Feb 21, 2019
Neil Kadagathur is CEO and co-founder of Creditspring, which he describes as a "new type of credit product designed for people with limited savings specifically for unexpected expenses."
Creditspring launched in September 2018 and at the time of recording this podcast has 1000 members.
Neil describes how the product works, the motivations behind setting it up, his opinions of the payday loans industry, overdraft fees and the credit card markets in the UK and America, and his thoughts on the future of fintech in the responsible finance space.
Creditspring's members pay a monthly fee and are then able, if they need to, to draw down up to two £250 loans. The loans are repayable with zero interest – Neil describes Creditspring as akin to an insurance policy.
Some 40 percent of people in the UK have no savings and are especially vulnerable to the impact of an unexpected bill such as a washing machine breaking down, says Neil. Some turn to high cost payday lenders which leads to a spiraling problem.
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