Online lender Spring Financial offers personal loans of up to $35,000. You can apply online without leaving home, and if approved you’ll get your loan the same day.
But while Spring Financial is worth checking out if you need a fast online loan, it’s far from your only option. Keep reading to compare loans like Spring Financial and learn how they stack up against this popular online lender.
LoanConnect is an online loan search platform, so it's not a direct lender like Spring Financial. But it does make it quick and easy to compare offers from its network of lenders, as you can apply online and see loan offers in as little as a minute. And with loans for all types of credit available, LoanConnect offers a simple way for a wide range of people to find funding.
Fast online pre-approval
Won't hurt your credit score to apply
Bad credit is OK
Loans of up to $60,000 available
Rates from 8.99%
Not a direct lender
APRs of up to 35% for bad credit
You're limited to LoanConnect's network
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Unlike Spring Financial, Loans Canada is not a direct lender. Instead, it's a loan search platform where you can compare loan offers from Canada's largest network of lenders. Once you fill out a single online application, you'll be matched with suitable offers from Loans Canada's lending partners. Once you find an offer you like, you can complete the application with the lender of your choice.
Large network of lenders
Compare loan offers to choose the best one
Funding available for good or bad credit
Free platform
Rates starting from 8.99%
High interest rates for bad credit
Not a direct lender
Check with the lender for any fees that may apply
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
AAR Financial offers unsecured personal loans for borrowers with all types of credit. Like Spring Financial, it offers a simple application process and fast access to funds. There are flexible loan terms available too, with repayments spread over a period ranging from 2 to 10 years. But unlike Spring Financial, AAR Financial loans are only available in selected provinces.
Get your funds the same day
High approval rate
Bad credit or no credit is OK
No prepayment penalty
Only available in AB, BC, MB, ON and SK
High rates for bad credit
$90 NSF fee, which is higher than average
Loan Amount
$1,000 – $50,000
APR Range
14.9% – 35%
Loan Term
24 - 120 months
Serviced Provinces/Territories
AB, BC, MB, ON and SK
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
Fees may include insurance fees, administration fees and NSF/late payment fees.
Requirements
Must be the age of majority in your province, have an active bank account and provide proof of employment as well as three pieces of ID.
Blue Copper Capital offers personal loans, payday loans and lines of credit. You can apply online or at one of the lender's Alberta locations, and you can choose an unsecured loan or provide an asset as collateral for a secured loan. You can then repay what you borrow over a period of up to 84 months, but you also have the option to pay off your loan early without penalty.
Large loan amounts of up to $100,000
Apply online in minutes
Could help improve your credit score
4.8/5 stars based on 220+ Trustpilot reviews
High rates for bad credit
Only available in BC and AB
References required to apply
Loan Amount
$1,000 – $100,000
APR Range
16% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
BC and AB
Turnaround Time
Varies
Fees
$6 per month
Requirements
3+ months employed, active bank account, resident of AB or BC, at least 18 years of age
Like Spring Financial, easyfinancial is an alternative lender and a member of the Canadian Lenders Association. You can apply for a loan online, get approved and receive funding on the same day. And if you want to pay your loan off early, you can do so without penalty. But easyfinancial offers unsecured personal loans of up to $20,000 and secured home equity loans of up to $150,000.
Better Business Bureau accredited with an A+ rating
Secured and unsecured loans available
Get pre-approved with no impact on your credit score
Bad credit is OK
Same-day funding available
High rates for bad credit
Watch out for extra fees
Loan Amount
$500 – $150,000
APR Range
9.99% – 35%
Loan Term
9 - 240 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Approval within 30 minutes
Min. Credit Score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Requirements
Be a Canadian citizen. Meet the minimum age requirement, which varies from province to province. Be able to demonstrate an ability to make repayments. Min. monthly income of $1,200.
How does Spring Financial compare?
For a full rundown of how Spring Financial stacks up against the competition, check out our Spring Financial review. But if you’re just looking for a quick comparison, check out Spring Financial’s pros and cons.
Pros
Completely online application process
Borrow up to $35,000
Get approved and funded via e-Transfer the same day
Fair or bad credit is OK
No prepayment penalties if you pay your loan off early
Loans are available in all provinces and territories
4.6/5 stars based on 19,000+ Trustpilot reviews
Cons
High APRs of up to 35% for bad credit
Borrowers who don’t qualify for a personal loan could be offered a credit builder loan
References may be required
Lots of customer complaints were made to the Better Business Bureau
What to expect from the approval and application process
Online lenders like Spring Financial typically offer a quick and easy online application process. You will need to fill out a form with details such as your name, address, date of birth and contact information, plus details of how much you want to borrow.
You will also need to provide information about your employment or other sources of income. In the past, you usually needed to provide recent bank statements to prove your income, but many lenders can now review your bank statements through an encrypted portal thanks to instant banking verification (IBV).
Online lenders like Spring Financial also offer fast approval and funding. Spring Financial offers same-day funding via e-Transfer, but it may take approximately 24 to 72 hours to get approved and funded with some lenders.
What to watch out for
High rates for bad credit. If you have bad credit, your personal loan could come with an APR as high as 35%. Learn more about bad credit loans.
Additional fees. You’ll also need to check the fine print for details of any other fees that may apply, such as origination fees, NSF fees and late payment fees.
References sometimes required. Some online lenders like Spring Financial require you to provide up to three references in order to qualify for a loan.
Income requirements. You’ll typically need to meet a minimum income requirement to qualify for a loan. Some lenders also may not accept income types other than employment income.
Credit builder loans. Some lenders offer credit builder loans as an alternative to personal loans, requiring you to make fixed monthly payments to build credit. Spring Financial offers the Foundation credit builder loan, which has earned a fair few negative customer reviews across platforms like Reddit and Trustpilot.
Bottom line
There are plenty of options worth checking out if you’re looking for loans like Spring Financial. But each alternative lender and loan search platform has its own pros and cons, so make sure you compare a range of borrowing options before deciding where to apply for a loan.
Frequently asked questions
Spring Financial personal loan amounts range from $500 to $35,000.
You'll need to be the age of majority in your province or territory to get a loan from Spring Financial. You will also need to have been employed in your current job for at least three months and have a minimum income of $2,000 per month. You can also get approved with less-than-perfect credit, but you'll only be able to qualify for a higher interest rate.
No. Spring Financial is an online-only lender and does not operate any branches.
You'll need to compare a range of lenders and loans to find an affordable loan that meets your needs. Check the APR when comparing loans to get a clearer idea of how much each loan will cost. You'll also need to consider loan amounts, eligibility criteria and repayment flexibility before deciding which personal loan is right for you.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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