Spring Financial review

Our verdict

Our verdict

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.

Best for: People who need a fast personal loan 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

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Loan Amount

$500 - $35,000

Loan Term

6 - 60 months

Interest Rate

9.99% - 46.96%

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Spring Financial Personal Loan

Learn more on Spring Financial's secure site

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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”).

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

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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, 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.

Alternatives to Spring Financial

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Name	Product	Ratings	Interest Rate	Loan Amount	Loan Term	Requirements
Loans Canada Personal Loan Loans Canada Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$300 - $50,000	3 - 60 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Spring Financial Personal Loan Spring Financial Personal Loan		Customer Survey: ★★★★★	9.99% - 46.96%	$500 - $35,000	6 - 60 months	Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
LoanConnect Personal Loan LoanConnect Personal Loan		Customer Survey: ★★★★★	6.99% - 46.96%	$500 - $50,000	3 - 120 months	Requirements: min. credit score 300	Go to site View details	Compare	loading Fetching your data...
Aim Finance Personal Loan Aim Finance Personal Loan		Not yet rated	46%	$1,000 - $5,000	9 - 24 months	Requirements: min. credit score 580	Go to site View details	Compare	loading Fetching your data...
Mogo Personal Loan Mogo Personal Loan		Customer Survey: ★★★★★	9.90% - 46.96%	$200 - $35,000	6 - 60 months	Requirements: min. income $13,000/year, min. credit score 500	Go to site View details	Compare	loading Fetching your data...
SkyCap Financial Personal Loan SkyCap Financial Personal Loan		Customer Survey: ★★★★★	19.99% - 39.99%	$500 - $10,000	9 - 60 months	Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy	Go to site View details	Compare	loading Fetching your data...
Symple Personal Loan Symple Personal Loan		Not yet rated	6.99% - 32.00%	$5,000 - $50,000	12 - 84 months	Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies	Go to site View details	Compare	loading Fetching your data...
Fat Cat Loans Personal Loan Fat Cat Loans Personal Loan		Not yet rated	6.99% - 46.96%	$300 - $50,000	3 - 120 months	Requirements: min. income $1,000/month, min. credit score 300	Go to site View details	Compare	loading Fetching your data...
goPeer Personal Loan goPeer Personal Loan		Not yet rated	8.99% - 34.99%	$1,000 - $35,000	36 - 60 months	Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)	Go to site View details	Compare	loading Fetching your data...
Fairstone Secured Personal Loan Fairstone Secured Personal Loan		Customer Survey: ★★★★★	19.99% - 24.49%	$5,000 - $50,000	36 - 120 months	Requirements: must be a homeowner, min. credit score 560	Go to site View details	Compare	loading Fetching your data...

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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.

Spring Financial reviews from Finder survey

Explained the process up front, interest rate was scaled back somewhat from what a direct lender would normally charge a client.

Spring Financial Customer from North Vancouver, BC

I got the amount of money I asked for and it was not too expensive to pay it back.

Spring Financial Customer from Windsor, Ontario

What types of Spring Financial loans are available?

Spring Financial offers the following types of loans:

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.

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 a 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.

• Bad credit loans in Canada

• Personal loan interest rates

• Credit builder loans

• Fast loans

Frequently asked questions about Spring Financial

• Is Spring Financial legit?

  Yes, Spring Financial is a legally operating, registered business in Canada. It was founded in 2015 and is headquartered in Vancouver, British Columbia. Its BC registry ID is BC1352642.

• Is Spring Financial the same as easyfinancial?

  No. Spring Financial and easyfinancial are two different loan companies. However, they both offer personal loans to people who may not get approved by financial institutions.

• How do I know if I've been approved for a loan?

  Spring Financial says it doesn't take long to get an approval. Basically, once you've applied, keep an eye on your phone as a representative will call you to review your application and organize your next steps.

• How long does the process take?

  The application and approvals process can be done in a single phone call. Once you're approved, you can sign loan documents on the spot and receive the funds into your account as early as the same day. Almost all deposits are made within 1-2 business days, according to Spring Financial.

• What information is disclosed to references?

  Only some applicants will need to provide personal references and employment verification. With personal references, Spring Financial will not call your reference during the application process but will instead keep the reference information on file.

  For employment verification, Spring Financial says it will call your place of work to confirm that you do work for the company. Whoever confirms your employment will not be told what you're applying for and Spring Financial will not disclose any of your application details.