Spring Bank NY personal loans review

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.

Employers affiliated with Spring Bank

To qualify for an Employee Opportunity loan with Spring Bank, you must work at:

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.

Compare personal loans from top online lenders

Explore your options by APR, minimum credit score and loan amount. Select the Go to site button for more information about a particular lender.

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Name	Product	Filter Values	APR	Min. Credit Score	Loan Amount
Credible personal loans			2.49% to 35.99%	Fair to excellent credit	$600 – $100,000	Get personalized rates in minutes and then choose an offer from a selection of top online lenders.	Go to site	Compare	loading Fetching your data…
Best Egg personal loans			5.99% to 35.99%	600	$2,000 – $50,000	A prime online lending platform with multiple repayment methods.	Go to site	Compare	loading Fetching your data…
PenFed Credit Union personal loans			4.99% to 17.99%	650	$600 – $25,000	With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.	Go to site	Compare	loading Fetching your data…
SoFi personal loans			4.99% to 19.53%	680	$5,000 – $100,000	A highly-rated lender with competitive rates, high loan amounts and no fees.	Go to site	Compare	loading Fetching your data…
Monevo personal loans			1.99% to 35.99%	None	$500 – $100,000	Quickly compare multiple online lenders with competitive rates depending on your credit.	Go to site	Compare	loading Fetching your data…
Tally+ Express Line of Credit			7.9% to 25.9%	660	$2,000 – $30,000	Only available for Line of Credit and Debt consolidation	Go to site	Compare	loading Fetching your data…
Upgrade personal loans			5.94% to 35.97%	600	$500 – $50,000	Affordable loans with two simple repayment terms and no prepayment penalties.	Go to site	Compare	loading Fetching your data…
Avant personal loans			9.95% to 35.99%	600	$2,000 – $35,000	Conveniently check your loan options without affecting your credit score.	Go to site	Compare	loading Fetching your data…

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Spring Bank reviews and complaints

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.

1. Go to Spring Bank’s website, click Personal Banking and then click Loans.
2. Once you’re on the loans page, either click Apply Now.
3. A pop-up appears telling you you’re leaving Spring Bank’s website. Click Continue to enter Spring Bank’s application on Happy Mango.
4. Enter your email and create a password to create an account. Happy Mango will email a link to confirm your account before you’re able to continue your application.
5. Select either Get a Loan or Build Credit, depending on the type of loan you’d like. Then click Go.
6. From here, the application is specific to the type of loan you’re applying for. If you’re not sure what type of loan you should apply for, click the Get advice tab on the navigation bar to the left.

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

How many locations does Spring Bank have?

Spring Bank has two branches:

• Gerard Avenue between 167th and 168th Street in the Bronx
• Frederick Douglass Boulevard between 111th and 112th street in Harlem

Can I use my IDNYC card as a form of identification?

Yes. Spring Bank accepts New York City’s municipal identification card, though you might need to provide another form of identification to qualify for some loans.

Do I need to have a Spring Bank account to qualify?

Not for all loans. You only need a Spring Bank account to qualify for a Credit Builder loan.