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Spring Bank NY personal loans review

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Need cash in the Bronx? Get a low-interest small-dollar loan — and build your credit while you’re at it.

finder.com’s rating: 3.6 / 5.0

★★★★★

  • Best for NYC residents looking for competitive short-term loans.
  • Pick something else if you need money fast — it can take up to two weeks to get your funds.

$2,500

Max. Loan Amount

8% to 16%

APR

Details

Product NameSpring Bank personal loans
Min. Loan Amount$500
Max. Loan Amount$2,500
APR8% to 16%
Interest Rate TypeFixed
Loan Termsix months to three years

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Residents of the South Bronx and Harlem looking for small-dollar loans might want to take a serious look at Spring Bank. This community development financial institution (CDFI) offers one of the most affordable small-dollar loans out there while helping you improve your credit and fire up your savings.

It’s not for people who need money quickly, however — it can take up to two weeks for you to see your cash. And its loans max out at $10,000 — not ideal for big renovation projects or paying off tens of thousands of dollars in credit card debt.

Don’t live in New York City? Compare your other options below.

First, am I eligible?

Requirements vary depending on the type of loan you apply for, though you’ll need to meet the following criteria at a minimum:

  • Must be employed
  • Annual income of $22,000+
  • No bankruptcies in 5+ years
  • No judgments or large collections on your credit report
  • Provide two different forms of ID
  • Credit score of 635+ (excl. Credit Builder and Employee Opportunity loans)

What types of personal loans does Spring Bank offer?

Spring Bank’s personal loans are designed to help you build your credit and savings while meeting your immediate financial needs.

Loans include:

  • Unsecured personal loans. Borrow up to $2,500 and pay it back from six months to three years without putting up collateral.
  • Secured personal loans. Secure these loans with a savings account or CD, borrowing up to your account balance and repaying that amount over six months to a year.
  • Employee Opportunity loans. This small-dollar loan provides an affordable alternative to payday loans or pawn shops.
  • Credit Builder loans. Your credit score doesn’t matter when you apply for these loans — they’re designed to help you increase it.

Special loan programs

Small-dollar loans are where Spring Bank shines. Here’s how they work:

Employee Opportunity loan

Designed as an alternative to payday loans, the Employee Opportunity loan is a better option than short-term loans. But it isn’t for everyone: Your employer must be affiliated with Spring Bank to qualify.

Loan amount $1,000 to $2,500
APR 16%
Loan term 12 months
Fees $20 application fee
Eligibility requirements
  • Employed with a Spring Bank affiliate
  • Annual income of at least $22,000
  • No bankruptcies in the past five years
  • No judgments or large collections on your credit report
Uses School supplies and uniforms, unexpected expenses, pay off high-interest debt
Repayment Deducted directly from your paycheck
Other benefits After your loan is fully repaid, opt to deduct the same monthly payment from your paycheck and deposit it into a savings account.

Credit Builder loan

Credit Builder loans are available in smaller amounts and to more people. They’re designed to help build or rebuild your credit while locking away your loan in a savings account, where your money stays until you pay it off.

With Spring Bank, you earn moderate interest on the money in your savings account. And you get full access to your unrestricted funds when your loan matures. It reports your responsible payments to credit bureaus monthly, which means you could see a small jump in your credit score within six months to a year after taking out your loan.

Loan amount $500 to $1,500
APR 8%
Loan term 6 to 12 months
Fees $20 application fee
Eligibility requirements
  • Annual income of at least $22,000
  • Proof you can repay the loan
  • Spring Bank account holder — or open one if you’re not already
  • No bankruptcies in the past five years
  • No judgments or large collections on your credit report
Uses Any legitimate purpose
Repayment options Direct deposit, autopay, check
Other benefits After your loan is fully repaid, opt to deduct the same monthly payment from your paycheck and deposit it into a savings account.

Pros

  • Low interest rates compared to short-term loan providers
  • Open to borrowers with low or no credit
  • 1% rate discount for signing up for autopay
  • Can help improve your credit
  • Superior customer service

Cons

  • Only two branches
  • Hard to find the application for some of its loan products
  • It can take one to two weeks to get your funds
  • Application is on a third-party site

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Spring Bank reviews and complaints

BBB accredited Yes
BBB rating A+
Customer reviews verified as of 19 October 2020

Spring Bank doesn’t have much of an online reputation. It’s not listed on the Better Business Bureau or Trustpilot. It earns 3.5 out of 5 stars on Yelp based on three reviews, two of which breathlessly praise its customer service. We were impressed with our experience too.

The other review is a detailed account of a negative experience with a supervisor after the customer allegedly tried to cash a fraudulent check. It might require a grain of salt.

How do I apply?

If you meet Spring Break’s eligibility requirements, apply online for a loan. The whole process should take from seven to 14 days.

What happens after I apply?

After you submit your online application, a Spring Bank employee should get in touch with you within 24 to 48 hours to request further documentation. If additional documentation is required, you’ll submit it and wait for Spring Bank to contact you with your loan offer.

Carefully read your loan agreement before signing it.

How do repayments work with Spring Bank?

Spring Bank’s personal loans come with monthly repayments with terms as long as three years. You can sign up for autopay to knock 1% off of your interest rate. Unfortunately, this discount doesn’t apply to Employee Opportunity loans, which requires automatic repayments from your paycheck each month.

Keep an eye on your account and contact Spring Bank with questions or concerns.

Learn how Spring Bank compares to other short-term and longer-term personal loan providers. Or compare more personal loan options from New York credit unions.

Frequently asked questions

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Read the full methodology of how we rate personal loan providers.

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