CashWave or Creditspring? We compare both
When it comes to alternative borrowing solutions, especially for those with poor credit scores, two popular options stand out: our product CashWave and Creditspring. Both are designed to provide financial support without traditional interest charges, but they work differently. Here’s a breakdown to help you decide which is right for you.
Loan Amount and Accessibility
CashWave: With CashWave, you can access £300 for up to 90 days. Once approved, you can withdraw funds whenever needed, without the need to reapply. This makes CashWave an ideal option for short-term flexibility and unexpected expenses.
Creditspring: Creditspring provides access to up to £600 annually, divided into two £300 advances. However, you must fully repay the first advance over six months before accessing the second, which limits borrowing flexibility.
Repayment Structure
CashWave: Borrow £300 and repay it in three equal instalments of £100 per month, with a flat subscription fee of £30 per month. If you repay early—within the first 30 days—you only pay for the time you’ve used, making it more cost-efficient for short-term needs.
Total Cost of Credit for £300: £90 over three months.
Creditspring: Pay a fixed membership fee of £10 per month, with repayments of £50 monthly over six months per £300 advance. The membership requires a 12-month commitment, regardless of whether you use the second advance.
Total Cost of Credit for £600: £120 over 13 months
Eligibility and Credit Checks
CashWave: Uses an internal AI credit rating to assess affordability rather than relying heavily on traditional credit scores. This makes it more accessible for those with low credit or limited credit history. A soft credit check is used during application to ensure no impact on your credit score.
Creditspring: Requires users to meet stricter criteria, including a minimum income of £14,000 per year and no recent CCJs or bankruptcies. While the initial check is a soft credit pull, a hard check is performed upon membership acceptance, which could impact your credit score.
Flexibility and Transparency
CashWave: Offers a pay-as-you-use model, where there’s no cost if you don’t withdraw the funds after approval. This provides peace of mind, knowing you have access to funds without any obligation to use them.
Creditspring: Requires a 12-month membership, meaning you pay the £10 monthly fee regardless of whether you take an advance or not.
APR Comparison
CashWave: Representative APR 91.25%, reflecting the subscription fee. The total cost is capped at £90 for a £300 advance, offering clear and predictable pricing.
Creditspring: Representative APR 83.1%-88.8%, depending on the membership plan. While the APR may appear lower, the fixed membership fee can result in higher costs if you don’t fully utilise the advances.
Which One Is Right for You?
Choose CashWave if:
You need short-term borrowing with greater flexibility.
You want to pay for the service only when you use it.
You prefer a clear three-month repayment plan.
Choose Creditspring if:
You’re comfortable with a 12-month membership commitment.
You want access to two pre-approved advances annually.
You don’t mind a fixed monthly fee, even if you don’t use the advances.
Final Thoughts
Both CashWave and Creditspring are great alternatives to traditional loans, offering no-interest borrowing with clear repayment terms. However, we’re confident CashWave stands out for its flexibility, pay-as-you-use model, and suitability for users with varying credit histories.
If you’re looking for a borrowing solution that adapts to your needs without locking you into long-term commitments, CashWave by SteadyPay could be the perfect fit.