The company said the new funds will go towards increasing its lending capacity to meet the increased demand for loans as both inflation and daily costs continue to rise for UK consumers. The tracker also found that around 30% of adults in the UK were “terrified” for their financial future.‘A perfect hunting ground for predatory lenders’Creditspring’s on-demand loans are interest-free, however, the company only pays them out to registered members who are charged a fixed membership fee.“The significant growth in our customer numbers over the past six months highlights just how many people in the UK are in need of additional financial support,” said Neil Kadagathur, co-founder and chief executive of Creditspring.“As people increasingly turn to borrowing to survive the cost-of-living crisis, it creates a perfect hunting ground for predatory lenders which do not have the best interests of their customers at heart.“We must do all we can to help people reduce their chances of falling into unmanageable debt – never has this been more important than it is today.“This fundraise allows us to deliver on our mission to help people across the UK build their financial stability with access to affordable credit and practical guidance.” Creditspring has said it expects to loan £100m to members this year, a £75m increase from last year.