Credio Review | www.credio.co.uk

Credio

Last Update: November 22nd, 2016

About…
Address: 372 Old Street, Suite 167, London, EC1V 9LT.
Branding: Credio. AKA: Credio Loans.
FCA Licence: 717765.
From: Cashbridge Corporation Ltd.
Launched: 2014.
Memberships: Non.
Related: No companies.
Website: www.credio.co.uk.

Product Details…
Bad Credit Credio Loans Available?: Yes.
Manage: Credio login provided via www.credio.co.uk.
Offers: Instalment and payday loans.
Opening Hours: Monday to Friday. Times not disclosed.
Sums: £50 to £200 (new and returning).
Terms: 1 to 4 months.

The Pricing…
£16 /£100 (30) <0.533%>
£41.35 /£150 (3) <0.306%>

Notes: If £300 was available here then the cost would be £78.70 (0.291% daily). This company appears to be currently dormant. More info below.

Additional Info…
There has been some major recent developments with this lender. It doesn’t appear that they are actively trading. A Companies House search showed “Accounts for a Dormant Company”. Their Trustpilot page is now filled with 1 star ratings across 2016. Some reviewers were screaming scam, with concerns that applications weren’t being processed, contact was not possible etc. Their social media accounts also haven’t been updated since March 2016. The worry was that customer data was being sold on to third parties and that banking details, Facebook login data etc were held with no option to close the account down. Cashbridge Corporation Ltd is fully authorised by the FCA and they have a history of trading as well.

What is strange is when you head to www.credio.co.uk, if you click on the button to register then you’ll now be taken to credio.co that is a newly devised site. This isn’t correctly configured though as if you visit it without www then you’ll reach a blank page. We have kept the existing site listed until we know what’s happening. On the (.co.uk) they did head offering first timers £50 to £200 and £1000 max on re-loans. On the new website £200 is capped for all users. The prices have also changed. You can save time by logging in with Facebook, but it doesn’t appear that there is now a fee discount that was the case previously.

The past charges were £18.72 per £100 for a month that dropped to £12 when logged in with FB. £300 calculated as £89.70 that discounted to £74.70. The new £100 monthly cost is £16 (£12 interest + £4 fee). £150 over 3 months shows a charge of £41.35. This breaks down as £37.35 + £4 = £41.35. £300 is not available, but it would calculate as £37.35 x2 = £74.70 + £4 = £78.70. The fact that a new site has been crafted suggests of a possible return, but the Trustpilot feedback is concerning. We wouldn’t advise applying for the time being. You may also wish to delete their Facebook access on your apps page.

Updates…
– Cap is now £200, was £1000. Discounts look to be removed + price updates. Possible closure.
– 2016 update has seen £1000 now listed as a return sum.
– 1 month term added. The fees and interest have changed a few times.

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