Neil Kadagathur

Cofounder and CEO of Creditspring. Helping people build stability without stress.

[Neil Kadagathur @NeilKadagathur]

@BurridgeDiane @creditspringHQ Thank you!

[Creditspring @creditspringHQ]

'We wanted to create a sustainable business model with a positive social impact'.
- @neilk2332, CEO

We offer loans in exchange for membership fees, instead of interest.

Find out how we've raised $60 million in fresh funding via @BusinessInsider.👇🏽

https://t.co/C3Mh1tBp4W

[Neil Kadagathur @NeilKadagathur]

7- We believe our approach is working so far.

After surveying our members,

🧘‍♀️92% reported an increase in peace of mind since becoming a member

🌉90% report increase in financial stability

[Neil Kadagathur @NeilKadagathur]

3- Our thinking is often more closely aligned with non-profit lenders and debt organisations. We agree credit needs to be greatly improved for a large part of the UK.

[Neil Kadagathur @NeilKadagathur]

5- By not charging interest on amounts borrowed or penalty fees we are genuinely incentivised to help our members get out of debt sooner - no sneaky tricks to keep them in debt longer and make more money as a result.

[Neil Kadagathur @NeilKadagathur]

2- One of our values is literally ‘Do the right thing’ and we talk about and review values on a bi-weekly basis at least.

[Neil Kadagathur @NeilKadagathur]

We’ve built our company around doing the right thing. It’s the only way to build a sustainable business, especially one that does lending.

Here’s a few things we’ve done to make sure we always do the right thing and some metrics to back it up.

[Neil Kadagathur @NeilKadagathur]

1- Our mission is to improve our customers’ financial stability, not to grow our loan book. This helps us stay focused on building long term value vs short term profits.

(As a side note, payday lending in the UK is a great case study against short term profit thinking.)

[Neil Kadagathur @NeilKadagathur]

1- We have an awesome, mission-driven team

[Neil Kadagathur @NeilKadagathur]

In 2021 Creditspring crossed 100k members, 100k loans, grew our membership base over 7x, and most importantly helped our members save over £8m in borrowing costs. Here’s how…

[Neil Kadagathur @NeilKadagathur]

@moseskagan Wow. Thank you! Really appreciate it!

[Neil Kadagathur @NeilKadagathur]

@ConorNeu But massive cold start problem. How do they get performance data? Subsidise a whole bunch of loans with no existing ‘credit data’ ?

[Neil Kadagathur @NeilKadagathur]

@ConorNeu For consumers there are two huge benefits with subscription finance- no interest charges mean 1) transparency so you understand how much you owe at any time and 2) you costs are capped, no debt spiral.

[Neil Kadagathur @NeilKadagathur]

@ConorNeu I agree! Subscription Finance is often a simper and safer way to borrow for a large part of the population. (I am also a bit biased!)

[Just Some Fella 🍉 @EddyRhead]

Instead of helping Jeff Bezos buy another gold plated rocket car can you please think about supporting some of your local independent businesses. Mrs Rhead and I have set up a free online directory to bring together all the best Mcr indies and makers. Ta.
https://t.co/dq2FH1jACG

[Conor Neu @ConorNeu]

#Fintwit Focused Subject Area Experts

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[Neil Kadagathur @NeilKadagathur]

I wonder if governments had promoted ‘bills forbearance’ instead of ‘loan forbearance’ would this be different? Government intervention (rightfully) made the ‘cost’ of borrowing cheaper and people are rational.

[Debt Camel @DebtCamel]

“StepChange said that 1.2 million people faced serious issues including falling behind on essential bills and using more credit to make debt repayments.
It said the UK was "sleep-walking into a debt crisis" and long-term support was needed.” https://t.co/bY0MUrU7fJ

[Neil Kadagathur @NeilKadagathur]

Unpopular opinion, but lockdowns are increasing inequalities (financial, gender and racial) not Covid.