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Credio Loans @ www.credio.co.uk
Credio was launched by Cashbridge Corporation Ltd in 2014. They have used www.credio.co.uk and more recently also Credio.co. We are profiling this lender for informational purposes, but it does appear that they are no longer trading and a closure looks likely. On a Companies House search the last report marked accounts for a dormant company and there is also now a First Gazette notice for compulsory strike-off. The signs never looked good over on their Trustpilot page that was littered with 1 star ratings throughout 2016. Reviewers were concerned that applications weren’t being processed, contact was not possible, their account couldn’t be deleted etc. Both their official Facebook and Twitter pages also haven’t been updated since March 2016.
Concerns are understandable since they hold banking information, you authorise them through Facebook and the account can’t be deleted. For reference, you can delete their access from your apps in Facebook. It is not clear what problems have gone on, but we can confirm that they are fully authorised by the FCA and they do have a track record of lending since 2014. We’ll discuss the product ins and outs over 2 periods. They firstly offered from £50 to £200 for new customers and £1000 when returning. The repayment options were 1 to 4 months. Calculating costs was tricky since they only showed savings once the Credio login is reached and the social media account is verified.
These was also conflicting information displayed regarding fees. A standard monthly loan was set at £18.72 that with the discount trimmed down to £12. For 3 months at £300 (available on reloans only), the costs calculated as £89.70 and £74.70 with the saving. They operated during the working week only, but displayed no specific business hours. On the new (.co) site it was updated that the maximum that all could borrow was £200 and discounts were scrapped. The charges read as £16 monthly per £100 (£12 interest and £4 fee). Selecting £150 over 3 months showed a full charge on the calculator of £41.35. When clicking through, the breakdown was £37.35 + £4 = £41.35).
Just as a small update: They appear to be trading again. The updated prices are displayed below. We’ll work through this listing once we are sure that they are to continue.
£22.25 /£100 (30)
£56.10 /£150 (3) (doubled interest: £112.20)
Data Taken from www.credio.co & www.credio.co.uk: March 2017.