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Spring Financial review

Apply for a fast personal loan of up to $15,000 from this online lender.

Skip the face-to-face meeting and get a personal loan completely online. Spring Financial offers fast approval and funding to borrowers who don’t qualify for a loan from a bank. Get your loan as soon as the same day or the next day. To be eligible, you must have a minimum monthly income of $1,800 and be employed for 3+ months

Finder Rating: 4 / 5


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17.99% - 46.96%

Interest Rate


Max. Loan Amount


Min. Credit Score

Spring Financial at a glance

  • 100% online
  • Same-day approval and funding
  • Pay off the personal loan early with no penalties
  • High rates for bad credit
  • You may be offered a credit builder loan instead of a personal loan

What is Spring Financial?

Spring Financial is an alternative lender that operates completely online. Launched in 2014, it provides different types of loans to people with fair or bad credit across Canada. Its 2 main products are the personal loan and credit builder loan (also known as “The Foundation”).

Is Spring Financial legit?

It is. Spring Financial is a registered business with headquarters in Vancouver, Canada. It has an active social media presence on Facebook, Twitter, Instagram and LinkedIn, and you can contact customer support through email, phone or live chat.

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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 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 $15,000 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 9 months up to 48 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 funds, which will take 12 months. The purpose of this product is to improve your credit score.
  • Steep interest rates. APRs for Spring Financial personal loans start at 17.99% up to 46.96%, which are higher compared to rates from traditional lenders.
  • 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.

Alternatives similar to Spring Financial


Finder Rating: 3.5 / 5

Go to site


29.90% - 46.90%

Loan term

12 - 60 months

Loan amount

$1,000 – $15,000

Min. credit score


Eligibility Requirements

Min. credit score 570, min. income $1,200/month, 3+ months employed


Finder Rating: 4.1 / 5

Go to site


12.99% - 39.99%

Loan term

9 - 60 months

Loan amount

$500 – $10,000

Min. credit score


Eligibility Requirements

Min. income of $1,600 /month, stable employment

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. People who recently gave Spring Financial negative reviews commented on its pushiness or lack of clarity with the credit builder loan. There have also been complaints about bad customer service.

BBB accreditedNo
BBB ratingD
BBB customer reviews1.07 out of 5 stars, based on 337 Spring Financial reviews
Trustpilot score4.8 out of 5 stars, based on 9,086 Spring Financial reviews
Customer reviews verified as ofJune 20, 2022

What types of Spring Financial loans are available?

Spring Financial offers the following types of loans:

LoanHow it worksLoan amountLoan termAPR
Personal loanBorrow money for any legitimate purpose. Get approved based on your credit score and other personal factors.$500 – $15,0009 - 48 months17.99% - 46.96%
The FoundationMake on-time loan payments before you receive the money to improve your credit score. Get approved based on your income.Not specified12 monthsNot specified
Evergreen loanBorrow money for any legitimate purpose. Get approved only if you complete The Foundation program.$1,500Up to 18 months18.99%
Mortgage and home equity loanBorrow 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

Am I eligible for a Spring Financial Personal Loan?

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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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 $15,000. You can select from different ranges including: Under $500, $500-$1,500, $1,501-$3,000, $3,001-$5,000, $5,001-$7,500, $7,501-$15,000.
  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 the purpose of your loan, with options that include debt consolidation, bill payments, auto repairs and upgrades, leisure and vacation, and home repairs and renovations.
  4. The next prompts will ask for personal details, including your full name, home address, your birthday, and your phone number and email address.
  5. 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.
  6. After you review and approve your loan agreement, you can provide your banking information and your loan will be deposited into your account 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 2 to 3 days. Your repayment options will be outlined in your contract with Spring Financial. Payments start at as low as $37 every fortnight, 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 a personal loan fast and don’t 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.

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Overall representative example
If you borrowed $20,000 over a 5-year term at 9.50% APR (variable), you would make 60 monthly payments of $420.04 and pay $25,202.23 overall, which includes interest of $5,202.23. The overall cost for comparison is 9.50% APR representative.

Frequently asked questions

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