Neil Kadagathur is co-founder and chief executive of Creditspring, a UK lender that charges members a fixed monthly fee in place of interest on small loans. "I founded Creditspring in 2016 after hearing story after story about credit traps, people living in their overdrafts, and high-cost credit," he told TechRound in 2021. Read our review of Creditspring.
Trading Distressed Credit at Goldman Sachs
He came to lending from two directions: field study of microfinance in rural South India, and a trading job at Goldman Sachs covering distressed European financial institutions. "Having studied microfinance in rural South India, and trading distressed European financial institutions at Goldman Sachs, I've seen how credit can change lives," he said.
Pricing Loans by Membership in Place of Interest
Creditspring members pay a monthly fee, choose a tier and can draw two loans a year, each repaid over six months at 0% interest. The fee sets the full cost in advance, so a member knows the price in place of an interest bill that grows with time. In 2022 he told Business Insider that the lender was backed mainly by private investors, not venture capital firms.
