SpringCoin Review | www.springcoin.co.uk

SpringCoin

Update: Rebranded in 2015

About…
Address: 27 Old Gloucester Street, London, WC1N 3AX.
Branding: SpringCoin. Also known as: Spring Coin.
FCA Licence: 657278.
From: AvantCredit Of UK LLC (part of Avant Credit Corp).
Launched: 2013.
Memberships: Non.
Related: No companies.
Website: www.springcoin.co.uk.

Loan Details…
Available: Monday to Sunday. Times not mentioned.
Bad credit considered: Yes.
Manage: SpringCoin login provided via www.springcoin.co.uk.
Offers: Personal loans.
Sums: £500 to £20,000 (new) | £20,000 max (returning).
Terms: 12 to 48 months.

The Pricing…
£230.40 /£1000 (12)

Notes: The opening hours are not specified, with them simply stating that they are there to help 7 days a week. There is however a noted 9pm cut-off time that has been discussed further below. The loan example above is estimated. They only provide an example of £3000 over 12 months costing £691.20. We then split this amount in 3 that gave us £230.40 per £1000.

Noteworthy…
– Amounts: A potential £20,000 unsecured loan is available here. No other subprime lender comes close to this. Heavy restrictions should of course be expected. Much would depend on the applicant’s credit score and the term duration.
– Flexibility: The range of 12 to 48 months provides customers with plenty of choice on repayments and you can clear early. These longer durations are critical when loans run into the thousands in order to create more affordable repayment structures.
– Operations: SpringCoin loans are available every day. The times aren’t listed, but at the bottom of the page they promote same day funding so long as you’ve been approved by 9pm. It would be assumed from this that they stay open until 10pm, although the 9pm time may not extend over weekends.
– Pricing: The extravagant loan sums are impressive, but pricing is another key service feature. The example above at £230.40/£1000 is considerably cheaper than most of the market and on a similar par with the costs from guarantor lenders.
– Technology: Praise is also warranted on their tech that enables them to make instant decisions and score risk at an improved level. They have received coverage on leading tech blogs for this (this was for their AvantCredit trading brand in the States). They originally created an automated payment negotiation tool before launching this brand and were involved in the development of Enova (part of Cash America International) who today compete against them locally with Pounds to Pocket.

Updates…
– Amounts available are £500 to £20,000 that has been changed from the minimum sum being £1000.
– Pricing has also seen an update. The cost above was £230.40, but when we checked them a while back they showed this example at £223.61. They previously noted a vague APR span of 19% to 99% and now 48.5% is centrally headed.
– Terms have seen an increase. They did stop at 36, but this has been extended to 48.

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