Spring Financial is a Canadian fintech company offering various credit products as an alternative to those provided by traditional banks and credit unions. Since its inception in 2014, Spring Financial has made it its mission to provide Canadians with the best credit opportunities, enabling them to save money, build a solid credit history, and gain the opportunity to access premium loan products.
Key Points
- Spring Financial caters to consumers who need help rebuilding credit or managing their finances.
- Financial products are available to help save money and build a positive credit profile.
- Spring Financial’s main products include The Foundation, Evergreen Loan, and unsecured personal loans.
Can I Get A Loan With Bad Credit With Spring Financial?
Yes, Spring Financial specializes in providing loans to consumers with bad credit. If your credit score is a little on the lower end of the spectrum, Spring Financial can work with your situation and find a financial solution for you.
What Products Does Spring Financial Offer?
Spring Financial offers three types of credit products:
- Personal Loans
- The Foundation
- Evergreen Loan
| Personal Loan | The Foundation | Evergreen Loan | |
| Credit Reporting | Yes | Yes | Yes |
| Loan Amount | $500 to $35,000 | N/A | $1,500 |
| Cost | Minimum $31 bi-weekly payments | ~66$/month (a large share is saved in a secure account) | Minimum $44 bi-weekly payments |
| Interest Rate | 9.99% – 46.99% | 0% | 18.99% |
| Fees | None | None | None |
| Late Payment Charges | $30 fee for missed payments | $30 fee for missed payments | $30 fee for missed payments |
| Term Length | 6 to 60 months | 12 months | 18 months |
| Purpose | To access borrowed funds | – To build credit – Save $750 at the end of 12 months | To access borrowed funds |
| Availability | All of Canada | All provinces except Saskatchewan & New Brunswick | All of Canada |
Unsecured Personal Loans
Spring Financial offers unsecured personal loans for qualified borrowers. An unsecured loan is not backed by any collateral, such as a personal vehicle or home.
Spring Financial assesses multiple factors to determine your eligibility for an unsecured loan, so you don’t have to worry about being rejected simply for having bad credit.
Unsecured personal loans are available from $500 to $35,000. Interest rates range from 9.99% to 46.69%, and terms range from 9 months to 60 months.
If you’re unable to qualify for an unsecured personal loan, Spring Financial offers alternative solutions such as the Foundation program.
The Foundation
The Foundation is a 12-month credit-building program designed for borrowers who want to build their credit score from the ground up or improve their damaged credit score. In turn, consumers can eventually qualify for a wider range of credit products in the future.
The Foundation is accessible to everyone, regardless of their credit score. By enrolling in the program, you can take the first steps to building a solid credit history.
Under the program, you make roughly $66 bi-weekly payments, each of which Spring Financial reports to the credit bureaus. This is what helps you build good credit. Moreover, a large part of each payment you contribute is set aside as savings in your account, resulting in $750 saved at the end of the 12-month program.
Upon successful completion of The Foundation, you’ll also be automatically approved for the Evergreen Loan.
Evergreen Loan
After successfully completing The Foundation program, borrowers automatically qualify for Spring Financials’ Evergreen Loan of $1,500 at an 18.99% annual interest rate. Evergreen loan terms are 18 months.
As with payments made under The Foundation, details of your repayments are reported to the credit bureaus, enabling you to build your credit score further.
Deposits typically only take 1 to 2 business days to process, and you can use the funds for anything you wish. You can arrange to have loan payments be as low as $44 bi-weekly.
Does Spring Financial Offer Mortgage Products?
In addition to personal loan products, Spring Financial serves as a broker for a few mortgage products as well:
- Mortgages. Finance the purchase of a new home with a mortgage from one of over 40 lenders in Spring Financial’s network.
- Home equity loans for debt consolidation. Consolidate your high-interest debts into one payment by accessing the equity in your home.
- Mortgage/line of credit combos. Combine your mortgage with a HELOC to help you both finance your home and access home equity when the need arises.
What Happens If You Miss A Payment?
If you miss a payment on your mortgage or home equity loan, you may face a couple of serious consequences. For starters, your credit score may suffer if your lender reports your missed payment to the credit bureaus. In addition, your home could be at risk of repossession if you default on your loan since your home collateralizes the loan.
Eligibility Requirements For A Spring Financial Loan
To be eligible for Spring Financial products, you must:
- Be a Canadian resident
- Be the age of majority in your province
- Have a valid ID
- Earn an adequate income
- Live in the province that the product you’re applying for is available in
How Do You Apply For A Spring Financial Loan?
Applying for a loan at Spring Financial is easy and efficient. You have the option to apply online or over the phone. Applications typically take only a few minutes to complete, and you can get approved the same day, usually in under 30 minutes.
| Online | Apply online |
| Phone | 1-877-393-1516 |
To apply for a loan, follow these steps:
Step 1: Create An Account
Sign up with Spring Financial by entering your name and email address.
Step 2: Gather Required Documentation
All you need to get a loan from Spring Financial is a government-issued ID and a valid bank account. To prove your identity and your banking information, you’ll need to supply Spring Financial with a valid photo ID and banking information for verification purposes.
Step 3: Receive Your Funds
If you applied for a personal loan or the Evergreen Loan, you’ll receive your funds within one to two business days.
Step 4: Make Payments
You should receive notification of loan approval shortly after your application is reviewed. The payments you make depend on the loan product you applied for. Payments are reported to the credit bureaus, which can help you build good credit with timely payments.
Why Choose Spring Financial?
Spring Financial may be a great option for you if you:
- Have no credit history
- Need to improve a damaged credit score
- Are unable to qualify for credit products with other lenders
- Need some motivation to save money
What Are Some Alternatives To Spring Financial?
As useful as Spring Financial may be, there are other lenders with similar personal loan products available.
easy Financial
easy Financial is an online Canadian financial services firm that provides financial solutions to consumers with less-than-perfect credit, including unsecured personal loans. The funds can be used for various purposes, including home renovations, debt consolidation, and unexpected expenses.
With easy financial you can personal loans up to $20,000 with terms ranging from 9 to 84 months. Interest rates start at 29.99%.
SkyCap Financial
SkyCap Financial is a personal loan provider that is based in Kingston, Ontario. They offer fast personal loans up to $10,000 to those with varying financial and credit backgrounds. This means even those with bad credit can still qualify if they meet their other requirements.
Their loan terms range from 9 to 36 months and their interest rates vary between 12.99% – 39.99%.
Bottom Line
Spring Financial offers an easy and affordable way to access high-quality credit products if you’re looking to build your credit history, improve your credit score, or obtain financing at industry-leading rates. Spring Financial is a great option for those struggling with poor credit and who have had little luck with other lenders.
