Spring Financial Personal Loan review
Get approved for a personal loan of up to $15,000 with a quick online application and receive funds as early as the next day.Spring Financial personal loans are open to any credit score. People currently filing for bankruptcy or a consumer proposal can also apply.
17.99% - 46.96%
Max. Loan Amount
Min. Credit Score
If you need quick access to cash, you can apply online or over the phone within minutes for a Spring Financial Personal Loan and receive funds within the next day of approval. You can take out a personal loan for as little as $500 up to $15,000 to help you consolidate debts or cover expenses, including bills, student loans, home repairs and emergencies.
- Choose Spring Financial if you’re interested in a quick way to apply for a personal loan, regardless of your credit score and history of bankruptcy.
- Pick something else if you don’t want to provide personal references and verification of your employment, which may be required if you have bad credit.
- If you don’t qualify for a Spring Financial Personal Loan, you may be offered its Foundation credit builder loan. With this product, you make loan repayments, including interest, before receiving the funds, which could take at least 6 months.
What is a Spring Financial Personal Loan?Spring Financial offers Canadians with a convenient alternative personal loan option of up to $15,000. Instead of visiting a brick-and-mortar location, you can apply online or over the phone within minutes. Once you’re approved, you can sign the loan documents right away and receive the funds you’ve qualified for as early as the next day.
What makes Spring Financial Personal Loans unique?Spring Financial offers loan options for people who are currently in bankruptcy or consumer proposal, as well as for people who have recently been discharged from bankruptcy or consumer proposal. If you find yourself in a unique financial situation, Spring Financial may still help you with a loan, but you may need personal references and employment verification. Your reference will not know what you are applying for and none of your application details will be disclosed. For employment verification, Spring Financial will call your place of work to confirm that you do work for the company.
What are the benefits of a Spring Financial Personal Loan?
Online lenders are plentiful, giving consumers plenty of options to choose from. But if you’ve set your sights on a Spring Financial personal loan, here’s a look at some of its advantages:
- Quick, convenient online application with quick pre-approvals. 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.
- Anyone can apply. Spring Financial explicitly notes anyone can apply for a personal loan and even accepts higher-risk applicants such as those who have filed for bankruptcy or a consumer proposal, and those who have less-than-perfect credit.
- Loan amount of up to $15,000. You can borrow up to $15,000 from Spring Financial to cover expenses such as bill payments, student debt, repairs and renovations.
- Small loan amounts. You can borrow as low as $500.
- No fees. Spring Financial notes on its website that it does not charge application fees, maintenance fees or any other hidden costs to use its services.
- Unsecured loans with no cosigner needed. You can apply for financing without putting up any collateral or providing a cosigner on your loan. If you’ve filed for bankruptcy or consumer proposal, you may need to provide personal references and employment verification.
- Lengthy terms. You’ll be able to lock in a term starting at 9 months up to 48 months, or 4 years to help bring your monthly payments down. Only extend the life of your loan if you need to.
- Loan repayment terms start at as low as $37. If you need to keep your loan repayments as low as possible to fit into your budget, Spring Financial says repayments can start at $37 every two weeks.
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 before receiving the funds, which could take at least 6 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%, meaning you could be paying a lot more in interest compared to rates on offer from traditional lenders.
- You may need to provide 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.
- No online quotes or online comparisons. After you submit your application, Spring Financial will contact you shortly after by telephone to go over your loan request. Other online lending services let you compare multiple lenders at one time on an easy-to-navigate platform so you can do your homework on various offers and interest rates before making a decision.
Compare personal loans
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.
Am I eligible?
To be eligible for a personal loan, 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 do I apply?
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:
- 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.
- 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.
- 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.
- The next prompts will ask for personal details, including your full name, home address, your birthday, and your phone number and email address.
- 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.
- 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.
I got the Spring Financial loan. Now what?
Once you’re verified your income and credit score and you’re approved for a Spring Financial loan, funds will be transferred directly into your bank account within a business day.
After that, the cash is all yours, so make sure you use it wisely. During the application process, you will have been asked if you’re using the loan to consolidate debts, pay bills, buy a car or take a vacation, for example.
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 may be eligible to pay off your loan early without any penalties if you’re interested in getting out of debt faster. Check with Spring Financial before you agree to your loan’s terms in case this is an important option for you.
If you’re having trouble getting approved for a personal loan via traditional lenders like banks or credit unions, Spring Financial is a viable option to help you out regardless of your credit score, or if you’ve filed for bankruptcy or a consumer proposal. As long as you have some form of steady income and you’re willing to put up personal references, Spring Financial should be able to offer you a loan option to suit your needs.
Applying is quick and easy. From there, you can compare the Spring Financial loan on offer to you to other online lenders’ interest rates and terms.
You can also consider the wider range of personal loan options available to you.