 2 November 2021 at 6:19PM
    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]
    [Deleted User] Posts: 35,242
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    edited 2 November 2021 at 6:20PM
    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.
  • 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]
    [Deleted User] Posts: 35,242
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    That's a lot of money to build a terrible credit history....
  • mcpitman
    mcpitman Posts: 1,267
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    @Madmike48 sorry to be bluntly honest.

    You are being conned pal.

    Life isn't about the number of breaths we take, but the moments that take our breath away. Like choking....
  • MEM62
    MEM62 Posts: 4,664
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    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.  
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