
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 3.6 / 5.0
★★★★★
$2,500
Max. Loan Amount
8% to 16%
APR
Product Name | Spring Bank personal loans |
---|---|
Min. Loan Amount | $500 |
Max. Loan Amount | $2,500 |
APR | 8% to 16% |
Interest Rate Type | Fixed |
Loan Term | six months to three years |
Review by
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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.
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.
Requirements vary depending on the type of loan you apply for, though you’ll need to meet the following criteria at a minimum:
Spring Bank’s personal loans are designed to help you build your credit and savings while meeting your immediate financial needs.
Loans include:
Small-dollar loans are where Spring Bank shines. Here’s how they work:
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 |
|
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 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 |
|
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. |
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.
If you meet Spring Break’s eligibility requirements, apply online for a loan. The whole process should take from seven to 14 days.
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.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.