In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Spring Financial Personal Loan
3.0
★★★★★
Finder score
3.8
★★★★★
APR Range
10.8% - 46.99%
Loan Amount
$500 - $35,000
Loan Term
6 - 60 months
Min. Credit Score
500

Our verdict

Apply for a fast personal loan of up to $35,000, but watch out for The Foundation loan.

Spring Financial lets you skip the face-to-face meeting and get a personal loan completely online. It offers fast approval and funding to borrowers who may not qualify for a loan from a bank. Get your loan as soon as the same day or the next day.

This lender has options for good credit scores, but consider applying to banks or credit unions first if your finances are strong, as traditional lenders may have more competitive rates. Also, watch out for The Foundation loan, which may be offered to you if you don't qualify for Spring's regular personal loan. With The Foundation, you won't receive any funds until you make all your on-time payments (with interest). If you miss payments, you may not get your funds in the end.

Best for: People who need a fast personal loan online and flexible eligibility criteria

Pros

  • 100% online
  • Established lender
  • No prepayment penalties

Cons

  • High rates for bad credit
  • You may be offered a credit builder loan (The Foundation loan) instead of a personal loan

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

Spring Financial was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Overall customer satisfaction score: 83.91%

What is Spring Financial?

Spring Financial is an alternative lender that operates completely online. Launched in 2015, it provides different types of loans to people with fair or bad credit across Canada. Its two main products are the personal loan and credit builder loan (also known as “The Foundation”).

Most recommended + Best-rated

Spring Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.

Is Spring Financial legit?

Yes, Spring Financial is a legally operating lender and a registered business in Canada. It is headquartered in Vancouver, British Columbia and has an active social media presence on Facebook, Twitter, Instagram and LinkedIn. You can contact customer support through email, phone or live chat.

Business information:

  • Founded: 2015
  • Headquarters: 505-555 Burrard St., #600, Vancouver, British Columbia V7X 1M8
  • Social media: Facebook, Twitter, Instagram, TikTok and LinkedIn
  • Ownership: Privately owned
  • British Columbia registry ID: BC1352642

Go to site

What we like about the Spring Financial Personal Loan

  • Quick and convenient application. You can apply for a Spring Financial personal loan via phone call, or online on your smartphone, tablet or desktop. It doesn’t take long to get approved too – keep an eye on your phone as a Spring Financial representative may be in touch with you to review your application.
  • Fair or bad credit is okay. Spring Financial can consider higher-risk applicants, such as those who have less-than-perfect credit.
  • Flexible loan amounts. You can borrow $500 to $35,000 from Spring Financial to cover expenses such as bill payments, student debt, repairs and renovations.
  • Flexible terms. You’ll be able to lock in a term starting at 6 months up to 60 months to help bring your monthly payments down. But only extend the life of your loan if you need to, because a longer loan term means paying more interest.
  • No prepayment penalties. Pay off the loan anytime without penalties or hidden fees.
  • Unsecured loans with no cosigner needed. You can apply for financing without putting up any collateral or providing a cosigner on your loan.
  • Available across the country. The Spring Financial Personal Loan is available in all 10 provinces and 3 territories.

What to watch out for

  • The Foundation credit builder loan. If you don’t qualify for a Spring Financial Personal Loan, you might be offered its Foundation credit builder loan. With this credit builder loan, you make regular loan repayments, including interest, before receiving the loan funds, which will take 12 months. The purpose of this product is to improve your credit score. Get $750 back after making payments for 12 months. The Foundation loan is not offered in Saskatchewan, Quebec and New Brunswick.
  • Steep interest rates. APRs reach up to 46.99%.
  • Personal references and employment verification. While Spring Financial won’t disclose to your personal references and your employer that you’re seeking a personal loan, you may be asked to provide references to help you secure your loan.
  • Loan insurance. Spring Financial may offer loan insurance to cover your repayments in the event of a death, illness or job loss. This is 100% optional, and you shouldn’t feel obligated to get it.

Summary of Spring Financial reviews

Spring Financial reviews have been mixed. It has a low rating on the Better Business Bureau but a high rating on Trustpilot. People who recently gave Spring Financial positive reviews commented on its helpful customer service and fast, easy experience. People who recently gave Spring Financial negative reviews commented on its pushiness or lack of clarity with the credit builder loan (The Foundation). There have also been complaints about bad customer service.

FeatureDetails
BBB accreditedNo
BBB ratingC-
BBB customer reviews1.07 out of 5 stars, based on 144 Spring Financial reviews
Trustpilot score4.8 out of 5 stars, based on 14,573 Spring Financial reviews
Google rating4.7 out of 5 stars, based on 4,946 Spring Financial reviews
Customer reviews verified as ofApril 5, 2024

Summary of Spring Financial Reddit reviews

Many Reddit users have shared their experiences with Spring Financial on r/PersonalFinanceCanada. Positive points centred on how easy it is to get approved for a loan. Alternatively, people who discussed negative experiences on Reddit shared that the loan terms were unclear, which caused them to be confused about which loan they were signing up for until after signing the contract.

