CreditSpring

Category: Startup

Vertical: Financial Education and Inclusion

Website: http://www.creditspring.co.uk

Description:

We are focused on addressing the problems that emergency expenditures create for people without savings or access to cheap credit.

We are focused on addressing the problems that emergency expenditures create for people without savings or access to cheap credit. 40% of the UK population has less than å£100 in savings making them vulnerable to small financial shocks (fridge breaks, car payment, etc) and current solutions for dealing with them are all suboptimal-

1) make a sacrifice (hard and not always practical)

2) Use bank overdraft or credit card (not always available and confusing)

3) Borrow from friends and family (embarrassing and not always available)

4) Payday Loan (high interest is very risk for debt profile)

Our new solution is to offer forward thinking people the ability to take control of their situation and pay a monthly fee to have guaranteed access to a very cheap and subsidized loan for dealing with emergencies.