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Spring Financial reviews from Finder survey

What types of Spring Financial loans are available?

Spring Financial offers the following types of loans:

LoanHow it worksLoan amountLoan termInterest rate
Personal loanBorrow money for any legitimate purpose. Get approved based on your credit score and other personal factors.$500 – $35,0006 - 60 months10.8% - 46.99%
The FoundationMake on-time loan payments before you receive the money to improve your credit score. Get approved based on your income. Get $750 back after making payments for 12 months. If you don’t make all the payments on time, you may not get any money back.You’ll build up $750 in savings12 monthsLess than half of each bi-weekly payment goes towards the cost of the Foundation loan
Evergreen loanBorrow money for any legitimate purpose. Get approved only if you complete The Foundation program.$1,500Up to 18 months18.99%
MortgageBorrow to pay for a house.Not specifiedNot specifiedNot specified
Home equity loanUse the home equity on your current house to borrow money.Not specifiedNot specifiedNot specified

Spring Financial loan requirements

To be eligible for a personal loan from Spring Financial, you’ll need:

  • Min. income of $1,800 /month, 3+ months employed.
  • Proof that you’re of the legal age in your province or territory.
  • Proof of your employment status and monthly income (via pay stubs or bank statements).
  • A valid Canadian identification card to confirm your identity, your address and phone number.
  • An active Canadian banking account with direct deposit capability.
  • Your credit report with your credit score.
  • Personal references and a workplace contact to verify your employment.

How much does a Spring Financial Personal Loan cost?

The cost of a Spring Financial Personal Loan depends on your interest rate, loan amount and loan term. As an example, a $5,000 loan at 18.99% over 24 months has a monthly payment of $252. The total interest paid is $1,048.

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What are Spring Financial’s interest rates?

Spring Financial offers personal loan rates ranging from 10.8% at the low end and 46.99% at the high end. The interest rate you qualify for will depend on your personal financial factors like your credit score and income.

Can you get a loan from Spring Financial with poor credit?

Spring Financial offers loan options for people with damaged credit and is more likely to approve such applicants than banks and credit unions. However, if you don’t qualify for a personal loan with bad credit, you may be offered The Foundation loan.

How to apply for a Spring Financial Personal Loan

You can apply for a Spring loan by clicking the ‘Go to site’ button above. The whole application process shouldn’t take more than five minutes to complete:

  1. The first prompt will ask you how much you’d like to borrow, from $500 up to $35,000. You can select from different ranges including: $500 – $3,000, $3,001 – $7,000, $7,001 – $15,000, $15,001 – $25,000 or $25,001 – $35,000.
  2. After you’ve selected the amount you’d like to borrow, it will then ask you to select your credit score rating. You’ll need to have your credit score rating to answer this question, but there are also options for no credit and bankruptcy as well.
  3. You’ll then be asked about your employment status with options including self employed, retired/pension, long term disability, EI and no current income.
  4. You’ll then have to specify the amount of your income and how long you’ve been receiving it.
  5. The next prompts will ask for personal details, including your full name, home address, your birthday, and your phone number and email address.
  6. You’ll have to then connect your bank account through a secure connection.
  7. Once you’ve done everything on your end, Spring Financial will review your application and will contact you within the next 24 hours regarding the approval process, your loan quote and next steps.
  8. After you review and approve your loan agreement, you can provide your banking information and your loan will be deposited into your account via e-transfer within a single business day.

Apply for a Spring personal loan

I got the Spring Financial loan. Now what?

Once you’re reviewed and signed your loan agreement, funds will be e-transferred to you on the same day or directly deposited within two to three days. Your repayment options will be outlined in your contract with Spring Financial. Payments start at as low as $37 bi-weekly, but they’ll vary based on factors such as your loan size, interest rate and term.

Make sure you fit this loan repayment into your budget and either set up an auto payment or mark the due date on your calendar so you don’t miss any payments. You can pay off your loan early without any penalties if you’re interested in getting out of debt faster.

Bottom line

Spring Financial is a viable option if you need an online personal loan fast and may not qualify with a financial institution. However, when you apply for a Spring Financial personal loan, you may be redirected to a credit builder loan (The Foundation) if you don’t qualify for Spring’s personal loan. If this happens, don’t rush into taking out The Foundation without considering your other options. Make sure a credit builder loan like The Foundation is right for your current situation.

Frequently asked questions

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